State of Michigan Retirement System Purchases 700 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

State of Michigan Retirement System grew its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 2.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 34,842 shares of the company’s stock after buying an additional 700 shares during the quarter. State of Michigan Retirement System’s holdings in Fortune Brands Innovations were worth $2,950,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new position in Fortune Brands Innovations in the 4th quarter worth $91,504,000. American Century Companies Inc. increased its stake in Fortune Brands Innovations by 1,439.7% in the 3rd quarter. American Century Companies Inc. now owns 665,475 shares of the company’s stock worth $41,366,000 after buying an additional 622,253 shares in the last quarter. Nordea Investment Management AB increased its stake in Fortune Brands Innovations by 62.8% in the 4th quarter. Nordea Investment Management AB now owns 1,386,155 shares of the company’s stock worth $105,888,000 after buying an additional 534,901 shares in the last quarter. Royal Bank of Canada increased its stake in Fortune Brands Innovations by 110.8% in the 3rd quarter. Royal Bank of Canada now owns 779,237 shares of the company’s stock worth $48,438,000 after buying an additional 409,598 shares in the last quarter. Finally, Fiduciary Management Inc. WI increased its stake in Fortune Brands Innovations by 19.4% in the 4th quarter. Fiduciary Management Inc. WI now owns 1,986,070 shares of the company’s stock worth $151,219,000 after buying an additional 322,472 shares in the last quarter. 87.60% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FBIN. Robert W. Baird increased their price target on Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Evercore ISI cut their price target on Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating for the company in a research note on Wednesday, May 1st. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Fortune Brands Innovations has an average rating of “Hold” and a consensus target price of $80.38.

Fortune Brands Innovations Stock Down 0.2 %

Shares of NYSE FBIN opened at $63.32 on Thursday. The company has a market cap of $7.92 billion, a P/E ratio of 19.36, a PEG ratio of 1.79 and a beta of 1.52. The firm has a 50-day simple moving average of $69.55 and a two-hundred day simple moving average of $75.62. The company has a debt-to-equity ratio of 1.33, a current ratio of 2.04 and a quick ratio of 1.08. Fortune Brands Innovations, Inc. has a 1 year low of $54.10 and a 1 year high of $84.92.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.07. Fortune Brands Innovations had a net margin of 8.87% and a return on equity of 22.88%. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same period last year, the company posted $0.69 earnings per share. Fortune Brands Innovations’s revenue was up 6.7% compared to the same quarter last year. Research analysts anticipate that Fortune Brands Innovations, Inc. will post 4.31 earnings per share for the current year.

Fortune Brands Innovations Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend was Thursday, May 23rd. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 29.36%.

Fortune Brands Innovations Company 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.