State of Michigan Retirement System Has $2.22 Million Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

State of Michigan Retirement System trimmed its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 0.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 32,542 shares of the company’s stock after selling 300 shares during the quarter. State of Michigan Retirement System’s holdings in Fortune Brands Innovations were worth $2,224,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of FBIN. CIBC Asset Management Inc grew its position in shares of Fortune Brands Innovations by 3.5% in the third quarter. CIBC Asset Management Inc now owns 3,609 shares of the company’s stock valued at $323,000 after purchasing an additional 121 shares during the last quarter. Smithfield Trust Co grew its position in shares of Fortune Brands Innovations by 4.6% in the third quarter. Smithfield Trust Co now owns 3,031 shares of the company’s stock valued at $271,000 after purchasing an additional 133 shares during the last quarter. U.S. Capital Wealth Advisors LLC grew its position in shares of Fortune Brands Innovations by 1.7% in the fourth quarter. U.S. Capital Wealth Advisors LLC now owns 8,138 shares of the company’s stock valued at $556,000 after purchasing an additional 138 shares during the last quarter. Atria Wealth Solutions Inc. grew its position in shares of Fortune Brands Innovations by 5.0% in the fourth quarter. Atria Wealth Solutions Inc. now owns 3,252 shares of the company’s stock valued at $222,000 after purchasing an additional 156 shares during the last quarter. Finally, UMB Bank n.a. grew its position in shares of Fortune Brands Innovations by 11.2% in the fourth quarter. UMB Bank n.a. now owns 1,688 shares of the company’s stock valued at $115,000 after purchasing an additional 170 shares during the last quarter. 87.60% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FBIN. Royal Bank of Canada lowered their price target on Fortune Brands Innovations from $75.00 to $70.00 and set a “sector perform” rating on the stock in a research report on Friday, February 7th. UBS Group lowered their price target on Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating on the stock in a research report on Friday, February 7th. The Goldman Sachs Group reduced their target price on shares of Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Finally, Barclays reduced their target price on shares of Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” rating for the company in a research note on Friday, February 7th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Fortune Brands Innovations presently has a consensus rating of “Hold” and a consensus price target of $86.64.

Fortune Brands Innovations Stock Up 1.0 %

Shares of FBIN opened at $63.83 on Friday. The stock has a market cap of $7.82 billion, a price-to-earnings ratio of 17.02, a P/E/G ratio of 2.00 and a beta of 1.53. The company has a quick ratio of 0.65, a current ratio of 1.25 and a debt-to-equity ratio of 0.90. Fortune Brands Innovations, Inc. has a 12 month low of $60.81 and a 12 month high of $90.54. The company has a 50-day moving average price of $68.99 and a two-hundred day moving average price of $76.71.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings results on Thursday, February 6th. The company reported $0.98 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.07). Fortune Brands Innovations had a return on equity of 22.05% and a net margin of 10.24%. Equities analysts predict that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.

Fortune Brands Innovations Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 21st will be paid a dividend of $0.25 per share. This is a boost from Fortune Brands Innovations’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, February 21st. This represents a $1.00 dividend on an annualized basis and a yield of 1.57%. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 26.67%.

Insiders Place Their Bets

In other news, EVP Ron Wilson sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $68.94, for a total value of $103,410.00. Following the transaction, the executive vice president now directly owns 10,066 shares of the company’s stock, valued at $693,950.04. The trade was a 12.97 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kristin Papesh bought 483 shares of Fortune Brands Innovations stock in a transaction dated Tuesday, March 4th. The stock was acquired at an average cost of $61.99 per share, for a total transaction of $29,941.17. Following the completion of the acquisition, the executive vice president now directly owns 7,617 shares in the company, valued at $472,177.83. This represents a 6.77 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.20% of the company’s stock.

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.