Fortune Brands Innovations, Inc. $FBIN Stock Holdings Lifted by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al lifted its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 787.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,900 shares of the company’s stock after acquiring an additional 56,700 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Fortune Brands Innovations were worth $2,431,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of FBIN. Choreo LLC increased its holdings in Fortune Brands Innovations by 142.3% during the 3rd quarter. Choreo LLC now owns 10,085 shares of the company’s stock valued at $384,000 after purchasing an additional 5,923 shares in the last quarter. Interchange Capital Partners LLC boosted its stake in Fortune Brands Innovations by 124.9% in the third quarter. Interchange Capital Partners LLC now owns 9,506 shares of the company’s stock worth $362,000 after purchasing an additional 5,279 shares in the last quarter. Curry Webb Wealth Management LLC acquired a new position in Fortune Brands Innovations in the third quarter worth $38,000. Nisa Investment Advisors LLC boosted its stake in Fortune Brands Innovations by 1.4% in the third quarter. Nisa Investment Advisors LLC now owns 34,600 shares of the company’s stock worth $1,317,000 after purchasing an additional 477 shares in the last quarter. Finally, IFP Advisors Inc grew its holdings in shares of Fortune Brands Innovations by 24.4% during the third quarter. IFP Advisors Inc now owns 1,736 shares of the company’s stock worth $66,000 after purchasing an additional 340 shares during the last quarter. 87.60% of the stock is owned by institutional investors and hedge funds.

Fortune Brands Innovations Stock Down 1.4%

NYSE:FBIN opened at $45.91 on Wednesday. The company has a market cap of $5.48 billion, a price-to-earnings ratio of 37.32, a P/E/G ratio of 2.30 and a beta of 1.25. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.05 and a current ratio of 2.01. The stock’s fifty day moving average price is $41.19 and its two-hundred day moving average price is $45.15. Fortune Brands Innovations, Inc. has a 52-week low of $32.34 and a 52-week high of $64.84.

Fortune Brands Innovations (NYSE:FBIN) last released its earnings results on Tuesday, November 3rd. The company reported $1.14 EPS for the quarter, beating the consensus estimate of $0.74 by $0.40. The company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Fortune Brands Innovations had a return on equity of 19.50% and a net margin of 3.39%. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period last year, the firm earned $1.09 EPS. On average, analysts anticipate that Fortune Brands Innovations, Inc. will post 3.33 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 9th. Investors of record on Friday, November 20th will be issued a $0.26 dividend. The ex-dividend date is Friday, November 20th. This represents a $1.04 annualized dividend and a yield of 2.3%. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 84.55%.

Insider Transactions at Fortune Brands Innovations

In other news, CEO Jesse Singh acquired 19,725 shares of the stock in a transaction that occurred on Thursday, August 6th. The stock was purchased at an average cost of $51.66 per share, for a total transaction of $1,018,993.50. Following the completion of the transaction, the chief executive officer directly owned 19,725 shares in the company, valued at $1,018,993.50. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.32% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on FBIN. Citigroup restated a “reduce” rating on shares of Fortune Brands Innovations in a research note on Monday, October 19th. BMO Capital Markets upped their price target on shares of Fortune Brands Innovations from $50.00 to $53.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 28th. Wells Fargo & Company decreased their price objective on shares of Fortune Brands Innovations from $52.00 to $48.00 and set an “overweight” rating on the stock in a report on Friday, September 11th. Evercore set a $45.00 price objective on shares of Fortune Brands Innovations in a research report on Friday, September 25th. Finally, Zacks Research raised shares of Fortune Brands Innovations from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $52.67.

Fortune Brands Innovations News Summary

Here are the key news stories impacting Fortune Brands Innovations this week:

• Positive Sentiment: Management said Q3 results were in line with its outlook when excluding tax and tariff effects, and outlined a multi-year “Back to Business” turnaround plan. Fortune Brands Q3 results announcement
• Neutral Sentiment: Fortune Brands named Morgan Fox executive vice president, chief legal officer and corporate secretary, effective Dec. 2. The appointment adds an experienced leader but is not a direct indication of near-term financial improvement. Morgan Fox appointment announcement
• Negative Sentiment: Q3 revenue was $1.11 billion, below the $1.12 billion estimate and down 3.1% year over year. Zacks reported EPS of $0.72, missing its $0.75 consensus estimate and falling from $1.09 a year earlier. Another report cited EPS of $1.14 versus a $0.74 estimate, so published earnings figures differ, likely reflecting different measures. Zacks Q3 earnings report

Fortune Brands Innovations Profile

Fortune Brands Innovations, Inc is a manufacturer and marketer of products used in residential construction, remodeling and commercial applications. The company operates through businesses focused on water management, outdoor living and home safety and security.

Its portfolio includes plumbing products under brands such as Moen and House of Rohl; doors and related products marketed through Therma-Tru; composite decking and outdoor-living products from Fiberon; and locks, safes and security products sold under Master Lock and SentrySafe.