Retirement Systems of Alabama Sells 510 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

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

Several other institutional investors have also added to or reduced their stakes in the business. Addison Advisors LLC raised its position in Fortune Brands Innovations by 38.7% in the fourth quarter. Addison Advisors LLC now owns 563 shares of the company’s stock worth $43,000 after acquiring an additional 157 shares during the period. Tributary Capital Management LLC increased its stake in shares of Fortune Brands Innovations by 1.9% in the fourth quarter. Tributary Capital Management LLC now owns 8,661 shares of the company’s stock worth $659,000 after purchasing an additional 164 shares in the last quarter. Everhart Financial Group Inc. increased its stake in shares of Fortune Brands Innovations by 4.6% in the fourth quarter. Everhart Financial Group Inc. now owns 4,076 shares of the company’s stock worth $310,000 after purchasing an additional 178 shares in the last quarter. Signaturefd LLC increased its stake in shares of Fortune Brands Innovations by 10.7% in the third quarter. Signaturefd LLC now owns 1,937 shares of the company’s stock worth $120,000 after purchasing an additional 187 shares in the last quarter. Finally, Harbor Investment Advisory LLC increased its stake in shares of Fortune Brands Innovations by 23.9% in the fourth quarter. Harbor Investment Advisory LLC now owns 1,028 shares of the company’s stock worth $78,000 after purchasing an additional 198 shares in the last quarter. 87.60% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on FBIN shares. Robert W. Baird increased their price objective on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a research note on Wednesday. Evercore ISI reduced their price objective on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating for the company in a research note on Wednesday. BMO Capital Markets reissued a “market perform” rating and issued a $82.00 price objective (up from $76.00) on shares of Fortune Brands Innovations in a research note on Wednesday, January 31st. Barclays raised their target price on shares of Fortune Brands Innovations from $87.00 to $95.00 and gave the company an “overweight” rating in a research note on Wednesday, January 31st. Finally, Oppenheimer began coverage on shares of Fortune Brands Innovations in a research note on Friday, January 19th. They set a “market perform” rating for the company. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $79.22.

Fortune Brands Innovations Stock Performance

FBIN opened at $71.13 on Thursday. Fortune Brands Innovations, Inc. has a fifty-two week low of $54.10 and a fifty-two week high of $84.92. The stock has a market capitalization of $8.94 billion, a price-to-earnings ratio of 22.44, a PEG ratio of 2.14 and a beta of 1.57. The company has a fifty day moving average of $79.51 and a 200 day moving average of $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.

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

Insiders Place Their Bets

In other Fortune Brands Innovations 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 completion of the transaction, the director now directly owns 2,435 shares of the company’s stock, valued at approximately $197,478.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.99% of the company’s stock.

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.