Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama trimmed its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 5.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 284,885 shares of the company's stock after selling 16,012 shares during the period. Retirement Systems of Alabama owned 0.23% of Fortune Brands Innovations worth $19,466,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FBIN. Brooklyn Investment Group purchased a new position in shares of Fortune Brands Innovations in the third quarter worth about $25,000. Raleigh Capital Management Inc. increased its position in Fortune Brands Innovations by 31.7% during the third quarter. Raleigh Capital Management Inc. now owns 897 shares of the company's stock worth $80,000 after purchasing an additional 216 shares during the last quarter. Darwin Wealth Management LLC acquired a new stake in shares of Fortune Brands Innovations during the third quarter valued at about $81,000. Blue Trust Inc. increased its position in shares of Fortune Brands Innovations by 35.4% during the third quarter. Blue Trust Inc. now owns 1,217 shares of the company's stock valued at $109,000 after acquiring an additional 318 shares during the last quarter. Finally, UMB Bank n.a. increased its position in shares of Fortune Brands Innovations by 25.7% during the third quarter. UMB Bank n.a. now owns 1,518 shares of the company's stock valued at $136,000 after acquiring an additional 310 shares during the last quarter. 87.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on FBIN. UBS Group dropped their price target on shares of Fortune Brands Innovations from $93.00 to $90.00 and set a "buy" rating for the company in a research note on Friday. Truist Financial boosted their target price on shares of Fortune Brands Innovations from $82.00 to $92.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. The Goldman Sachs Group lowered their target price on shares of Fortune Brands Innovations from $97.00 to $85.00 and set a "buy" rating for the company in a research note on Tuesday, January 14th. Robert W. Baird lowered their target price on shares of Fortune Brands Innovations from $94.00 to $90.00 and set a "neutral" rating for the company in a research note on Thursday, November 7th. Finally, BMO Capital Markets boosted their target price on shares of Fortune Brands Innovations from $84.00 to $95.00 and gave the stock a "market perform" rating in a research note on Tuesday, October 22nd. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $86.64.

Fortune Brands Innovations Stock Performance

Shares of NYSE:FBIN traded up $1.00 on Monday, reaching $69.09. The company's stock had a trading volume of 1,463,312 shares, compared to its average volume of 1,522,327. The stock's 50-day moving average is $72.32 and its two-hundred day moving average is $78.12. Fortune Brands Innovations, Inc. has a 52-week low of $62.54 and a 52-week high of $90.54. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.32 and a quick ratio of 0.69. The stock has a market capitalization of $8.58 billion, a P/E ratio of 18.42, a PEG ratio of 2.01 and a beta of 1.50.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last announced its earnings results on Thursday, February 6th. The company reported $0.98 EPS for the quarter, missing analysts' consensus estimates of $1.05 by ($0.07). Fortune Brands Innovations had a net margin of 10.24% and a return on equity of 22.25%. As a group, sell-side analysts forecast that Fortune Brands Innovations, Inc. will post 4.53 EPS for the current year.

Fortune Brands Innovations Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 21st will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.45%. This is a boost from Fortune Brands Innovations's previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, February 21st. Fortune Brands Innovations's dividend payout ratio is presently 25.60%.

Fortune Brands Innovations 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.