PNC Financial Services Group Inc. Sells 16,205 Shares of Fortune Brands Innovations, Inc. $FBIN

PNC Financial Services Group Inc. lowered its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 14.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 95,606 shares of the company’s stock after selling 16,205 shares during the period. PNC Financial Services Group Inc. owned about 0.08% of Fortune Brands Innovations worth $3,726,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Diamond Hill Capital Management Inc. increased its stake in Fortune Brands Innovations by 7.3% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 554,244 shares of the company’s stock valued at $27,723,000 after acquiring an additional 37,861 shares during the period. Black Cypress Capital Management LLC lifted its stake in Fortune Brands Innovations by 22.6% during the fourth quarter. Black Cypress Capital Management LLC now owns 150,825 shares of the company’s stock worth $7,544,000 after purchasing an additional 27,824 shares during the period. Northwestern Mutual Wealth Management Co. lifted its stake in Fortune Brands Innovations by 2,071.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 147,689 shares of the company’s stock worth $7,387,000 after purchasing an additional 140,888 shares during the period. Vulcan Value Partners LLC boosted its holdings in Fortune Brands Innovations by 18.2% during the fourth quarter. Vulcan Value Partners LLC now owns 353,520 shares of the company’s stock valued at $17,683,000 after purchasing an additional 54,492 shares in the last quarter. Finally, Systematic Financial Management LP acquired a new stake in Fortune Brands Innovations during the fourth quarter valued at approximately $14,328,000. Institutional investors own 87.60% of the company’s stock.

Insider Transactions at Fortune Brands Innovations

In other Fortune Brands Innovations news, Director Edward P. Garden acquired 403,000 shares of Fortune Brands Innovations stock in a transaction on Tuesday, May 19th. The shares were bought at an average price of $33.40 per share, with a total value of $13,460,200.00. Following the completion of the purchase, the director owned 3,556,867 shares in the company, valued at $118,799,357.80. This trade represents a 12.78% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. In the last ninety days, insiders acquired 786,367 shares of company stock valued at $28,653,958. Insiders own 3.32% of the company’s stock.

Analysts Set New Price Targets

FBIN has been the subject of a number of recent research reports. Zacks Research raised Fortune Brands Innovations from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Barclays boosted their price target on Fortune Brands Innovations from $41.00 to $56.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 14th. BMO Capital Markets lowered their price target on Fortune Brands Innovations from $56.00 to $50.00 and set a “market perform” rating on the stock in a research report on Monday, April 20th. Robert W. Baird set a $44.00 price objective on Fortune Brands Innovations in a research note on Friday, May 8th. Finally, UBS Group cut their price objective on Fortune Brands Innovations from $67.00 to $63.00 and set a “buy” rating for the company in a report on Friday, May 8th. Five analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Fortune Brands Innovations has a consensus rating of “Hold” and a consensus price target of $54.38.

Fortune Brands Innovations Stock Performance

NYSE FBIN opened at $51.51 on Tuesday. The firm has a market cap of $6.14 billion, a price-to-earnings ratio of 22.89, a PEG ratio of 3.31 and a beta of 1.30. The company has a 50 day moving average of $44.93 and a 200-day moving average of $46.65. The company has a current ratio of 2.13, a quick ratio of 1.04 and a debt-to-equity ratio of 1.15. Fortune Brands Innovations, Inc. has a 1-year low of $32.34 and a 1-year high of $64.84.

Fortune Brands Innovations (NYSE:FBIN) last announced its earnings results on Thursday, May 7th. The company reported $0.53 EPS for the quarter, hitting the consensus estimate of $0.53. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.01 billion. Fortune Brands Innovations had a return on equity of 17.72% and a net margin of 6.12%.Fortune Brands Innovations’s revenue was down 2.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.66 EPS. On average, equities analysts forecast that Fortune Brands Innovations, Inc. will post 3.14 earnings per share for the current fiscal year.

Fortune Brands Innovations Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Friday, August 21st will be given a $0.26 dividend. The ex-dividend date is Friday, August 21st. This represents a $1.04 annualized dividend and a yield of 2.0%. Fortune Brands Innovations’s payout ratio is presently 46.22%.

Fortune Brands Innovations Profile

Fortune Brands Innovations (NYSE: FBIN), formerly known as Fortune Brands Home & Security, is a global leader in water innovations, specializing in the design, manufacturing and marketing of plumbing fixtures, fittings and related products. Headquartered in Deerfield, Illinois, the company leverages two iconic brands—Moen and House of Rohl—to deliver high-quality kitchen and bathroom solutions across residential and commercial markets. With a focus on performance, reliability and aesthetic design, FBIN’s portfolio spans faucets, showerheads, accessories and water filtration systems.

The company’s products are sold through a diversified network of retail partners, wholesale distributors and online channels across North America, Europe, Asia-Pacific and Latin America.