Floor & Decor (NYSE:FND) Shares Gap Down Following Weak Earnings

Posted by Defense World Staff on May 6th, 2023

Floor & Decor Holdings, Inc. (NYSE:FND – Get Rating) shares gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $97.32, but opened at $91.05. Floor & Decor shares last traded at $90.43, with a volume of 687,707 shares changing hands.

The company reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.01). The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Floor & Decor had a return on equity of 19.35% and a net margin of 6.99%. The firm’s quarterly revenue was up 9.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.67 EPS.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Roth Capital lifted their target price on shares of Floor & Decor from $72.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, February 27th. TheStreet upgraded shares of Floor & Decor from a “c+” rating to a “b-” rating in a research note on Monday, March 27th. Morgan Stanley lifted their target price on shares of Floor & Decor from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Friday, February 24th. Telsey Advisory Group lowered their target price on shares of Floor & Decor from $90.00 to $85.00 and set a “market perform” rating for the company in a research note on Friday, February 24th. Finally, Barclays began coverage on shares of Floor & Decor in a research note on Tuesday, February 7th. They set an “underweight” rating and a $88.00 price objective for the company. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $92.47.

Insider Activity at Floor & Decor

In other Floor & Decor news, EVP David Victor Christopherson sold 4,000 shares of the stock in a transaction that occurred on Tuesday, February 28th. The shares were sold at an average price of $92.00, for a total transaction of $368,000.00. Following the sale, the executive vice president now directly owns 56,527 shares in the company, valued at approximately $5,200,484. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Floor & Decor news, Director Richard L. Sullivan sold 1,734 shares of the stock in a transaction that occurred on Tuesday, February 28th. The shares were sold at an average price of $91.94, for a total transaction of $159,423.96. Following the sale, the director now directly owns 9,189 shares in the company, valued at approximately $844,836.66. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP David Victor Christopherson sold 4,000 shares of the stock in a transaction that occurred on Tuesday, February 28th. The stock was sold at an average price of $92.00, for a total transaction of $368,000.00. Following the sale, the executive vice president now owns 56,527 shares in the company, valued at $5,200,484. The disclosure for this sale can be found here. Company insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On Floor & Decor

A number of hedge funds have recently added to or reduced their stakes in the business. Ahrens Investment Partners LLC acquired a new stake in shares of Floor & Decor in the 1st quarter valued at $29,000. Wipfli Financial Advisors LLC acquired a new stake in shares of Floor & Decor in the 3rd quarter valued at $25,000. Venturi Wealth Management LLC acquired a new stake in shares of Floor & Decor in the 1st quarter valued at $39,000. PARK CIRCLE Co acquired a new stake in shares of Floor & Decor in the 3rd quarter valued at $28,000. Finally, FourThought Financial LLC raised its holdings in shares of Floor & Decor by 47.9% in the 3rd quarter. FourThought Financial LLC now owns 463 shares of the company’s stock valued at $33,000 after purchasing an additional 150 shares in the last quarter.

Floor & Decor Price Performance

The stock’s fifty day moving average price is $94.12 and its two-hundred day moving average price is $84.70. The firm has a market capitalization of $9.82 billion, a price-to-earnings ratio of 33.37, a price-to-earnings-growth ratio of 1.65 and a beta of 1.86. The company has a current ratio of 1.45, a quick ratio of 0.16 and a debt-to-equity ratio of 0.24.

About Floor & Decor

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Floor & Decor Holdings, Inc engages in the retail of hard surface flooring and related accessories. It provides wood, stone, and flooring products. Its products include vinyl, laminate, and tiles with materials installation for living rooms, kitchen, bathrooms, and walls. The company was founded by George Vincent West in 2000 and is headquartered in Atlanta, GA.