Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Sold by California State Teachers Retirement System

California State Teachers Retirement System cut its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 2.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 183,971 shares of the company’s stock after selling 4,729 shares during the quarter. California State Teachers Retirement System owned 0.15% of Fortune Brands Innovations worth $15,577,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of FBIN. Raymond James Financial Services Advisors Inc. raised its holdings in Fortune Brands Innovations by 1.6% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 25,686 shares of the company’s stock worth $1,956,000 after purchasing an additional 395 shares in the last quarter. Blue Trust Inc. raised its position in Fortune Brands Innovations by 34.5% in the fourth quarter. Blue Trust Inc. now owns 873 shares of the company’s stock worth $66,000 after acquiring an additional 224 shares in the last quarter. Oak Thistle LLC lifted its holdings in Fortune Brands Innovations by 5.8% in the fourth quarter. Oak Thistle LLC now owns 7,201 shares of the company’s stock valued at $548,000 after acquiring an additional 394 shares during the period. State of Michigan Retirement System grew its stake in shares of Fortune Brands Innovations by 3.0% during the 4th quarter. State of Michigan Retirement System now owns 34,142 shares of the company’s stock worth $2,600,000 after purchasing an additional 1,000 shares during the period. Finally, Arizona State Retirement System boosted its holdings in Fortune Brands Innovations by 0.9% during the fourth quarter. Arizona State Retirement System now owns 34,875 shares of the company’s stock worth $2,655,000 after buying an additional 305 shares in the last quarter. 87.60% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Barclays raised their price objective on Fortune Brands Innovations from $84.00 to $86.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. lifted their price target on Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a research note on Tuesday. Royal Bank of Canada raised their target price on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a report on Friday, July 26th. Loop Capital reduced their price target on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a report on Friday, July 12th. Finally, Truist Financial increased their target price on Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a report on Friday, July 26th. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $83.20.

Fortune Brands Innovations Stock Performance

Shares of NYSE:FBIN opened at $76.17 on Friday. The business has a 50-day moving average of $68.95 and a two-hundred day moving average of $74.89. The firm has a market capitalization of $9.45 billion, a PE ratio of 24.20, a P/E/G ratio of 2.55 and a beta of 1.52. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.34 and a quick ratio of 0.71. Fortune Brands Innovations, Inc. has a 12 month low of $54.10 and a 12 month high of $84.92.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings results on Thursday, July 25th. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.12 by $0.04. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.28 billion. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. Fortune Brands Innovations’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.07 earnings per share. As a group, research analysts forecast that Fortune Brands Innovations, Inc. will post 4.28 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 11th. Investors of record on Friday, August 23rd will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, August 23rd. This represents a $0.96 annualized dividend and a dividend yield of 1.26%. Fortune Brands Innovations’s payout ratio is currently 29.36%.

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.