Pictet Asset Management Holding SA Reduces Stock Position in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Pictet Asset Management Holding SA cut its position in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 7.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,807,191 shares of the company’s stock after selling 398,343 shares during the period. Pictet Asset Management Holding SA owned approximately 3.87% of Fortune Brands Innovations worth $328,475,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. FMR LLC increased its holdings in Fortune Brands Innovations by 104.5% in the 3rd quarter. FMR LLC now owns 5,920,248 shares of the company’s stock worth $530,040,000 after buying an additional 3,024,950 shares during the period. Norges Bank acquired a new position in Fortune Brands Innovations during the fourth quarter valued at $101,122,000. Amundi increased its holdings in shares of Fortune Brands Innovations by 166.8% during the 4th quarter. Amundi now owns 2,306,864 shares of the company’s stock valued at $157,953,000 after purchasing an additional 1,442,195 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Fortune Brands Innovations during the 4th quarter worth approximately $40,027,000. Finally, Arvest Bank Trust Division purchased a new position in shares of Fortune Brands Innovations during the 3rd quarter valued at approximately $17,621,000. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Ron Wilson sold 1,500 shares of the firm’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $68.94, for a total value of $103,410.00. Following the sale, the executive vice president now directly owns 10,066 shares in the company, valued at approximately $693,950.04. This trade represents a 12.97 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kristin Papesh bought 483 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was acquired at an average cost of $61.99 per share, for a total transaction of $29,941.17. Following the acquisition, the executive vice president now directly owns 7,617 shares of the company’s stock, 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 insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on FBIN. Royal Bank of Canada reduced their price objective on shares of Fortune Brands Innovations from $75.00 to $70.00 and set a “sector perform” rating for the company in a research report on Friday, February 7th. Barclays decreased their price target on shares of 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. 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 lowered their price target 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 equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Fortune Brands Innovations has a consensus rating of “Hold” and an average target price of $86.64.

Fortune Brands Innovations Price Performance

Shares of FBIN stock opened at $62.77 on Friday. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.25 and a quick ratio of 0.65. The company has a market capitalization of $7.69 billion, a PE ratio of 16.74, a price-to-earnings-growth ratio of 2.00 and a beta of 1.53. The firm’s 50-day moving average is $66.98 and its two-hundred day moving average is $75.16. Fortune Brands Innovations, Inc. has a 12 month low of $59.64 and a 12 month high of $90.54.

Fortune Brands Innovations (NYSE:FBIN) last issued its quarterly earnings data on Thursday, February 6th. The company reported $0.98 earnings per share for the quarter, missing the consensus estimate of $1.05 by ($0.07). Fortune Brands Innovations had a return on equity of 22.05% and a net margin of 10.24%. Analysts predict that Fortune Brands Innovations, Inc. will post 4.24 earnings per share for the current 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.