Floor & Decor (NYSE:FND) has been assigned a $45.00 price target by investment analysts at Wells Fargo & Co in a research report issued on Monday. The brokerage currently has a “hold” rating on the stock. Wells Fargo & Co’s price target indicates a potential downside of 2.41% from the stock’s previous close.
The analysts wrote, “We continue to view FND among the best in class growth stories in all of retail, with considerable white space, a differentiated store concept, and ecommerce defense, but with the likely benefits of tax reform pricing in and a potential secondary offering looming, valuation discipline drives our Market Perform rating as we await a better entry point. Comps well exceed estimates; Giving our model a slight remodel; Raising PT to $45. While FND does not anticipate comps to remain at the current level in FY18, execution has been strong since the company’s IPO (and prior to), with 21 consecutive quarters of +DD comp growth. To reflect this morning’s preannouncement, we are raising our Q4 EPS estimate by 2c to 18c (or the high-end of mgmt.’s 17-18c guide). For FY17/18, we are raising our adjusted EPS estimates by 1c/7c to 67/87c. Our estimates do not reflect the benefits of tax reform, but our preliminary analysis points to accretion of nearly 20% absent reinvestment.””
A number of other analysts have also recently commented on FND. Zacks Investment Research cut shares of Floor & Decor from a “buy” rating to a “hold” rating in a report on Monday, September 11th. BMO Capital Markets started coverage on shares of Floor & Decor in a report on Thursday, September 14th. They set a “market perform” rating and a $41.00 target price for the company. Piper Jaffray Companies reaffirmed a “hold” rating and set a $42.00 target price on shares of Floor & Decor in a report on Thursday, October 12th. JPMorgan Chase & Co. started coverage on shares of Floor & Decor in a report on Monday, October 16th. They set an “overweight” rating and a $46.00 target price for the company. Finally, Telsey Advisory Group upgraded shares of Floor & Decor from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $39.00 to $47.00 in a research report on Friday, November 3rd. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $43.63.
Floor & Decor (NYSE:FND) last announced its earnings results on Thursday, November 2nd. The company reported $0.17 EPS for the quarter, beating the Zacks’ consensus estimate of $0.14 by $0.03. Floor & Decor had a net margin of 5.62% and a return on equity of 26.39%. The business had revenue of $343.90 million during the quarter, compared to analysts’ expectations of $338.62 million. During the same period in the prior year, the company earned $0.12 earnings per share. The firm’s revenue was up 26.8% on a year-over-year basis. research analysts predict that Floor & Decor will post 0.66 earnings per share for the current year.
In other Floor & Decor news, major shareholder Corporate Opportunities F. Ares sold 4,853,847 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $34.92, for a total value of $169,496,337.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Thomas V. Taylor sold 155,392 shares of the company’s stock in a transaction on Wednesday, December 27th. The stock was sold at an average price of $45.71, for a total transaction of $7,102,968.32. Following the transaction, the chief executive officer now owns 24,726 shares of the company’s stock, valued at approximately $1,130,225.46. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,647,246 shares of company stock valued at $201,948,218.
Several large investors have recently modified their holdings of FND. FNY Partners Fund LP bought a new position in shares of Floor & Decor during the third quarter worth $116,000. Toronto Dominion Bank bought a new position in shares of Floor & Decor during the second quarter worth $157,000. Public Employees Retirement System of Ohio bought a new position in shares of Floor & Decor during the second quarter worth $179,000. Principal Financial Group Inc. bought a new position in shares of Floor & Decor during the third quarter worth $208,000. Finally, Balyasny Asset Management LLC bought a new position in shares of Floor & Decor during the second quarter worth $212,000. Hedge funds and other institutional investors own 93.49% of the company’s stock.
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).
