PNC Financial Services Group Inc. Has $3.73 Million Holdings in Fortune Brands Innovations, Inc. $FBIN

PNC Financial Services Group Inc. cut its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 14.5% in the first quarter, HoldingsChannel reports. The fund owned 95,606 shares of the company’s stock after selling 16,205 shares during the period. PNC Financial Services Group Inc.’s holdings in Fortune Brands Innovations were worth $3,726,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of FBIN. Diamond Hill Capital Management Inc. increased its holdings in shares of 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 purchasing an additional 37,861 shares in the last quarter. Black Cypress Capital Management LLC lifted its holdings in Fortune Brands Innovations by 22.6% during the 4th quarter. Black Cypress Capital Management LLC now owns 150,825 shares of the company’s stock worth $7,544,000 after buying an additional 27,824 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in Fortune Brands Innovations by 2,071.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 147,689 shares of the company’s stock worth $7,387,000 after buying an additional 140,888 shares in the last quarter. Systematic Financial Management LP acquired a new position in Fortune Brands Innovations during the 4th quarter worth $14,328,000. Finally, Vulcan Value Partners LLC boosted its position in Fortune Brands Innovations by 18.2% in the 4th quarter. Vulcan Value Partners LLC now owns 353,520 shares of the company’s stock valued at $17,683,000 after buying an additional 54,492 shares during the last quarter. 87.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. UBS Group lowered their target price on Fortune Brands Innovations from $67.00 to $63.00 and set a “buy” rating for the company in a research note on Friday, May 8th. The Goldman Sachs Group upped their price target on Fortune Brands Innovations from $50.00 to $61.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Zacks Research upgraded Fortune Brands Innovations from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Bank of America lowered their price objective on Fortune Brands Innovations from $52.00 to $42.00 and set an “underperform” rating for the company in a research report on Monday, April 20th. Finally, Weiss Ratings cut Fortune Brands Innovations from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday. Five analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $54.38.

Insider Buying and Selling

In related news, Director Edward P. Garden bought 320,067 shares of the business’s stock in a transaction on Wednesday, June 10th. The shares were purchased at an average price of $40.60 per share, with a total value of $12,994,720.20. Following the completion of the purchase, the director owned 3,940,234 shares of the company’s stock, valued at $159,973,500.40. This represents a 8.84% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders bought a total of 786,367 shares of company stock valued at $28,653,958 in the last ninety days. Corporate insiders own 3.32% of the company’s stock.

Fortune Brands Innovations Price Performance

FBIN opened at $51.51 on Tuesday. The company has a fifty day moving average price of $44.93 and a two-hundred day moving average price of $46.65. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.04 and a current ratio of 2.13. Fortune Brands Innovations, Inc. has a 52 week low of $32.34 and a 52 week high of $64.84. The firm has a market capitalization of $6.14 billion, a PE ratio of 22.89, a P/E/G ratio of 3.31 and a beta of 1.30.

Fortune Brands Innovations (NYSE:FBIN) last issued its earnings results on Thursday, May 7th. The company reported $0.53 EPS for the quarter, meeting the consensus estimate of $0.53. Fortune Brands Innovations had a net margin of 6.12% and a return on equity of 17.72%. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the previous year, the company posted $0.66 EPS. The business’s revenue for the quarter was down 2.1% compared to the same quarter last year. As a group, analysts anticipate that Fortune Brands Innovations, Inc. will post 3.14 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, September 9th. Investors of record on Friday, August 21st will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Friday, August 21st. Fortune Brands Innovations’s dividend payout ratio is currently 46.22%.

Fortune Brands Innovations Company 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.