Retirement Systems of Alabama Decreases Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Retirement Systems of Alabama decreased its position in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 0.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 180,918 shares of the company’s stock after selling 510 shares during the period. Retirement Systems of Alabama owned 0.14% of Fortune Brands Innovations worth $13,775,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Tobam grew its position in shares of Fortune Brands Innovations by 1,181.5% during the 4th quarter. Tobam now owns 346 shares of the company’s stock valued at $26,000 after acquiring an additional 319 shares during the period. Sound Income Strategies LLC bought a new position in shares of Fortune Brands Innovations during the 4th quarter valued at approximately $27,000. Operose Advisors LLC bought a new position in shares of Fortune Brands Innovations during the 3rd quarter valued at approximately $31,000. BluePath Capital Management LLC bought a new position in shares of Fortune Brands Innovations during the 3rd quarter valued at approximately $32,000. Finally, Cullen Frost Bankers Inc. boosted its holdings in Fortune Brands Innovations by 7,122.2% in the 3rd quarter. Cullen Frost Bankers Inc. now owns 650 shares of the company’s stock worth $40,000 after buying an additional 641 shares during the period. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on FBIN. BMO Capital Markets reaffirmed a “market perform” rating and issued a $82.00 price objective (up from $76.00) on shares of Fortune Brands Innovations in a report on Wednesday, January 31st. Robert W. Baird raised their price objective on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a report on Wednesday. Barclays raised their price target on shares of Fortune Brands Innovations from $87.00 to $95.00 and gave the company an “overweight” rating in a report on Wednesday, January 31st. Evercore ISI cut their price target on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating for the company in a report on Wednesday. Finally, Oppenheimer initiated coverage on shares of Fortune Brands Innovations in a report on Friday, January 19th. They issued a “market perform” rating for the company. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $79.22.

Insider Buying and Selling

In related news, Director Ronald V. Waters sold 2,000 shares of Fortune Brands Innovations stock in a transaction on Monday, March 11th. The shares were sold at an average price of $81.10, for a total value of $162,200.00. Following the transaction, the director now owns 2,435 shares in the company, valued at approximately $197,478.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.99% of the stock is owned by corporate insiders.

Fortune Brands Innovations Stock Performance

Fortune Brands Innovations stock opened at $71.13 on Thursday. The firm’s fifty day moving average price is $79.51 and its 200-day moving average price is $74.26. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.89 and a current ratio of 1.70. The stock has a market cap of $8.94 billion, a P/E ratio of 22.44, a price-to-earnings-growth ratio of 2.14 and a beta of 1.57. Fortune Brands Innovations, Inc. has a fifty-two week low of $54.10 and a fifty-two week high of $84.92.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.07. The firm had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Fortune Brands Innovations had a net margin of 8.74% and a return on equity of 22.61%. The business’s quarterly revenue was up 6.7% on a year-over-year basis. During the same quarter last year, the company posted $0.69 EPS. On average, equities research analysts expect that Fortune Brands Innovations, Inc. will post 4.27 earnings per share for the current fiscal year.

Fortune Brands Innovations Company Profile

Fortune Brands Innovations, Inc provides home and security products for residential home repair, remodeling, new construction, and security applications in the United States and internationally. The company operates through three segments: Water, Outdoors, and Security. The Water segment manufactures or assembles, and sells faucets, accessories, kitchen sinks, and waste disposals under the Moen, ROHL, Riobel, Victoria+Albert, Perrin & Rowe, Aqualisa, Shaws, Emtek, and Schaub brands.