Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Bought by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp grew its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 1.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 110,357 shares of the company’s stock after buying an additional 1,429 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Fortune Brands Innovations were worth $9,344,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in FBIN. Norges Bank purchased a new stake in shares of Fortune Brands Innovations during the fourth quarter worth approximately $91,504,000. American Century Companies Inc. increased its position in shares of Fortune Brands Innovations by 1,439.7% during the third quarter. American Century Companies Inc. now owns 665,475 shares of the company’s stock worth $41,366,000 after purchasing an additional 622,253 shares in the last quarter. Nordea Investment Management AB increased its position in shares of Fortune Brands Innovations by 62.8% during the fourth quarter. Nordea Investment Management AB now owns 1,386,155 shares of the company’s stock worth $105,888,000 after purchasing an additional 534,901 shares in the last quarter. Royal Bank of Canada increased its position in shares of Fortune Brands Innovations by 110.8% during the third quarter. Royal Bank of Canada now owns 779,237 shares of the company’s stock worth $48,438,000 after purchasing an additional 409,598 shares in the last quarter. Finally, Fiduciary Management Inc. WI increased its position in shares of Fortune Brands Innovations by 19.4% during the fourth quarter. Fiduciary Management Inc. WI now owns 1,986,070 shares of the company’s stock worth $151,219,000 after purchasing an additional 322,472 shares in the last quarter. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Fortune Brands Innovations Trading Up 6.1 %

Shares of Fortune Brands Innovations stock traded up $3.94 during trading hours on Thursday, hitting $68.78. The company’s stock had a trading volume of 1,959,677 shares, compared to its average volume of 1,165,290. Fortune Brands Innovations, Inc. has a twelve month low of $54.10 and a twelve month high of $84.92. The firm has a fifty day moving average of $68.55 and a 200-day moving average of $75.10. The stock has a market cap of $8.60 billion, a price-to-earnings ratio of 21.03, a P/E/G ratio of 1.77 and a beta of 1.52. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.08 and a current ratio of 2.04.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly 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. Fortune Brands Innovations had a return on equity of 22.88% and a net margin of 8.87%. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter in the prior year, the company posted $0.69 EPS. The company’s quarterly revenue was up 6.7% on a year-over-year basis. Research analysts forecast that Fortune Brands Innovations, Inc. will post 4.31 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.40%. The ex-dividend date was Thursday, May 23rd. Fortune Brands Innovations’s payout ratio is 29.36%.

Analysts Set New Price Targets

Several analysts recently commented on FBIN shares. Evercore ISI dropped their price target 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. Robert W. Baird upped their target price on Fortune Brands Innovations from $85.00 to $86.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Truist Financial dropped their target price on Fortune Brands Innovations from $92.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday. Finally, The Goldman Sachs Group dropped their target price on Fortune Brands Innovations from $88.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Fortune Brands Innovations presently has an average rating of “Hold” and a consensus price target of $80.25.

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.