New York State Teachers Retirement System Sells 10,700 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

New York State Teachers Retirement System cut its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 8.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 119,140 shares of the company’s stock after selling 10,700 shares during the period. New York State Teachers Retirement System’s holdings in Fortune Brands Innovations were worth $7,737,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in FBIN. Principal Securities Inc. purchased a new stake in Fortune Brands Innovations in the 4th quarter valued at $29,000. LRI Investments LLC bought a new position in shares of Fortune Brands Innovations during the first quarter valued at about $34,000. Rise Advisors LLC purchased a new position in Fortune Brands Innovations during the first quarter worth about $38,000. First United Bank & Trust purchased a new position in Fortune Brands Innovations during the fourth quarter worth about $38,000. Finally, Optimum Investment Advisors bought a new stake in Fortune Brands Innovations in the 1st quarter worth about $42,000. Institutional investors and hedge funds own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Up 3.6 %

FBIN stock opened at $81.38 on Monday. Fortune Brands Innovations, Inc. has a fifty-two week low of $54.10 and a fifty-two week high of $84.92. The stock has a fifty day moving average of $71.43 and a 200-day moving average of $74.59. The company has a market capitalization of $10.18 billion, a price-to-earnings ratio of 24.89, a PEG ratio of 2.49 and a beta of 1.52. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.71 and a current ratio of 1.34.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Thursday, July 25th. The company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.04. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same quarter last year, the business earned $1.07 earnings per share. The company’s quarterly revenue was up 6.6% on a year-over-year basis. As a group, equities research analysts predict that Fortune Brands Innovations, Inc. will post 4.29 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, September 11th. Shareholders of record on Friday, August 23rd will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, August 23rd. This represents a $0.96 dividend on an annualized basis and a yield of 1.18%. Fortune Brands Innovations’s payout ratio is 29.36%.

Analysts Set New Price Targets

FBIN has been the topic of several recent analyst reports. Loop Capital dropped their target price on shares of Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research report on Friday, July 12th. Robert W. Baird lifted their price target on Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. The Goldman Sachs Group upped their price objective on Fortune Brands Innovations from $75.00 to $86.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Barclays lifted their target price on Fortune Brands Innovations from $84.00 to $86.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Finally, JPMorgan Chase & Co. increased their price target on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Fortune Brands Innovations has an average rating of “Hold” and a consensus price target of $83.20.

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.