Fortune Brands Innovations, Inc. (NYSE:FBIN) Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lessened its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 7.7% in the 4th quarter, HoldingsChannel.com reports. The fund owned 4,807,191 shares of the company’s stock after selling 398,343 shares during the period. Pictet Asset Management Holding SA’s holdings in Fortune Brands Innovations were worth $328,475,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. Brooklyn Investment Group acquired a new stake in shares of Fortune Brands Innovations in the 3rd quarter valued at about $25,000. Flagship Wealth Advisors LLC purchased a new position in shares of Fortune Brands Innovations during the fourth quarter worth approximately $31,000. Wingate Wealth Advisors Inc. acquired a new position in shares of Fortune Brands Innovations in the 4th quarter valued at $55,000. IFP Advisors Inc raised its position in Fortune Brands Innovations by 47.6% in the 4th quarter. IFP Advisors Inc now owns 853 shares of the company’s stock valued at $62,000 after purchasing an additional 275 shares during the last quarter. Finally, New Age Alpha Advisors LLC acquired a new stake in Fortune Brands Innovations during the 4th quarter worth $82,000. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on FBIN shares. Royal Bank of Canada reduced their target price on shares of 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. Barclays reduced their target price on shares of Fortune Brands Innovations from $91.00 to $79.00 and set an “overweight” rating for the company in a research note on Friday, February 7th. UBS Group lowered their price objective on Fortune Brands Innovations from $93.00 to $90.00 and set a “buy” rating on the stock in a report on Friday, February 7th. Finally, The Goldman Sachs Group decreased their price objective on shares of Fortune Brands Innovations from $97.00 to $85.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. 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, the company has a consensus rating of “Hold” and a consensus price target of $86.64.

Fortune Brands Innovations Stock Up 0.8 %

FBIN opened at $62.77 on Friday. The business’s fifty day simple moving average is $66.98 and its 200 day simple moving average is $75.16. Fortune Brands Innovations, Inc. has a 52 week low of $59.64 and a 52 week high of $90.54. The firm has a market cap of $7.69 billion, a P/E ratio of 16.74, a PEG ratio of 2.00 and a beta of 1.53. 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 announced its quarterly earnings data on Thursday, February 6th. The company reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate 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 research analysts anticipate that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Ron Wilson sold 1,500 shares of the stock in a transaction dated 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 approximately $693,950.04. This trade represents a 12.97 % decrease in their ownership of the stock. The transaction was disclosed in a filing 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 shares were bought at an average price of $61.99 per share, for a total transaction of $29,941.17. Following the completion of the acquisition, the executive vice president now owns 7,617 shares in the company, valued at approximately $472,177.83. This trade represents a 6.77 % increase in their position. The disclosure for this purchase can be found here. 1.20% of the stock is owned by corporate insiders.

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.