State of New Jersey Common Pension Fund D Cuts Stock Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

State of New Jersey Common Pension Fund D decreased its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 35.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 41,725 shares of the company’s stock after selling 22,677 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Fortune Brands Innovations were worth $2,710,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Fiduciary Management Inc. WI boosted its holdings in Fortune Brands Innovations by 19.4% in the fourth quarter. Fiduciary Management Inc. WI now owns 1,986,070 shares of the company’s stock worth $151,219,000 after purchasing an additional 322,472 shares during the last quarter. Nordea Investment Management AB boosted its holdings in Fortune Brands Innovations by 6.8% in the first quarter. Nordea Investment Management AB now owns 1,480,177 shares of the company’s stock worth $125,386,000 after purchasing an additional 94,022 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Fortune Brands Innovations by 1.8% in the second quarter. Bank of New York Mellon Corp now owns 1,378,297 shares of the company’s stock worth $89,507,000 after purchasing an additional 24,139 shares during the last quarter. Norges Bank purchased a new stake in Fortune Brands Innovations in the fourth quarter worth approximately $91,504,000. Finally, Allianz Asset Management GmbH boosted its holdings in Fortune Brands Innovations by 9.0% in the fourth quarter. Allianz Asset Management GmbH now owns 841,545 shares of the company’s stock worth $64,075,000 after purchasing an additional 69,502 shares during the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Stock Down 0.2 %

Shares of NYSE FBIN opened at $84.91 on Thursday. The firm’s 50-day moving average price is $76.37 and its 200-day moving average price is $74.53. The company has a current ratio of 1.34, a quick ratio of 0.71 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $10.62 billion, a price-to-earnings ratio of 25.97, a P/E/G ratio of 2.50 and a beta of 1.51. Fortune Brands Innovations, Inc. has a 12-month low of $54.10 and a 12-month high of $86.90.

Fortune Brands Innovations (NYSE:FBIN) last issued 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 company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.28 billion. Fortune Brands Innovations had a net margin of 9.39% and a return on equity of 22.93%. The firm’s revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.07 EPS. On average, equities research analysts anticipate that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 11th. Shareholders of record on Friday, August 23rd were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $0.96 dividend on an annualized basis and a yield of 1.13%. Fortune Brands Innovations’s dividend payout ratio is currently 29.36%.

Wall Street Analyst Weigh In

FBIN has been the topic of several research reports. JPMorgan Chase & Co. raised their target price on shares of Fortune Brands Innovations from $82.00 to $84.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Truist Financial lifted their price target on shares of Fortune Brands Innovations from $75.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Loop Capital dropped 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 research note on Friday, July 12th. The Goldman Sachs Group lifted their price target on shares of Fortune Brands Innovations from $75.00 to $86.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Finally, Royal Bank of Canada lifted their price target on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research note on Friday, July 26th. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Fortune Brands Innovations presently has an average rating of “Hold” and a consensus target price 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.