PNC Financial Services Group Inc. Trims Stake in Fortune Brands Innovations, Inc. (NYSE:FBIN)

PNC Financial Services Group Inc. lessened its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 2.9% during the third quarter, HoldingsChannel reports. The institutional investor owned 97,998 shares of the company’s stock after selling 2,970 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Fortune Brands Innovations were worth $8,774,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in FBIN. Select Equity Group L.P. boosted its holdings in shares of Fortune Brands Innovations by 48.8% in the second quarter. Select Equity Group L.P. now owns 6,326,857 shares of the company’s stock valued at $410,866,000 after acquiring an additional 2,075,673 shares during the period. D. E. Shaw & Co. Inc. boosted its stake in Fortune Brands Innovations by 12,402.4% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 337,565 shares of the company’s stock worth $21,921,000 after purchasing an additional 334,865 shares during the period. Renaissance Technologies LLC purchased a new position in Fortune Brands Innovations during the 2nd quarter worth $20,857,000. Robeco Schweiz AG increased its stake in Fortune Brands Innovations by 26.5% in the second quarter. Robeco Schweiz AG now owns 906,572 shares of the company’s stock valued at $58,873,000 after purchasing an additional 189,635 shares during the period. Finally, AQR Capital Management LLC raised its holdings in shares of Fortune Brands Innovations by 71.0% in the second quarter. AQR Capital Management LLC now owns 415,255 shares of the company’s stock valued at $26,967,000 after buying an additional 172,435 shares during the last quarter. Institutional investors and hedge funds own 87.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on FBIN shares. Evercore ISI lowered their price target on Fortune Brands Innovations from $80.00 to $78.00 and set an “in-line” rating on the stock in a report on Thursday, November 7th. The Goldman Sachs Group boosted their target price on Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Robert W. Baird decreased their price target on Fortune Brands Innovations from $94.00 to $90.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Royal Bank of Canada boosted their price objective on shares of Fortune Brands Innovations from $79.00 to $81.00 and gave the company a “sector perform” rating in a research note on Friday, July 26th. Finally, UBS Group reduced their target price on shares of Fortune Brands Innovations from $98.00 to $97.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $91.36.

Fortune Brands Innovations Stock Up 1.3 %

FBIN stock opened at $76.50 on Friday. The company has a current ratio of 1.32, a quick ratio of 0.69 and a debt-to-equity ratio of 0.95. The company’s 50-day moving average price is $84.29 and its 200 day moving average price is $76.46. Fortune Brands Innovations, Inc. has a 52 week low of $62.54 and a 52 week high of $90.54. The company has a market cap of $9.50 billion, a P/E ratio of 21.55, a P/E/G ratio of 2.36 and a beta of 1.51.

Fortune Brands Innovations (NYSE:FBIN) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.01. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.24 billion. Fortune Brands Innovations had a net margin of 9.61% and a return on equity of 22.22%. The company’s revenue for the quarter was down 8.4% on a year-over-year basis. During the same period last year, the firm earned $1.19 EPS. On average, research analysts expect that Fortune Brands Innovations, Inc. will post 4.19 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 22nd will be given a dividend of $0.24 per share. The ex-dividend date is Friday, November 22nd. This represents a $0.96 dividend on an annualized basis and a yield of 1.25%. Fortune Brands Innovations’s payout ratio is 27.04%.

Fortune Brands Innovations 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.