California Public Employees Retirement System Lowers Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

California Public Employees Retirement System cut its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 4.1% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 239,058 shares of the company’s stock after selling 10,146 shares during the period. California Public Employees Retirement System’s holdings in Fortune Brands Innovations were worth $18,202,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FBIN. Arvest Investments Inc. bought a new stake in shares of Fortune Brands Innovations in the 4th quarter worth about $1,561,000. Louisiana State Employees Retirement System bought a new stake in Fortune Brands Innovations during the 4th quarter valued at $2,695,000. Walleye Trading LLC grew its position in shares of Fortune Brands Innovations by 72.4% during the 3rd quarter. Walleye Trading LLC now owns 30,323 shares of the company’s stock worth $1,885,000 after buying an additional 12,738 shares in the last quarter. Jump Financial LLC purchased a new position in shares of Fortune Brands Innovations during the third quarter valued at $596,000. Finally, Achmea Investment Management B.V. raised its holdings in shares of Fortune Brands Innovations by 148.0% in the third quarter. Achmea Investment Management B.V. now owns 130,914 shares of the company’s stock valued at $8,138,000 after acquiring an additional 78,135 shares in the last quarter. 87.60% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on FBIN. Oppenheimer initiated coverage on shares of Fortune Brands Innovations in a research report on Friday, January 19th. They set a “market perform” rating on the stock. Robert W. Baird cut their target price on Fortune Brands Innovations from $86.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday, April 18th. BMO Capital Markets reissued a “market perform” rating and set a $82.00 price target (up from $76.00) on shares of Fortune Brands Innovations in a research report on Wednesday, January 31st. Finally, Barclays increased their price objective on shares of Fortune Brands Innovations from $87.00 to $95.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 31st. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $79.25.

Fortune Brands Innovations Stock Up 1.5 %

Shares of NYSE FBIN opened at $75.28 on Tuesday. The firm has a market cap of $9.46 billion, a price-to-earnings ratio of 23.75, a price-to-earnings-growth ratio of 2.11 and a beta of 1.57. The company’s 50-day simple moving average is $79.63 and its 200-day simple moving average is $74.16. The company has a quick ratio of 0.89, a current ratio of 1.70 and a debt-to-equity ratio of 1.16. Fortune Brands Innovations, Inc. has a 52-week low of $54.10 and a 52-week high of $84.92.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings data on Tuesday, January 30th. The company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.93 by $0.02. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.14 billion. Fortune Brands Innovations had a return on equity of 22.61% and a net margin of 8.74%. Fortune Brands Innovations’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.07 EPS. Equities analysts predict that Fortune Brands Innovations, Inc. will post 4.27 EPS for the current fiscal year.

Insider Transactions at Fortune Brands Innovations

In related news, Director Ronald V. Waters sold 2,000 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $81.10, for a total value of $162,200.00. Following the completion of the transaction, the director now directly owns 2,435 shares of the company’s stock, valued at approximately $197,478.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.99% of the company’s stock.

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.