Fortune Brands Innovations, Inc. $FBIN Stock Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA trimmed its holdings in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) by 44.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,806,079 shares of the company’s stock after selling 3,042,185 shares during the period. Pictet Asset Management Holding SA’s holdings in Fortune Brands Innovations were worth $144,827,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of FBIN. BlackRock Inc. acquired a new stake in shares of Fortune Brands Innovations in the second quarter valued at about $1,062,255,000. Garden Investment Management L.P. bought a new stake in Fortune Brands Innovations during the first quarter worth about $137,471,000. Freestone Grove Partners LP acquired a new position in Fortune Brands Innovations during the second quarter valued at approximately $136,063,000. Atlas FRM LLC acquired a new position in Fortune Brands Innovations during the second quarter valued at approximately $100,192,500. Finally, Canada Pension Plan Investment Board acquired a new position in Fortune Brands Innovations during the second quarter valued at approximately $95,533,000. Institutional investors own 87.60% of the company’s stock.

Wall Street Analysts Forecast Growth

FBIN has been the topic of a number of analyst reports. BMO Capital Markets upped their price objective on Fortune Brands Innovations from $50.00 to $53.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 28th. UBS Group increased their price objective on Fortune Brands Innovations from $63.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Citigroup raised their target price on shares of Fortune Brands Innovations from $48.00 to $56.00 and gave the company a “buy” rating in a research note on Friday. Weiss Ratings restated a “hold (c-)” rating on shares of Fortune Brands Innovations in a report on Tuesday, November 3rd. Finally, Zacks Research upgraded shares of Fortune Brands Innovations from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $51.80.

Fortune Brands Innovations Trading Down 0.2%

Shares of NYSE:FBIN opened at $48.01 on Monday. The company has a market capitalization of $5.69 billion, a P/E ratio of 45.29, a P/E/G ratio of 2.43 and a beta of 1.25. Fortune Brands Innovations, Inc. has a 1 year low of $32.34 and a 1 year high of $64.84. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.83 and a quick ratio of 0.89. The business’s 50 day simple moving average is $41.28 and its 200 day simple moving average is $44.95.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings data on Tuesday, November 3rd. The company reported $1.14 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.40. The firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Fortune Brands Innovations had a return on equity of 17.74% and a net margin of 2.94%. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.09 EPS. On average, research analysts anticipate that Fortune Brands Innovations, Inc. will post 3.25 EPS for the current fiscal year.

Fortune Brands Innovations Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 9th. Stockholders of record on Friday, November 20th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, November 20th. Fortune Brands Innovations’s dividend payout ratio is 98.11%.

Fortune Brands Innovations Profile

Fortune Brands Innovations, Inc designs, manufactures and markets products for homes and security. Its offerings include faucets, sinks and other plumbing products; entry doors and storm doors; and locks and safes.

The company’s portfolio includes brands such as Moen, House of Rohl, Therma-Tru, Larson, Master Lock and SentrySafe. It serves customers primarily in North America, as well as in international markets.

Previously known as Fortune Brands Home & Security, the company adopted the Fortune Brands Innovations name in 2022.