Fortune Brands rises on reported activist investor stake
Shares of building-products supplier Fortune Brands Innovations FBIN.N advancing 4% to $56.51 premarket after a WSJ report said investor Ed Garden built a stake and seeks to replace its incoming CEO
Garden, who runs Garden Investments, has privately nominated director candidates and views the co's leadership as lacking industry experience, the report said
FBIN's shares tumbled nearly 18% on Feb 13 after co's qtrly results missed estimates and it announced appointment of Amit Banati as CEO effective May 13
Through Fri close, stock up about 9% YTD following 27% slide in 2025 and 10% fall in 2024
Stock recently traded at 15 times expected earnings, vs its 5-yr avg forward PE of 14, per LSEG Datastream data, suggesting it may be close to fairly valued
Avg rating of 20 analysts covering the stock is "hold"; median PT of $57 down from $62 a month ago - LSEG
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