Fortune Brands Innovations, Inc. $FBIN Shares Purchased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. increased its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 21.7% in the 2nd quarter, HoldingsChannel reports. The fund owned 104,387 shares of the company’s stock after purchasing an additional 18,599 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Fortune Brands Innovations were worth $5,374,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FBIN. Wellington Management Group LLP lifted its stake in shares of Fortune Brands Innovations by 113.5% in the 1st quarter. Wellington Management Group LLP now owns 6,128,101 shares of the company’s stock valued at $373,079,000 after purchasing an additional 3,257,428 shares during the last quarter. Generation Investment Management LLP purchased a new stake in Fortune Brands Innovations in the 1st quarter valued at about $98,157,000. First Pacific Advisors LP raised its holdings in Fortune Brands Innovations by 152.2% in the 2nd quarter. First Pacific Advisors LP now owns 1,998,397 shares of the company’s stock valued at $102,877,000 after buying an additional 1,205,880 shares during the period. Orbis Allan Gray Ltd acquired a new position in Fortune Brands Innovations in the first quarter valued at about $46,464,000. Finally, Amundi lifted its position in Fortune Brands Innovations by 24.1% in the first quarter. Amundi now owns 2,861,900 shares of the company’s stock valued at $169,975,000 after buying an additional 555,036 shares during the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Wall Street Analyst Weigh In

FBIN has been the subject of a number of recent analyst reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of Fortune Brands Innovations in a research report on Tuesday, November 11th. Evercore ISI reaffirmed an “outperform” rating on shares of Fortune Brands Innovations in a research report on Friday, October 31st. UBS Group dropped their target price on shares of Fortune Brands Innovations from $83.00 to $79.00 and set a “buy” rating for the company in a report on Friday, October 31st. Royal Bank Of Canada decreased their price target on Fortune Brands Innovations from $65.00 to $63.00 and set an “outperform” rating on the stock in a research note on Friday, October 31st. Finally, Barclays lowered their price target on Fortune Brands Innovations from $68.00 to $65.00 and set an “overweight” rating for the company in a research report on Friday, October 31st. Five equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $64.40.

Fortune Brands Innovations Trading Down 1.8%

Shares of FBIN stock opened at $48.00 on Monday. Fortune Brands Innovations, Inc. has a fifty-two week low of $47.21 and a fifty-two week high of $81.93. The company has a 50 day moving average price of $52.45 and a 200 day moving average price of $53.62. The stock has a market capitalization of $5.77 billion, a P/E ratio of 15.09, a price-to-earnings-growth ratio of 4.37 and a beta of 1.32. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.98 and a current ratio of 1.97.

Fortune Brands Innovations (NYSE:FBIN) last released its earnings results on Thursday, October 30th. The company reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.01). Fortune Brands Innovations had a return on equity of 19.85% and a net margin of 8.75%.The business had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter last year, the company earned $1.16 earnings per share. Fortune Brands Innovations’s quarterly revenue was down .5% compared to the same quarter last year. Fortune Brands Innovations has set its FY 2025 guidance at 3.700-3.800 EPS. Equities research analysts predict that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal 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 paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Friday, November 21st. Fortune Brands Innovations’s dividend payout ratio (DPR) is presently 37.31%.

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.