Public Employees Retirement Association of Colorado Sells 248 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Public Employees Retirement Association of Colorado cut its position in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 1.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,716 shares of the company’s stock after selling 248 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Fortune Brands Innovations were worth $826,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC raised its stake in shares of Fortune Brands Innovations by 8.9% in the first quarter. GAMMA Investing LLC now owns 1,640 shares of the company’s stock valued at $139,000 after buying an additional 134 shares during the period. Choreo LLC raised its stake in shares of Fortune Brands Innovations by 2.9% in the first quarter. Choreo LLC now owns 5,701 shares of the company’s stock valued at $483,000 after buying an additional 163 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Fortune Brands Innovations by 2.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,850 shares of the company’s stock valued at $665,000 after purchasing an additional 168 shares in the last quarter. Graypoint LLC grew its position in shares of Fortune Brands Innovations by 5.7% in the second quarter. Graypoint LLC now owns 3,250 shares of the company’s stock valued at $211,000 after purchasing an additional 175 shares in the last quarter. Finally, V Square Quantitative Management LLC grew its position in shares of Fortune Brands Innovations by 10.7% in the second quarter. V Square Quantitative Management LLC now owns 1,848 shares of the company’s stock valued at $120,000 after purchasing an additional 179 shares in the last quarter. 87.60% of the stock is currently owned by institutional investors.

Fortune Brands Innovations Price Performance

Fortune Brands Innovations stock opened at $86.47 on Thursday. The business has a 50-day simple moving average of $78.32 and a 200 day simple moving average of $74.80. Fortune Brands Innovations, Inc. has a 52 week low of $54.10 and a 52 week high of $88.22. The company has a quick ratio of 0.71, a current ratio of 1.34 and a debt-to-equity ratio of 1.03. The stock has a market cap of $10.82 billion, a price-to-earnings ratio of 26.44, a PEG ratio of 2.74 and a beta of 1.51.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Thursday, July 25th. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.04. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same period in the prior year, the business earned $1.07 EPS. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. On average, research analysts forecast that Fortune Brands Innovations, Inc. will post 4.29 earnings per share for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations’s payout ratio is currently 29.36%.

Analysts Set New Price Targets

FBIN has been the subject of several recent research reports. Royal Bank of Canada lifted their price target on Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a research report on Friday, July 26th. JPMorgan Chase & Co. lifted their price target on Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Loop Capital reduced their price target on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating for the company in a research report on Friday, July 12th. The Goldman Sachs Group lifted their price target on Fortune Brands Innovations from $75.00 to $86.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Finally, Truist Financial boosted their target price on Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Fortune Brands Innovations has an average rating of “Hold” and an average target price of $83.20.

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.