Louisiana State Employees Retirement System Takes Position in Fortune Brands Innovations, Inc. $FBIN

Louisiana State Employees Retirement System acquired a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) in the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 34,800 shares of the company’s stock, valued at approximately $1,356,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Osaic Holdings Inc. lifted its stake in Fortune Brands Innovations by 0.8% during the fourth quarter. Osaic Holdings Inc. now owns 24,447 shares of the company’s stock worth $1,223,000 after purchasing an additional 198 shares during the last quarter. Assetmark Inc. lifted its holdings in Fortune Brands Innovations by 1.2% during the 4th quarter. Assetmark Inc. now owns 17,728 shares of the company’s stock worth $887,000 after buying an additional 208 shares during the period. TD Private Client Wealth LLC lifted its stake in shares of Fortune Brands Innovations by 3.0% in the fourth quarter. TD Private Client Wealth LLC now owns 7,308 shares of the company’s stock worth $366,000 after acquiring an additional 213 shares during the period. Geneos Wealth Management Inc. lifted its position in shares of Fortune Brands Innovations by 30.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,108 shares of the company’s stock worth $57,000 after purchasing an additional 256 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in Fortune Brands Innovations by 158.3% during the second quarter. EverSource Wealth Advisors LLC now owns 527 shares of the company’s stock valued at $27,000 after acquiring an additional 323 shares during the last quarter. Institutional investors own 87.60% of the company’s stock.

Insider Transactions at Fortune Brands Innovations

In other Fortune Brands Innovations news, Director Edward P. Garden bought 320,067 shares of Fortune Brands Innovations stock in a transaction that occurred on Wednesday, June 10th. The stock was acquired at an average cost of $40.60 per share, for a total transaction of $12,994,720.20. Following the completion of the transaction, the director directly owned 3,940,234 shares in the company, valued at $159,973,500.40. This represents a 8.84% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders acquired a total of 786,367 shares of company stock worth $28,653,958 over the last three months. 3.32% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

FBIN has been the topic of a number of research analyst reports. Royal Bank Of Canada cut their price target on Fortune Brands Innovations from $56.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, May 8th. Weiss Ratings lowered shares of Fortune Brands Innovations from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, June 16th. UBS Group cut their target price on Fortune Brands Innovations from $67.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. BMO Capital Markets cut their price target on shares of Fortune Brands Innovations from $56.00 to $50.00 and set a “market perform” rating on the stock in a report on Monday, April 20th. Finally, Truist Financial raised Fortune Brands Innovations from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $45.00 to $70.00 in a research report on Tuesday. Five analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $53.23.

Fortune Brands Innovations Trading Down 1.5%

NYSE:FBIN opened at $53.32 on Friday. Fortune Brands Innovations, Inc. has a 1 year low of $32.34 and a 1 year high of $64.84. The stock’s fifty day moving average price is $40.79 and its two-hundred day moving average price is $46.69. The company has a debt-to-equity ratio of 1.15, a current ratio of 2.13 and a quick ratio of 1.04. The company has a market cap of $6.36 billion, a P/E ratio of 23.70, a P/E/G ratio of 3.49 and a beta of 1.30.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.53 earnings per share for the quarter, meeting the consensus estimate of $0.53. Fortune Brands Innovations had a return on equity of 17.72% and a net margin of 6.12%.The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same period in the previous year, the business earned $0.66 earnings per share. The firm’s quarterly revenue was down 2.1% compared to the same quarter last year. As a group, analysts expect that Fortune Brands Innovations, Inc. will post 3.14 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Friday, May 22nd were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Friday, May 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 46.22%.

Fortune Brands Innovations Company Profile

Fortune Brands Innovations (NYSE: FBIN), formerly known as Fortune Brands Home & Security, is a global leader in water innovations, specializing in the design, manufacturing and marketing of plumbing fixtures, fittings and related products. Headquartered in Deerfield, Illinois, the company leverages two iconic brands—Moen and House of Rohl—to deliver high-quality kitchen and bathroom solutions across residential and commercial markets. With a focus on performance, reliability and aesthetic design, FBIN’s portfolio spans faucets, showerheads, accessories and water filtration systems.

The company’s products are sold through a diversified network of retail partners, wholesale distributors and online channels across North America, Europe, Asia-Pacific and Latin America.