Fortune Brands Innovations, Inc. $FBIN Stock: Pictet Asset Management Holding SA Cuts Stake

Key Points

• Pictet Asset Management cut its FBIN stake by 44.4% in the third quarter, selling about 3.04 million shares; it retained roughly 3.81 million shares, or 3.19% of the company.
• Analysts’ consensus rating is Hold, with an average price target of $51.80. Recent targets range from $44 to $58, including a Citigroup Buy rating and a Wells Fargo Overweight rating.
• Fortune Brands reported quarterly EPS of $1.14, beating the $0.74 estimate, while revenue of $1.11 billion fell short of forecasts and declined 3.1% year over year. The company announced a $0.26 quarterly dividend.

Pictet Asset Management Holding SA trimmed its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) by 44.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,806,079 shares of the company's stock after selling 3,042,185 shares during the quarter. Pictet Asset Management Holding SA owned about 3.19% of Fortune Brands Innovations worth $144,827,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Cassaday & Co Wealth Management LLC bought a new position in Fortune Brands Innovations in the 1st quarter valued at $30,000. EFG International AG bought a new stake in shares of Fortune Brands Innovations during the second quarter worth $32,000. Curry Webb Wealth Management LLC bought a new stake in shares of Fortune Brands Innovations during the third quarter worth $38,000. Community Bank N.A. raised its position in shares of Fortune Brands Innovations by 59.4% during the second quarter. Community Bank N.A. now owns 765 shares of the company's stock worth $42,000 after acquiring an additional 285 shares during the last quarter. Finally, Twin Tree Management LP acquired a new position in shares of Fortune Brands Innovations during the second quarter valued at $47,000. Institutional investors and hedge funds own 87.60% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on FBIN shares. BMO Capital Markets raised their price target on Fortune Brands Innovations from $50.00 to $53.00 and gave the company a "market perform" rating in a report on Tuesday, July 28th. Wells Fargo & Company boosted their price objective on Fortune Brands Innovations from $48.00 to $51.00 and gave the stock an "overweight" rating in a report on Wednesday, November 4th. DA Davidson set a $58.00 target price on shares of Fortune Brands Innovations in a research report on Wednesday. Melius Research initiated coverage on shares of Fortune Brands Innovations in a research report on Tuesday, October 6th. They set a "hold" rating and a $44.00 target price on the stock. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Fortune Brands Innovations has an average rating of "Hold" and a consensus target price of $51.80.

Fortune Brands Innovations Stock Down 0.2%

Shares of Fortune Brands Innovations stock opened at $48.01 on Monday. The business has a fifty day simple moving average of $41.28 and a 200 day simple moving average of $44.95. The stock has a market cap of $5.69 billion, a PE ratio of 45.29, a price-to-earnings-growth ratio of 2.43 and a beta of 1.25. The company has a quick ratio of 0.89, a current ratio of 1.83 and a debt-to-equity ratio of 1.00. Fortune Brands Innovations, Inc. has a 12 month low of $32.34 and a 12 month high of $64.84.

Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its earnings results on Tuesday, November 3rd. The company reported $1.14 EPS 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 the consensus estimate of $1.12 billion. Fortune Brands Innovations had a net margin of 2.94% and a return on equity of 17.74%. The business's quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.09 earnings per share. Research analysts predict that Fortune Brands Innovations, Inc. will post 3.25 EPS for the current year.

Fortune Brands Innovations Announces Dividend

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

About Fortune Brands Innovations

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.

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