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

Pictet Asset Management Holding SA trimmed its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 7.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. 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 owned 3.87% of Fortune Brands Innovations worth $328,475,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its position in shares of Fortune Brands Innovations by 0.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 853,111 shares of the company's stock worth $76,379,000 after acquiring an additional 4,248 shares during the last quarter. Cerity Partners LLC raised its stake in Fortune Brands Innovations by 76.1% during the third quarter. Cerity Partners LLC now owns 30,680 shares of the company's stock worth $2,747,000 after purchasing an additional 13,263 shares during the period. Daiwa Securities Group Inc. raised its stake in Fortune Brands Innovations by 9.1% during the third quarter. Daiwa Securities Group Inc. now owns 9,600 shares of the company's stock worth $859,000 after purchasing an additional 800 shares during the period. FMR LLC boosted its holdings in shares of Fortune Brands Innovations by 104.5% in the 3rd 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. Finally, D.A. Davidson & CO. grew its stake in shares of Fortune Brands Innovations by 0.6% during the 3rd quarter. D.A. Davidson & CO. now owns 82,874 shares of the company's stock valued at $7,420,000 after buying an additional 475 shares during the period. Hedge funds and other institutional investors own 87.60% of the company's stock.

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Fortune Brands Innovations Stock Up 0.1 %

Shares of FBIN traded up $0.07 during mid-day trading on Monday, reaching $60.89. 532,984 shares of the stock traded hands, compared to its average volume of 1,299,807. The stock has a fifty day simple moving average of $66.71 and a 200 day simple moving average of $74.97. Fortune Brands Innovations, Inc. has a 12-month low of $59.61 and a 12-month high of $90.54. The company has a quick ratio of 0.65, a current ratio of 1.25 and a debt-to-equity ratio of 0.90. The firm has a market cap of $7.46 billion, a price-to-earnings ratio of 16.25, a P/E/G ratio of 2.00 and a beta of 1.53.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last released its quarterly earnings results 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 return on equity of 22.05% and a net margin of 10.24%. Sell-side analysts expect that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Ron Wilson sold 1,500 shares of Fortune Brands Innovations 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 completion of the sale, the executive vice president now owns 10,066 shares in the company, valued at approximately $693,950.04. The trade was a 12.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kristin Papesh acquired 483 shares of Fortune Brands Innovations stock in a transaction 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 purchase, the executive vice president now directly owns 7,617 shares in the company, 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. Insiders own 1.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on FBIN. Royal Bank of Canada cut 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 report on Friday, February 7th. UBS Group cut 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. Barclays decreased their target price on Fortune Brands Innovations from $91.00 to $79.00 and set an "overweight" rating for the company in a report on Friday, February 7th. Finally, The Goldman Sachs Group dropped their target price on shares of Fortune Brands Innovations from $97.00 to $85.00 and set a "buy" rating for the company in a research report on Tuesday, January 14th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently 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.