Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. trimmed its position in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 10.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 85,788 shares of the company's stock after selling 9,494 shares during the quarter. PNC Financial Services Group Inc. owned 0.07% of Fortune Brands Innovations worth $5,223,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in FBIN. von Borstel & Associates Inc. acquired a new position in Fortune Brands Innovations during the first quarter worth $26,000. CX Institutional purchased a new stake in shares of Fortune Brands Innovations during the 1st quarter worth $29,000. Raleigh Capital Management Inc. boosted its position in shares of Fortune Brands Innovations by 28.2% during the 1st quarter. Raleigh Capital Management Inc. now owns 1,017 shares of the company's stock worth $62,000 after purchasing an additional 224 shares in the last quarter. Alpine Bank Wealth Management acquired a new position in shares of Fortune Brands Innovations during the 1st quarter worth $62,000. Finally, Siemens Fonds Invest GmbH purchased a new position in shares of Fortune Brands Innovations in the 4th quarter valued at about $76,000. 87.60% of the stock is owned by hedge funds and other institutional investors.

Fortune Brands Innovations Stock Performance

NYSE FBIN opened at $56.57 on Thursday. The company has a quick ratio of 0.98, a current ratio of 1.97 and a debt-to-equity ratio of 1.20. Fortune Brands Innovations, Inc. has a fifty-two week low of $47.21 and a fifty-two week high of $90.54. The business has a fifty day moving average of $52.93 and a 200-day moving average of $57.71. The stock has a market cap of $6.79 billion, a price-to-earnings ratio of 17.79, a price-to-earnings-growth ratio of 3.51 and a beta of 1.32.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $1.00 EPS for the quarter, topping analysts' consensus estimates of $0.98 by $0.02. The firm had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.19 billion. Fortune Brands Innovations had a return on equity of 19.85% and a net margin of 8.75%. The firm's quarterly revenue was down 3.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.16 EPS. As a group, analysts predict that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 22nd will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $1.00 annualized dividend and a dividend yield of 1.8%. Fortune Brands Innovations's dividend payout ratio is presently 31.45%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. UBS Group boosted their price objective on shares of Fortune Brands Innovations from $82.00 to $83.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Robert W. Baird decreased their price target on Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 7th. Barclays upped their price target on Fortune Brands Innovations from $67.00 to $68.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Truist Financial set a $65.00 price objective on Fortune Brands Innovations in a report on Wednesday, May 7th. Finally, Wall Street Zen raised Fortune Brands Innovations from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $75.91.

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.

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