Moen, part of Fortune Brands Innovations, Inc. FBIN, has inked a multi-year deal with the United States fifth-largest public homebuilder — Meritage Homes Corporation MTH — to be the latter’s exclusive faucet and bath accessory supplier.

The partnership will solidify Moen’s exceptional plumbing solutions to MTH’s quality energy-efficient homes across the country. Moen will offer a customized range of kitchen and bath faucets, showerheads, and accessories to MTH’s homebuyers, focusing on trendy designs and high-quality durability. Their bath faucets meet EPA WaterSense standards, helping reduce water usage for environmental benefits.

Moen is North America's top faucet brand, which offers a wide range of stylish and innovative faucets, showerheads, accessories, and connected home products. Their designs enhance user experience and give consumers greater control over their home's water usage.

FBIN’s Stock Performance

Shares of this Zacks Rank #3 (Hold) company soared 41.2% in the past three months compared with the Zacks Retail - Home Furnishings industry’s 17.8% growth. This Deerfield, IL-based company provides home and security products for residential home repair, remodeling, new construction and security applications in the United States and internationally.

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Amid the ongoing challenging economic conditions, FBIN has been focusing on an alteration in the cost structure, proficient production planning, protecting margins and improving cash generation. The company has rebranded its entire company, with a business focused on driving accelerated growth in categories through brand and innovation.

Fortune Brands has reorganized the company from a decentralized structure with separate businesses to an aligned operating model that prioritizes activities that are key to brand, innovation and channel. These transformative changes will enable the company to drive growth in the future.

Fortune Brands’ focuses on strategic investments for inorganic and organic growth opportunities while ensuring market outgrowth, margin preservation and cash generation. The company leveraged its market position and gained growth momentum in the past year.

In June, FBIN entered into a partnership with Value Hybrid Global, S.L. to enhance its Master Lock brand’s ability to offer new and innovative products in the emerging field of connected lockout tagout. The company also acquired a minority stake in Value Hybrid. (Read more: Fortune Brands Expands Portfolio With Value Hybrid)

A Look at MTH’s Stock Performance & Growth Expectation

Meritage Homes — a Scottsdale, AZ-based company that designs and builds single-family attached and detached homes — currently carries a Zacks Rank #3 (Hold). Shares of the company have gained 32.7% in the past three months.

MTH’s earnings per share (EPS) estimates for 2024 have increased to $21.09 from $20.87 over the past 60 days. Its earnings are expected to rise 5.8% year over year in 2024. The company’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average being 21.5%.