State of Alaska Department of Revenue Trims Holdings in Fortune Brands Innovations, Inc. $FBIN

State of Alaska Department of Revenue lowered its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 7.4% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 13,484 shares of the company’s stock after selling 1,070 shares during the quarter. State of Alaska Department of Revenue’s holdings in Fortune Brands Innovations were worth $694,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Wellington Management Group LLP raised its position in Fortune Brands Innovations by 113.5% during the 1st quarter. Wellington Management Group LLP now owns 6,128,101 shares of the company’s stock worth $373,079,000 after buying an additional 3,257,428 shares during the last quarter. JPMorgan Chase & Co. raised its position in Fortune Brands Innovations by 9.2% during the 1st quarter. JPMorgan Chase & Co. now owns 4,855,425 shares of the company’s stock worth $295,598,000 after buying an additional 409,466 shares during the last quarter. Amundi raised its position in Fortune Brands Innovations by 24.1% during the 1st quarter. Amundi now owns 2,861,900 shares of the company’s stock worth $169,975,000 after buying an additional 555,036 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Fortune Brands Innovations by 22.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,351,110 shares of the company’s stock worth $143,130,000 after buying an additional 426,929 shares during the last quarter. Finally, Fiduciary Management Inc. WI raised its position in Fortune Brands Innovations by 12.8% during the 1st quarter. Fiduciary Management Inc. WI now owns 2,291,860 shares of the company’s stock worth $139,528,000 after buying an additional 260,218 shares during the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on FBIN. Weiss Ratings restated a “hold (c)” rating on shares of Fortune Brands Innovations in a research report on Saturday, September 27th. Barclays upped their price target on shares of Fortune Brands Innovations from $67.00 to $68.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Royal Bank Of Canada raised shares of Fortune Brands Innovations from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $59.00 to $65.00 in a research note on Friday, August 1st. Truist Financial reaffirmed a “hold” rating and set a $60.00 price target (down from $65.00) on shares of Fortune Brands Innovations in a research note on Wednesday, August 27th. Finally, Loop Capital reaffirmed a “hold” rating and set a $61.00 price target (up from $53.00) on shares of Fortune Brands Innovations in a research note on Monday, August 4th. Five investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $75.45.

Insider Buying and Selling at Fortune Brands Innovations

In other news, CEO Nicholas I. Fink sold 29,792 shares of the stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $59.04, for a total transaction of $1,758,919.68. Following the transaction, the chief executive officer directly owned 180,625 shares in the company, valued at $10,664,100. This represents a 14.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.00% of the stock is currently owned by insiders.

Fortune Brands Innovations Price Performance

Fortune Brands Innovations stock opened at $51.08 on Wednesday. Fortune Brands Innovations, Inc. has a 12-month low of $47.21 and a 12-month high of $90.50. The stock has a market capitalization of $6.13 billion, a P/E ratio of 16.06, a P/E/G ratio of 3.56 and a beta of 1.33. The firm’s 50-day moving average is $56.92 and its two-hundred day moving average is $54.56. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.97 and a quick ratio of 0.98.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings data on Thursday, July 31st. The company reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.02. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.19 billion. Fortune Brands Innovations had a net margin of 8.75% and a return on equity of 19.85%. The company’s revenue was down 3.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.16 EPS. Fortune Brands Innovations has set its FY 2025 guidance at 3.750-3.950 EPS. Equities analysts predict that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Friday, November 21st will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, November 21st. Fortune Brands Innovations’s dividend payout ratio is presently 31.45%.

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.