State of Michigan Retirement System Lowers Position in Fortune Brands Innovations, Inc. $FBIN

State of Michigan Retirement System cut its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 11.9% during the 2nd quarter, Holdings Channel.com reports. The fund owned 28,942 shares of the company’s stock after selling 3,900 shares during the period. State of Michigan Retirement System’s holdings in Fortune Brands Innovations were worth $1,490,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in FBIN. Townsquare Capital LLC raised its holdings in shares of Fortune Brands Innovations by 3.3% in the first quarter. Townsquare Capital LLC now owns 6,236 shares of the company’s stock valued at $380,000 after purchasing an additional 197 shares during the last quarter. National Pension Service grew its position in Fortune Brands Innovations by 74.5% in the 1st quarter. National Pension Service now owns 466 shares of the company’s stock worth $28,000 after purchasing an additional 199 shares in the last quarter. Raleigh Capital Management Inc. increased its stake in Fortune Brands Innovations by 20.8% in the 2nd quarter. Raleigh Capital Management Inc. now owns 1,229 shares of the company’s stock valued at $63,000 after buying an additional 212 shares during the last quarter. HB Wealth Management LLC increased its stake in Fortune Brands Innovations by 6.2% in the 1st quarter. HB Wealth Management LLC now owns 4,220 shares of the company’s stock valued at $257,000 after buying an additional 247 shares during the last quarter. Finally, Stephens Inc. AR lifted its position in shares of Fortune Brands Innovations by 6.5% during the 2nd quarter. Stephens Inc. AR now owns 4,530 shares of the company’s stock worth $233,000 after buying an additional 275 shares in the last quarter. Institutional investors own 87.60% of the company’s stock.

Analyst Upgrades and Downgrades

FBIN has been the subject of several recent analyst reports. Barclays reduced their target price on Fortune Brands Innovations from $68.00 to $65.00 and set an “overweight” rating for the company in a report on Friday, October 31st. Truist Financial reissued a “hold” rating and issued a $60.00 price objective (down previously from $65.00) on shares of Fortune Brands Innovations in a research report on Wednesday, August 27th. UBS Group decreased their target price on Fortune Brands Innovations from $83.00 to $79.00 and set a “buy” rating for the company in a research report on Friday, October 31st. Weiss Ratings reiterated a “hold (c-)” rating on shares of Fortune Brands Innovations in a research note on Tuesday, October 14th. Finally, Evercore ISI reissued an “outperform” rating on shares of Fortune Brands Innovations in a report on Friday, October 31st. Five analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $64.40.

Insider Activity

In other news, CEO Nicholas I. Fink sold 1,522 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $58.72, for a total value of $89,371.84. Following the sale, the chief executive officer owned 97,139 shares of the company’s stock, valued at $5,704,002.08. The trade was a 1.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.00% of the stock is currently owned by company insiders.

Fortune Brands Innovations Stock Performance

NYSE:FBIN opened at $49.41 on Friday. The company has a market capitalization of $5.94 billion, a P/E ratio of 15.54, a P/E/G ratio of 4.37 and a beta of 1.33. The business has a fifty day simple moving average of $53.62 and a two-hundred day simple moving average of $53.78. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.97 and a quick ratio of 0.98. Fortune Brands Innovations, Inc. has a 1 year low of $47.21 and a 1 year high of $81.93.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings results on Thursday, October 30th. The company reported $1.09 EPS for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.01). Fortune Brands Innovations had a net margin of 8.75% and a return on equity of 19.85%. The firm had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the prior year, the company earned $1.16 EPS. The firm’s quarterly revenue was down .5% on a year-over-year basis. Fortune Brands Innovations has set its FY 2025 guidance at 3.700-3.800 EPS. On average, analysts expect that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Friday, November 21st will be paid a $0.25 dividend. The ex-dividend date is Friday, November 21st. This represents a $1.00 annualized dividend and a dividend yield of 2.0%. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 37.31%.

About Fortune Brands Innovations

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.