Maryland State Retirement & Pension System Invests $694,000 in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Posted by Defense World Staff on Sep 26th, 2023

Maryland State Retirement & Pension System acquired a new stake in Fortune Brands Innovations, Inc. (NYSE:FBIN – Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,647 shares of the company’s stock, valued at approximately $694,000.

A number of other large investors have also made changes to their positions in the stock. Cedar Brook Financial Partners LLC purchased a new position in Fortune Brands Innovations in the 2nd quarter valued at about $465,000. Symmetry Partners LLC purchased a new stake in Fortune Brands Innovations in the 2nd quarter worth approximately $543,000. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in Fortune Brands Innovations in the 2nd quarter valued at $723,000. DnB Asset Management AS purchased a new position in shares of Fortune Brands Innovations during the 2nd quarter worth $2,392,000. Finally, Boltwood Capital Management acquired a new stake in shares of Fortune Brands Innovations during the second quarter worth $220,000. Institutional investors and hedge funds own 87.20% of the company’s stock.

Wall Street Analyst Weigh In

FBIN has been the topic of several recent analyst reports. Truist Financial increased their target price on Fortune Brands Innovations from $75.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, July 28th. JPMorgan Chase & Co. began coverage on shares of Fortune Brands Innovations in a report on Friday, June 23rd. They issued a “neutral” rating and a $70.00 target price for the company. BMO Capital Markets increased their price target on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 1st. Barclays lifted their price target on shares of Fortune Brands Innovations from $81.00 to $89.00 in a report on Friday, July 28th. Finally, Royal Bank of Canada increased their target price on Fortune Brands Innovations from $64.00 to $72.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 20th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $73.09.

Get Our Latest Stock Analysis on Fortune Brands Innovations

Fortune Brands Innovations Trading Down 0.1 %

NYSE:FBIN opened at $62.62 on Tuesday. The business’s 50-day moving average is $68.68 and its two-hundred day moving average is $65.27. The firm has a market capitalization of $7.95 billion, a PE ratio of 16.14, a price-to-earnings-growth ratio of 3.18 and a beta of 1.54. Fortune Brands Innovations, Inc. has a 12 month low of $49.51 and a 12 month high of $77.14. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.49 and a quick ratio of 0.91.

Fortune Brands Innovations (NYSE:FBIN – Get Free Report) last announced its earnings results on Thursday, July 27th. The company reported $1.07 EPS for the quarter, beating the consensus estimate of $1.01 by $0.06. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. Fortune Brands Innovations had a return on equity of 25.43% and a net margin of 9.29%. The company’s revenue was down 7.3% on a year-over-year basis. During the same period last year, the business posted $1.67 EPS. Research analysts predict that Fortune Brands Innovations, Inc. will post 3.88 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 13th. Stockholders of record on Friday, November 24th will be paid a $0.23 dividend. The ex-dividend date is Wednesday, November 22nd. This represents a $0.92 annualized dividend and a dividend yield of 1.47%. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 23.71%.

Fortune Brands Innovations Profile

(Free Report)

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 two segments: Water Innovations; and Outdoors & Security. The Water Innovations segment manufactures or assembles, and sells faucets, accessories, kitchen sinks, and waste disposals under the Moen, ROHL, Riobel, Victoria+Albert, Perrin & Rowe, Aqualisa, and Shaws brands.