Wells Fargo & Co Reiterates “Hold” Rating for Floor & Decor (FND)
Floor & Decor (NYSE:FND)‘s stock had its “hold” rating restated by Wells Fargo & Co in a research note issued on Thursday. They currently have a $47.00 price target on the stock. Wells Fargo & Co’s price target points to a potential upside of 6.31% from the company’s current price.
The analysts wrote, “We view FND’s Q4 results and 2018 guidance as generally positive and further evidence that FND remains among the best growth stories in all of retail today. Q4 results came in slightly above January’s preannouncement (Positive Preannounce at ICR…), with a well-telegraphed 24.4% comp (16.2% ex: Houston), strong margin flow through and a 1c EPS beat. FND’s 2018 guidance was a little more mixed, with continued strength anticipated in Q1 (+14-15% comps and EPS above consensus) but gradually decelerating comps throughout the year (on tougher y/y comparisons) and FY Adj. EBITDA (high end) falling slightly below consensus. We believe the variability vs. the Street more so reflects conservatism, as well as the cadence of new store openings (2H weighted) and -30bps+ of tax reform reinvestment. All in, we believe FND set a reasonable bar for 2018, and we remain encouraged by the company’s long term growth prospects, category defensiveness, and favorable macro.””
A number of other research analysts have also commented on FND. Zacks Investment Research lowered Floor & Decor from a “buy” rating to a “hold” rating in a report on Wednesday, November 1st. Telsey Advisory Group raised Floor & Decor from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $39.00 to $47.00 in a report on Friday, November 3rd. Credit Suisse Group upped their price objective on Floor & Decor from $43.00 to $47.00 and gave the company an “outperform” rating in a report on Friday, November 3rd. Jefferies Group upped their price objective on Floor & Decor from $38.00 to $42.00 and gave the company a “hold” rating in a report on Friday, November 3rd. Finally, BMO Capital Markets upped their price objective on Floor & Decor from $41.00 to $45.00 and gave the company a “market perform” rating in a report on Monday, November 6th. Eight analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $45.82.
Floor & Decor (NYSE:FND) last issued its quarterly earnings data on Thursday, March 1st. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. Floor & Decor had a return on equity of 26.39% and a net margin of 5.62%. The firm had revenue of $389.50 million for the quarter, compared to analyst estimates of $388.63 million. The firm’s quarterly revenue was up 40.0% on a year-over-year basis. research analysts predict that Floor & Decor will post 0.67 EPS for the current year.
In other news, Director Peter Starrett sold 31,900 shares of the stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $49.03, for a total transaction of $1,564,057.00. Following the sale, the director now directly owns 34,995 shares of the company’s stock, valued at approximately $1,715,804.85. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Brian K. Robbins sold 5,800 shares of the stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $45.00, for a total value of $261,000.00. Following the sale, the executive vice president now directly owns 8,441 shares in the company, valued at $379,845. The disclosure for this sale can be found here. Over the last three months, insiders have sold 494,402 shares of company stock worth $22,837,544.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Gilder Gagnon Howe & Co. LLC grew its holdings in shares of Floor & Decor by 30.8% during the 3rd quarter. Gilder Gagnon Howe & Co. LLC now owns 2,644,866 shares of the company’s stock worth $102,965,000 after purchasing an additional 622,703 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of Floor & Decor by 3.0% during the 4th quarter. Alliancebernstein L.P. now owns 2,475,633 shares of the company’s stock worth $120,514,000 after buying an additional 71,772 shares during the last quarter. TimesSquare Capital Management LLC lifted its position in shares of Floor & Decor by 8.4% during the 4th quarter. TimesSquare Capital Management LLC now owns 1,800,900 shares of the company’s stock worth $87,668,000 after buying an additional 140,000 shares during the last quarter. BlackRock Inc. lifted its position in shares of Floor & Decor by 32.7% during the 4th quarter. BlackRock Inc. now owns 1,667,078 shares of the company’s stock worth $81,155,000 after buying an additional 411,173 shares during the last quarter. Finally, Vanguard Group Inc. bought a new stake in shares of Floor & Decor during the 2nd quarter worth $32,590,000. 89.13% of the stock is currently owned by institutional investors.
Floor & Decor Company Profile
Floor & Decor Holdings, Inc, formerly FDO Holdings, Inc, is a retailer of hard surface flooring and related accessories. The Company retails its products such as tile, stone, wood, marble, glass and decoratives. The Company has 72 stores across 17 states in the United States. The Company provides its products to customers, including professional installers and commercial businesses (Pro), Do it Yourself customers (DIY) and customers who buy the products for professional installation (Buy it Yourself or BIY).
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