Pictet Asset Management Holding SA Increases Stake in Fortune Brands Innovations, Inc. $FBIN

Pictet Asset Management Holding SA raised its stake in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 74.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,798,078 shares of the company’s stock after acquiring an additional 3,317,232 shares during the quarter. Pictet Asset Management Holding SA owned approximately 6.51% of Fortune Brands Innovations worth $303,757,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Danske Bank A S acquired a new position in shares of Fortune Brands Innovations in the 4th quarter valued at $25,000. EverSource Wealth Advisors LLC lifted its stake in Fortune Brands Innovations by 158.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 527 shares of the company’s stock valued at $27,000 after buying an additional 323 shares in the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of Fortune Brands Innovations in the fourth quarter worth approximately $28,000. Cary Street Partners Investment Advisory LLC boosted its stake in Fortune Brands Innovations by 1,275.0% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 550 shares of the company’s stock worth $28,000 after purchasing an additional 510 shares during the last quarter. Finally, Brown Brothers Harriman & Co. grew its holdings in shares of Fortune Brands Innovations by 628.9% during the fourth quarter. Brown Brothers Harriman & Co. now owns 605 shares of the company’s stock worth $30,000 after buying an additional 522 shares in the last quarter. Institutional investors and hedge funds own 87.60% of the company’s stock.

Analyst Ratings Changes

FBIN has been the subject of a number of recent research reports. Weiss Ratings downgraded shares of Fortune Brands Innovations from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, June 16th. Bank of America lowered their target price on Fortune Brands Innovations from $52.00 to $42.00 and set an “underperform” rating on the stock in a report on Monday, April 20th. BMO Capital Markets cut their price target on Fortune Brands Innovations from $56.00 to $50.00 and set a “market perform” rating for the company in a report on Monday, April 20th. Barclays lowered their price objective on Fortune Brands Innovations from $43.00 to $41.00 and set an “equal weight” rating on the stock in a research note on Monday, May 11th. Finally, Truist Financial dropped their target price on Fortune Brands Innovations from $55.00 to $45.00 and set a “hold” rating for the company in a report on Friday, May 8th. Four equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Fortune Brands Innovations currently has an average rating of “Hold” and a consensus target price of $51.31.

Fortune Brands Innovations Stock Down 0.7%

FBIN stock opened at $46.03 on Friday. Fortune Brands Innovations, Inc. has a one year low of $32.34 and a one year high of $64.84. The firm has a market cap of $5.49 billion, a PE ratio of 20.46, a PEG ratio of 2.96 and a beta of 1.37. The firm’s 50 day moving average price is $39.73 and its 200-day moving average price is $46.65. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.04 and a current ratio of 2.13.

Fortune Brands Innovations (NYSE:FBIN) last posted its earnings results on Thursday, May 7th. The company reported $0.53 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.53. Fortune Brands Innovations had a return on equity of 17.72% and a net margin of 6.12%.The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter last year, the firm earned $0.66 earnings per share. The firm’s quarterly revenue was down 2.1% compared to the same quarter last year. On average, equities research analysts anticipate that Fortune Brands Innovations, Inc. will post 3.14 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Friday, May 22nd were issued a dividend of $0.26 per share. The ex-dividend date was Friday, May 22nd. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.3%. Fortune Brands Innovations’s dividend payout ratio is currently 46.22%.

Insider Activity

In related news, Director Edward P. Garden purchased 320,067 shares of the company’s stock in a transaction on Wednesday, June 10th. The stock was acquired at an average cost of $40.60 per share, for a total transaction of $12,994,720.20. Following the completion of the transaction, the director directly owned 3,940,234 shares in the company, valued at approximately $159,973,500.40. The trade was a 8.84% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Over the last three months, insiders bought 786,367 shares of company stock worth $28,653,958. 3.32% of the stock is currently owned by company insiders.

About Fortune Brands Innovations

Fortune Brands Innovations (NYSE: FBIN), formerly known as Fortune Brands Home & Security, is a global leader in water innovations, specializing in the design, manufacturing and marketing of plumbing fixtures, fittings and related products. Headquartered in Deerfield, Illinois, the company leverages two iconic brands—Moen and House of Rohl—to deliver high-quality kitchen and bathroom solutions across residential and commercial markets. With a focus on performance, reliability and aesthetic design, FBIN’s portfolio spans faucets, showerheads, accessories and water filtration systems.

The company’s products are sold through a diversified network of retail partners, wholesale distributors and online channels across North America, Europe, Asia-Pacific and Latin America.