Texas Permanent School Fund Corp Buys 1,429 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

Texas Permanent School Fund Corp increased its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 1.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 110,357 shares of the company’s stock after purchasing an additional 1,429 shares during the quarter. Texas Permanent School Fund Corp owned about 0.09% of Fortune Brands Innovations worth $9,344,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Fortune Brands Innovations by 0.4% in the third quarter. Vanguard Group Inc. now owns 12,409,724 shares of the company’s stock valued at $771,388,000 after buying an additional 50,047 shares during the period. Fiduciary Management Inc. WI lifted its holdings in Fortune Brands Innovations by 19.4% in the fourth quarter. Fiduciary Management Inc. WI now owns 1,986,070 shares of the company’s stock valued at $151,219,000 after buying an additional 322,472 shares during the period. Nordea Investment Management AB lifted its holdings in Fortune Brands Innovations by 6.8% in the first quarter. Nordea Investment Management AB now owns 1,480,177 shares of the company’s stock valued at $125,386,000 after buying an additional 94,022 shares during the period. Norges Bank acquired a new stake in Fortune Brands Innovations in the fourth quarter worth $91,504,000. Finally, Pacer Advisors Inc. raised its holdings in Fortune Brands Innovations by 28.2% in the fourth quarter. Pacer Advisors Inc. now owns 1,195,313 shares of the company’s stock worth $91,011,000 after purchasing an additional 262,922 shares during the period. 87.60% of the stock is owned by institutional investors.

Fortune Brands Innovations Stock Up 6.1 %

Fortune Brands Innovations stock traded up $3.94 during mid-day trading on Thursday, reaching $68.78. The company’s stock had a trading volume of 1,959,677 shares, compared to its average volume of 1,165,290. The business’s 50 day simple moving average is $68.55 and its 200 day simple moving average is $75.10. Fortune Brands Innovations, Inc. has a 12 month low of $54.10 and a 12 month high of $84.92. The company has a market capitalization of $8.60 billion, a price-to-earnings ratio of 21.03, a price-to-earnings-growth 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 data on Tuesday, April 30th. The company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.07. Fortune Brands Innovations had a net margin of 8.87% and a return on equity of 22.88%. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter last year, the firm posted $0.69 EPS. The company’s quarterly revenue was up 6.7% on a year-over-year basis. As a group, research analysts anticipate that Fortune Brands Innovations, Inc. will post 4.31 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date of this dividend was Thursday, May 23rd. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 29.36%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on FBIN shares. Robert W. Baird increased their target price on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. The Goldman Sachs Group cut their target price on shares of Fortune Brands Innovations from $88.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday. Truist Financial cut their target price on shares of Fortune Brands Innovations from $92.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Evercore ISI dropped their price objective on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating on the stock in a report on Wednesday, May 1st. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $80.25.

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.