18,160 Shares in Fortune Brands Innovations, Inc. (NYSE:FBIN) Purchased by Teacher Retirement System of Texas

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

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Summit Trail Advisors LLC grew its position in Fortune Brands Innovations by 51.9% in the first quarter. Summit Trail Advisors LLC now owns 5,710 shares of the company's stock worth $348,000 after acquiring an additional 1,950 shares in the last quarter. KBC Group NV boosted its position in shares of Fortune Brands Innovations by 163.0% during the first quarter. KBC Group NV now owns 429,865 shares of the company's stock valued at $26,171,000 after buying an additional 266,399 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Fortune Brands Innovations by 8.0% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 271,928 shares of the company's stock valued at $16,555,000 after buying an additional 20,206 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Fortune Brands Innovations by 17.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,613 shares of the company's stock valued at $159,000 after buying an additional 380 shares during the period. Finally, Achmea Investment Management B.V. boosted its position in shares of Fortune Brands Innovations by 28.2% during the first quarter. Achmea Investment Management B.V. now owns 74,172 shares of the company's stock valued at $4,515,000 after buying an additional 16,318 shares during the period. Hedge funds and other institutional investors own 87.60% of the company's stock.

Fortune Brands Innovations Stock Performance

Shares of NYSE:FBIN opened at $53.98 on Monday. The company has a market capitalization of $6.49 billion, a price-to-earnings ratio of 15.83, a price-to-earnings-growth ratio of 2.98 and a beta of 1.36. Fortune Brands Innovations, Inc. has a 52 week low of $47.21 and a 52 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. The firm has a 50 day moving average of $52.08 and a 200 day moving average of $59.43.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.66 EPS for the quarter, hitting analysts' consensus estimates of $0.66. Fortune Brands Innovations had a net margin of 9.42% and a return on equity of 20.96%. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the previous year, the firm posted $0.83 earnings per share. Fortune Brands Innovations's revenue for the quarter was down 6.9% compared to the same quarter last year. On average, sell-side analysts predict that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 11th. Shareholders of record on Tuesday, May 27th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.85%. The ex-dividend date was Tuesday, May 27th. Fortune Brands Innovations's dividend payout ratio is currently 29.33%.

Wall Street Analyst Weigh In

FBIN has been the subject of several recent analyst reports. Truist Financial set a $65.00 target price on Fortune Brands Innovations in a research report on Wednesday, May 7th. Robert W. Baird dropped their target price on Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating for the company in a research report on Wednesday, May 7th. Deutsche Bank Aktiengesellschaft initiated coverage on Fortune Brands Innovations in a research report on Tuesday, April 1st. They set a "hold" rating and a $70.00 target price for the company. Royal Bank Of Canada dropped their target price on Fortune Brands Innovations from $70.00 to $59.00 and set a "sector perform" rating for the company in a research report on Wednesday, May 7th. Finally, Barclays dropped their target price on Fortune Brands Innovations from $68.00 to $64.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $77.00.

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.

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