New York State Teachers Retirement System Sells 6,200 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

New York State Teachers Retirement System reduced its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 5.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 112,940 shares of the company’s stock after selling 6,200 shares during the quarter. New York State Teachers Retirement System’s holdings in Fortune Brands Innovations were worth $10,112,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Trajan Wealth LLC bought a new position in shares of Fortune Brands Innovations during the third quarter valued at $242,000. Summit Place Financial Advisors LLC lifted its holdings in shares of Fortune Brands Innovations by 3.2% during the third quarter. Summit Place Financial Advisors LLC now owns 36,700 shares of the company’s stock valued at $3,286,000 after purchasing an additional 1,140 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of Fortune Brands Innovations by 5.4% during the third quarter. State of Alaska Department of Revenue now owns 14,419 shares of the company’s stock valued at $1,290,000 after purchasing an additional 740 shares in the last quarter. Carret Asset Management LLC purchased a new stake in Fortune Brands Innovations during the third quarter valued at $254,000. Finally, Wealth Enhancement Advisory Services LLC increased its position in Fortune Brands Innovations by 17.6% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 10,229 shares of the company’s stock valued at $916,000 after acquiring an additional 1,531 shares during the last quarter. 87.60% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on FBIN shares. Truist Financial upped their price objective on Fortune Brands Innovations from $75.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Royal Bank of Canada upped their price objective on Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a research report on Friday, July 26th. BMO Capital Markets upped their price objective on Fortune Brands Innovations from $84.00 to $95.00 and gave the company a “market perform” rating in a research report on Tuesday, October 22nd. Loop Capital reduced their price objective on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating for the company in a research report on Friday, July 12th. Finally, Jefferies Financial Group upped their price target on Fortune Brands Innovations from $100.00 to $111.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Fortune Brands Innovations has an average rating of “Hold” and a consensus price target of $90.20.

Fortune Brands Innovations Stock Performance

NYSE FBIN opened at $83.79 on Monday. The firm has a market cap of $10.40 billion, a price-to-earnings ratio of 23.74, a price-to-earnings-growth ratio of 2.63 and a beta of 1.51. The company has a quick ratio of 0.71, a current ratio of 1.34 and a debt-to-equity ratio of 1.03. The business has a 50-day moving average price of $84.69 and a 200-day moving average price of $76.03. Fortune Brands Innovations, Inc. has a twelve month low of $58.86 and a twelve month high of $90.54.

Fortune Brands Innovations Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 22nd will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date of this dividend is Friday, November 22nd. Fortune Brands Innovations’s dividend payout ratio (DPR) is 27.20%.

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.