Oct. 11, 2010 at 11:08 a.m.
Filed under:
Beverages,
Investing,
Stock activity
By Emily Bryson York
Fortune Brands’ shares surged 13 percent on Friday on the news that William Ackman’s firm Pershing Square Capital Management had purchased an 11 percent stake in the company. But the stock’s ebullience has given some analysts pause.
Peter Lisnic of Robert W. Baird downgraded Fortune’s stock on Monday morning from “outperform” to “neutral,” saying that the stock is now priced higher than its peers.
“Our rating adjustment reflects current valuation metrics that are now at a material premium relative to blended peer group multiples,” he wrote. “While [Fortune] remains well positioned in its end markets, and execution during the recession and housing downturn has been superb, current valuation metrics would appear to discount a stronger macroeconomic recovery than we believe is likely, particularly in U.S. housing construction markets.” Get the full story »
Oct. 8, 2010 at 7:01 p.m.
Filed under:
Investing,
Stock activity
By Dow Jones Newswires
Investor William Ackman (Reuters)
Activist investor William Ackman’s Pershing Square Capital Management confirmed it has built an 11 percent stake in Fortune Brands Inc. and said it plans to discuss the future of the business with the consumer conglomerate’s board and management.
Pershing, in a 13-D filing with the Securities and Exchange Commission, said that it believes Fortune shares are undervalued and that it plans to also have discussions with other shareholders.
Fortune shares on Friday closed 7.4 percent higher, at $55.85.
Get the full story »
Sep. 24, 2010 at 10:23 a.m.
Filed under:
Investing
By Emily Bryson York
Societe Generale, the London-based banking giant, disclosed a 5 percent stake in Deerfield-based Fortune Brands in a filing this morning.
Fortune owns brands in a variety of categories including, premium spirits like Hornitos and Maker’s Mark, home and security hardware like Moen and Master Lock, and Golf stalwarts like Titleist and FootJoy.
Aug. 27, 2010 at 12:46 p.m.
Filed under:
Jobs/employment,
Manufacturing
By Associated Press
Fortune Brands Inc., whose products range from tequila to golf clubs and faucets, will add more than 300 jobs in the next three years to build cabinets for The Home Depot Inc.’s new Martha Stewart Living kitchens line.
Fortune said Friday that Home Depot selected its MasterBrand Cabinets unit to supply the line, which launches next month in stores around the U.S.
By Associated Press
Fortune Brands Inc., whose products range from tequila to golf clubs and faucets, will add more than 300 jobs in the next three years on new business for its MasterBrand Cabinets unit. Get the full story »
July 30, 2010 at 7:06 a.m.
Filed under:
Energy
By Reuters
Consumer goods maker Fortune Brands Inc. reported higher-than-expected quarterly profit Friday, helped by double-digit sales growth for its home and security products. It raised its full-year earnings outlook.
The maker of Jim Beam bourbon and Moen faucets said net income was $227.4 million, or $1.48 per share, in the second quarter, up from $99.8 million, or 66 cents per share, a year earlier. Get the full story »
