PNC Financial Services Group Inc. Sells 2,716 Shares of Fortune Brands Innovations, Inc. (NYSE:FBIN)

PNC Financial Services Group Inc. trimmed its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 2.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 95,282 shares of the company’s stock after selling 2,716 shares during the period. PNC Financial Services Group Inc. owned about 0.08% of Fortune Brands Innovations worth $6,511,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Brooklyn Investment Group purchased a new stake in Fortune Brands Innovations in the 3rd quarter worth about $25,000. Wingate Wealth Advisors Inc. purchased a new stake in Fortune Brands Innovations in the 4th quarter worth about $55,000. IFP Advisors Inc increased its holdings in Fortune Brands Innovations by 47.6% in the 4th quarter. IFP Advisors Inc now owns 853 shares of the company’s stock worth $62,000 after acquiring an additional 275 shares during the last quarter. Darwin Wealth Management LLC purchased a new stake in Fortune Brands Innovations in the 3rd quarter worth about $81,000. Finally, Blue Trust Inc. increased its holdings in Fortune Brands Innovations by 18.0% in the 4th quarter. Blue Trust Inc. now owns 1,436 shares of the company’s stock worth $98,000 after acquiring an additional 219 shares during the last quarter. 87.60% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on FBIN. Barclays reduced their target price on Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” rating for the company in a report on Friday, February 7th. Royal Bank of Canada reduced their target price on Fortune Brands Innovations from $75.00 to $70.00 and set a “sector perform” rating for the company in a report on Friday, February 7th. The Goldman Sachs Group reduced their target price on Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Finally, UBS Group reduced their target price on Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating for the company in a report on Friday, February 7th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $86.64.

Insider Buying and Selling

In related news, EVP Ron Wilson sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $68.94, for a total value of $103,410.00. Following the completion of the sale, the executive vice president now owns 10,066 shares in the company, valued at $693,950.04. The trade was a 12.97 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Kristin Papesh bought 483 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was purchased at an average price of $61.99 per share, with a total value of $29,941.17. Following the transaction, the executive vice president now directly owns 7,617 shares in the company, valued at $472,177.83. The trade was a 6.77 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.20% of the stock is currently owned by corporate insiders.

Fortune Brands Innovations Stock Performance

Shares of FBIN opened at $61.00 on Thursday. The company has a market cap of $7.48 billion, a PE ratio of 16.27, a price-to-earnings-growth ratio of 2.00 and a beta of 1.53. The company has a current ratio of 1.25, a quick ratio of 0.65 and a debt-to-equity ratio of 0.90. The stock has a 50-day moving average price of $68.63 and a 200-day moving average price of $76.35. Fortune Brands Innovations, Inc. has a 12-month low of $60.42 and a 12-month high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings results on Thursday, February 6th. The company reported $0.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.07). Fortune Brands Innovations had a net margin of 10.24% and a return on equity of 22.05%. As a group, equities analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

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.