Turtle Creek Asset Management Inc. Has $140.09 Million Position in Floor & Decor Holdings, Inc. $FND

Key Points

• Turtle Creek Asset Management increased its Floor & Decor stake by 41.7% in the first quarter, holding 2.76 million shares valued at approximately $140.1 million, or 2.56% of the company.
• Floor & Decor’s CEO and CFO made insider purchases totaling 7,500 shares, while institutional investors including Invesco and State Street also increased their positions.
• The company missed first-quarter earnings and revenue estimates, reporting $0.37 per share and $1.15 billion in revenue. Analysts maintain a consensus “Hold” rating with a $57.72 price target.

Turtle Creek Asset Management Inc. raised its holdings in shares of Floor & Decor Holdings, Inc. (NYSE:FND - Free Report) by 41.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,757,643 shares of the company's stock after purchasing an additional 811,910 shares during the quarter. Floor & Decor accounts for approximately 5.2% of Turtle Creek Asset Management Inc.'s investment portfolio, making the stock its 7th largest holding. Turtle Creek Asset Management Inc. owned approximately 2.56% of Floor & Decor worth $140,088,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Floor & Decor by 9.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 339,833 shares of the company's stock worth $27,346,000 after buying an additional 30,195 shares during the period. Invesco Ltd. lifted its position in shares of Floor & Decor by 290.8% in the 2nd quarter. Invesco Ltd. now owns 597,083 shares of the company's stock worth $45,354,000 after purchasing an additional 444,290 shares during the period. California Public Employees Retirement System boosted its stake in shares of Floor & Decor by 12.7% during the second quarter. California Public Employees Retirement System now owns 140,132 shares of the company's stock valued at $10,644,000 after purchasing an additional 15,821 shares in the last quarter. State Street Corp boosted its stake in shares of Floor & Decor by 1.1% during the second quarter. State Street Corp now owns 3,811,571 shares of the company's stock valued at $289,527,000 after purchasing an additional 42,636 shares in the last quarter. Finally, Sei Investments Co. raised its stake in Floor & Decor by 33.9% in the second quarter. Sei Investments Co. now owns 343,573 shares of the company's stock worth $26,098,000 after buying an additional 87,013 shares in the last quarter.

Insider Buying and Selling at Floor & Decor

In other news, CFO Bryan Langley acquired 2,500 shares of Floor & Decor stock in a transaction dated Monday, May 4th. The stock was purchased at an average cost of $48.69 per share, for a total transaction of $121,725.00. Following the completion of the purchase, the chief financial officer directly owned 42,016 shares in the company, valued at $2,045,759.04. This trade represents a 6.33% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Bradley Paulsen bought 5,000 shares of the firm's stock in a transaction that occurred on Monday, May 4th. The shares were purchased at an average cost of $50.25 per share, with a total value of $251,250.00. Following the acquisition, the chief executive officer directly owned 85,010 shares of the company's stock, valued at approximately $4,271,752.50. This trade represents a 6.25% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 1.80% of the company's stock.

Floor & Decor Trading Down 1.8%

NYSE FND opened at $55.76 on Thursday. Floor & Decor Holdings, Inc. has a 12-month low of $42.64 and a 12-month high of $92.40. The company has a fifty day simple moving average of $53.55 and a two-hundred day simple moving average of $57.42. The stock has a market cap of $6.02 billion, a P/E ratio of 30.31, a P/E/G ratio of 4.73 and a beta of 1.58.

Floor & Decor (NYSE:FND - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The company reported $0.37 earnings per share for the quarter, missing analysts' consensus estimates of $0.42 by ($0.05). The company had revenue of $1.15 billion for the quarter, compared to analysts' expectations of $1.19 billion. Floor & Decor had a net margin of 4.27% and a return on equity of 8.38%. Floor & Decor's quarterly revenue was down .7% compared to the same quarter last year. During the same period last year, the firm earned $0.46 earnings per share. As a group, sell-side analysts forecast that Floor & Decor Holdings, Inc. will post 1.94 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on FND shares. Guggenheim cut their price target on Floor & Decor from $90.00 to $65.00 and set a "buy" rating on the stock in a report on Friday, May 1st. JPMorgan Chase & Co. decreased their price target on shares of Floor & Decor from $78.00 to $48.00 and set a "neutral" rating for the company in a research report on Friday, April 24th. Bank of America downgraded shares of Floor & Decor from a "buy" rating to an "underperform" rating and set a $45.00 price objective on the stock. in a research report on Friday, April 17th. Evercore set a $60.00 target price on shares of Floor & Decor in a research report on Tuesday, July 7th. Finally, UBS Group cut their price target on shares of Floor & Decor from $70.00 to $55.00 and set a "neutral" rating on the stock in a report on Friday, May 1st. Five equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $57.72.

Floor & Decor Company Profile

Founded in 2000 and headquartered in Atlanta, Floor & Decor Holdings Inc is a specialty retailer focused on hard surface flooring and related accessories in the United States. The company serves both professional installers and do-it-yourself customers through a growing network of warehouse-format stores and a comprehensive e-commerce platform.

Floor & Decor’s product offering spans ceramic and porcelain tile, engineered and solid hardwood, laminate, luxury vinyl plank and tile, natural stone and a full suite of installation materials such as grout, mortars and underlayment.

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