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

PNC Financial Services Group Inc. decreased its stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 1.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 103,965 shares of the company’s stock after selling 1,920 shares during the period. PNC Financial Services Group Inc. owned about 0.08% of Fortune Brands Innovations worth $7,916,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Choreo LLC bought a new position in shares of Fortune Brands Innovations during the fourth quarter worth about $422,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Fortune Brands Innovations by 24.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 62,137 shares of the company’s stock worth $4,607,000 after purchasing an additional 12,217 shares during the last quarter. Dynamic Technology Lab Private Ltd raised its stake in Fortune Brands Innovations by 383.5% during the fourth quarter. Dynamic Technology Lab Private Ltd now owns 39,596 shares of the company’s stock worth $3,015,000 after acquiring an additional 31,406 shares during the period. Schroder Investment Management Group raised its stake in Fortune Brands Innovations by 3.6% during the fourth quarter. Schroder Investment Management Group now owns 620,402 shares of the company’s stock worth $47,237,000 after acquiring an additional 21,517 shares during the period. Finally, Allianz Asset Management GmbH raised its stake in Fortune Brands Innovations by 9.0% during the fourth quarter. Allianz Asset Management GmbH now owns 841,545 shares of the company’s stock worth $64,075,000 after acquiring an additional 69,502 shares during the period. Institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Price Performance

Shares of NYSE:FBIN opened at $67.36 on Tuesday. The firm’s 50 day moving average is $72.24 and its two-hundred day moving average is $76.37. Fortune Brands Innovations, Inc. has a 52 week low of $54.10 and a 52 week high of $84.92. The firm has a market capitalization of $8.43 billion, a P/E ratio of 20.60, a PEG ratio of 1.85 and a beta of 1.57. The company has a current ratio of 2.04, a quick ratio of 1.08 and a debt-to-equity ratio of 1.33.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.76 by $0.07. Fortune Brands Innovations had a net margin of 8.87% and a return on equity of 22.88%. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter last year, the business earned $0.69 earnings per share. Fortune Brands Innovations’s revenue was up 6.7% compared to the same quarter last year. Analysts anticipate that Fortune Brands Innovations, Inc. will post 4.31 earnings per share for the current year.

Fortune Brands Innovations Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were paid a dividend of $0.24 per share. The ex-dividend date was Thursday, May 23rd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.43%. Fortune Brands Innovations’s dividend payout ratio is presently 29.36%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Evercore ISI dropped their price objective on shares of Fortune Brands Innovations from $79.00 to $78.00 and set an “in-line” rating on the stock in a research note on Wednesday, May 1st. Robert W. Baird increased their price objective on shares of Fortune Brands Innovations from $85.00 to $86.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Fortune Brands Innovations presently has an average rating of “Hold” and an average target price of $79.22.

Fortune Brands Innovations Company 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.