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

PNC Financial Services Group Inc. lowered its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 2.8% in the 4th quarter, HoldingsChannel.com reports. The firm owned 95,282 shares of the company’s stock after selling 2,716 shares during the period. PNC Financial Services Group Inc.’s holdings in Fortune Brands Innovations were worth $6,511,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FBIN. FMR LLC lifted its position in Fortune Brands Innovations by 104.5% in the third quarter. FMR LLC now owns 5,920,248 shares of the company’s stock valued at $530,040,000 after purchasing an additional 3,024,950 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Fortune Brands Innovations in the fourth quarter valued at approximately $40,027,000. Arvest Bank Trust Division purchased a new position in shares of Fortune Brands Innovations during the third quarter valued at approximately $17,621,000. Prospector Partners LLC purchased a new position in shares of Fortune Brands Innovations during the third quarter valued at approximately $11,953,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Fortune Brands Innovations by 11.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,069 shares of the company’s stock valued at $111,650,000 after buying an additional 130,170 shares during the period. Institutional investors own 87.60% of the company’s stock.

Fortune Brands Innovations Price Performance

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

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

Insider Transactions at Fortune Brands Innovations

In related news, EVP Kristin Papesh bought 483 shares of the business’s stock in a transaction dated Tuesday, March 4th. The shares were purchased at an average cost of $61.99 per share, with a total value of $29,941.17. Following the completion of the purchase, the executive vice president now owns 7,617 shares in the company, valued at approximately $472,177.83. The trade was a 6.77 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Ron Wilson sold 1,500 shares of the stock in a transaction 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 directly owns 10,066 shares in the company, valued at approximately $693,950.04. This represents a 12.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FBIN. The Goldman Sachs Group reduced their target price on Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Barclays reduced their target price on Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” rating on the stock in a research note 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 on the stock in a research note on Friday, February 7th. Finally, UBS Group reduced their target price on Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday, February 7th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $86.64.

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.