Retirement Systems of Alabama Has $15.87 Million Stock Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Retirement Systems of Alabama grew its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 3.6% in the first quarter, HoldingsChannel.com reports. The fund owned 187,400 shares of the company’s stock after acquiring an additional 6,482 shares during the quarter. Retirement Systems of Alabama’s holdings in Fortune Brands Innovations were worth $15,867,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the stock. GAMMA Investing LLC lifted its position in shares of Fortune Brands Innovations by 8.9% during the 1st quarter. GAMMA Investing LLC now owns 1,640 shares of the company’s stock valued at $139,000 after acquiring an additional 134 shares during the period. Apollon Wealth Management LLC lifted its position in shares of Fortune Brands Innovations by 2.2% during the 4th quarter. Apollon Wealth Management LLC now owns 6,867 shares of the company’s stock worth $523,000 after buying an additional 149 shares during the last quarter. Addison Advisors LLC lifted its position in shares of Fortune Brands Innovations by 38.7% during the 4th quarter. Addison Advisors LLC now owns 563 shares of the company’s stock worth $43,000 after buying an additional 157 shares during the last quarter. Tributary Capital Management LLC lifted its position in shares of Fortune Brands Innovations by 1.9% during the 4th quarter. Tributary Capital Management LLC now owns 8,661 shares of the company’s stock worth $659,000 after buying an additional 164 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of Fortune Brands Innovations by 2.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,850 shares of the company’s stock worth $665,000 after buying an additional 168 shares during the last quarter. 87.60% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on FBIN. Robert W. Baird upped their price objective on Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Evercore ISI dropped their price objective on Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating for the company in a research report on Wednesday, May 1st. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Fortune Brands Innovations presently has an average rating of “Hold” and an average price target of $80.38.

Fortune Brands Innovations Trading Down 1.0 %

Fortune Brands Innovations stock traded down $0.64 during trading hours on Friday, hitting $62.64. The stock had a trading volume of 2,141,314 shares, compared to its average volume of 1,153,272. The company has a quick ratio of 1.08, a current ratio of 2.04 and a debt-to-equity ratio of 1.33. The stock has a market cap of $7.84 billion, a price-to-earnings ratio of 19.35, a P/E/G ratio of 1.74 and a beta of 1.52. Fortune Brands Innovations, Inc. has a one year low of $54.10 and a one year high of $84.92. The business’s 50 day simple moving average is $69.36 and its 200-day simple moving average is $75.54.

Fortune Brands Innovations (NYSE:FBIN) last posted its earnings results on Tuesday, April 30th. The company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.76 by $0.07. The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.08 billion. Fortune Brands Innovations had a return on equity of 22.88% and a net margin of 8.87%. The business’s quarterly revenue was up 6.7% on a year-over-year basis. During the same period last year, the company earned $0.69 earnings per share. On average, equities analysts predict that Fortune Brands Innovations, Inc. will post 4.31 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were paid a $0.24 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $0.96 annualized dividend and a dividend yield of 1.53%. Fortune Brands Innovations’s payout ratio is 29.36%.

About Fortune Brands Innovations

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.