Alberta Investment Management Corp Trims Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Key Points

• Alberta Investment Management Corp reduced its stake in Fortune Brands Innovations, Inc. by 25.2% in the first quarter, now holding 32,196 shares worth approximately $1.96 million.
• Fortune Brands Innovations reported a quarterly earnings per share of $1.00, exceeding estimates, while its revenue for the quarter was $1.20 billion, slightly surpassing consensus estimates.
• The company recently declared a quarterly dividend of $0.25, resulting in a 1.8% dividend yield with a payout ratio of 31.45%.

Alberta Investment Management Corp trimmed its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 25.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,196 shares of the company's stock after selling 10,865 shares during the quarter. Alberta Investment Management Corp's holdings in Fortune Brands Innovations were worth $1,960,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. von Borstel & Associates Inc. purchased a new position in shares of Fortune Brands Innovations in the 1st quarter worth about $26,000. CX Institutional purchased a new position in shares of Fortune Brands Innovations in the 1st quarter worth about $29,000. Alpine Bank Wealth Management purchased a new position in shares of Fortune Brands Innovations in the 1st quarter worth about $62,000. Raleigh Capital Management Inc. boosted its holdings in shares of Fortune Brands Innovations by 28.2% in the 1st quarter. Raleigh Capital Management Inc. now owns 1,017 shares of the company's stock worth $62,000 after purchasing an additional 224 shares in the last quarter. Finally, Siemens Fonds Invest GmbH purchased a new position in shares of Fortune Brands Innovations in the 4th quarter worth about $76,000. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Fortune Brands Innovations Stock Up 2.4%

FBIN stock opened at $55.83 on Monday. Fortune Brands Innovations, Inc. has a fifty-two week low of $47.21 and a fifty-two week high of $90.54. The business's 50 day moving average price is $52.57 and its two-hundred day moving average price is $57.85. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.98 and a current ratio of 1.97. The company has a market capitalization of $6.71 billion, a price-to-earnings ratio of 17.56, a price-to-earnings-growth ratio of 3.28 and a beta of 1.32.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.02. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.19 billion. Fortune Brands Innovations had a return on equity of 19.85% and a net margin of 8.75%. The firm's quarterly revenue was down 3.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.16 EPS. As a group, analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 22nd will be paid a $0.25 dividend. The ex-dividend date is Friday, August 22nd. This represents a $1.00 annualized dividend and a dividend yield of 1.8%. Fortune Brands Innovations's dividend payout ratio is presently 31.45%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Robert W. Baird cut their price objective on Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating for the company in a report on Wednesday, May 7th. Royal Bank Of Canada upgraded Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and upped their price objective for the stock from $59.00 to $65.00 in a report on Friday. UBS Group upped their price objective on Fortune Brands Innovations from $82.00 to $83.00 and gave the stock a "buy" rating in a report on Friday. Wall Street Zen raised Fortune Brands Innovations from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Finally, Truist Financial set a $65.00 target price on Fortune Brands Innovations in a research note on Wednesday, May 7th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $77.40.

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.

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