Teacher Retirement System of Texas Makes New $1.11 Million Investment in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Teacher Retirement System of Texas acquired a new position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 18,160 shares of the company's stock, valued at approximately $1,106,000.

A number of other hedge funds have also modified their holdings of the company. Flagship Wealth Advisors LLC acquired a new position in Fortune Brands Innovations during the fourth quarter valued at approximately $31,000. CX Institutional acquired a new position in Fortune Brands Innovations during the first quarter valued at approximately $29,000. Alpine Bank Wealth Management acquired a new position in Fortune Brands Innovations during the first quarter valued at approximately $62,000. Siemens Fonds Invest GmbH bought a new stake in Fortune Brands Innovations in the fourth quarter valued at approximately $76,000. Finally, New Age Alpha Advisors LLC bought a new stake in Fortune Brands Innovations in the fourth quarter valued at approximately $82,000. 87.60% of the stock is currently owned by institutional investors.

Fortune Brands Innovations Price Performance

Shares of FBIN stock traded up $1.32 during trading hours on Thursday, reaching $53.94. The company's stock had a trading volume of 1,396,714 shares, compared to its average volume of 1,627,308. The firm's 50 day simple moving average is $52.23 and its 200-day simple moving average is $59.13. The company has a market capitalization of $6.49 billion, a price-to-earnings ratio of 15.82, a PEG ratio of 2.90 and a beta of 1.36. Fortune Brands Innovations, Inc. has a fifty-two week low of $47.21 and a fifty-two week high of $90.54. The company has a quick ratio of 0.72, a current ratio of 1.41 and a debt-to-equity ratio of 1.06.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported $0.66 earnings per share for the quarter, meeting the consensus estimate of $0.66. Fortune Brands Innovations had a return on equity of 20.96% and a net margin of 9.42%. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter last year, the business posted $0.83 EPS. Fortune Brands Innovations's revenue for the quarter was down 6.9% on a year-over-year basis. Sell-side analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 22nd will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.85%. Fortune Brands Innovations's dividend payout ratio (DPR) is 29.33%.

Analysts Set New Price Targets

Several analysts have issued reports on the company. UBS Group dropped their price objective on Fortune Brands Innovations from $90.00 to $82.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Barclays upped their price objective on Fortune Brands Innovations from $64.00 to $67.00 and gave the company an "overweight" rating in a research note on Tuesday. Wall Street Zen upgraded Fortune Brands Innovations from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Truist Financial set a $65.00 target price on Fortune Brands Innovations in a research note on Wednesday, May 7th. Finally, Royal Bank Of Canada lowered their price objective on Fortune Brands Innovations from $70.00 to $59.00 and set a "sector perform" rating on the stock in a research note on Wednesday, May 7th. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $77.27.

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.