Baron Funds has highlighted stocks such as Floor & Decor Holdings, Inc. (NYSE: FND) in investor letter for the third quarter of 2022. Floor & Decor Holdings, Inc. (NYSE: FND) of Atlanta, Georgia, is a commercial flooring retailer and distributor. On November 18, 2022, Floor & Decor Holdings, Inc. stock closed. (NYSE: FND) at $72.90 per share. One month’s revenue for Floor & Decor Holdings, Inc. (NYSE: FND) -2.03% and its shares have lost 44.43% of their value over the last 52 weeks. The market capitalization of Floor & Decor Holdings, Inc. (NYSE: FND) $7.736 billion.
Baron Funds made the following comment about Floor & Decor Holdings, Inc. (NYSE: FND) in its investor letter for the third quarter of 2022:
“Floor & Decor Holdings, Inc. (NYSE: FND) is a leading manufacturer and high-growth retailer of hard surface flooring. The company offers the lowest prices and widest in-stock selection of tiles, wood, laminate and other flooring options and has very compelling long-term growth prospects. The company’s stock is currently valued at just 24 times EPS discretionary for 2023 versus the historical range of 25 to 50 times EPS.
After a sharp decline in its shares in the first six months of 2022 and strong third-quarter earnings results, shares of Floor & Decor Holdings, Inc. underperformed. well in the last quarter. The company is a leading and high-growth retailer of hard surface flooring, offering the industry’s largest selection of tile, wood, laminate, vinyl, and natural stone flooring available.
We are optimistic about the company’s long-term and multifaceted growth prospects. They include the potential to grow its US store count from 153 to more than 400 stores, strong comparable store sales growth, growth of the company’s online business, and growth opportunities with professional and commercial clients and designer services. The company is also well positioned to take advantage of the cyclical and secular tailwinds that should help the US housing market in the years ahead. At its recent price of just $71, we think the stock is an attractive value.”
Floor & Decor Holdings, Inc. (NYSE: FND) is not included in our list of the 30 most popular stocks among hedge funds. According to our database, 32 hedge fund portfolios held Floor & Decor Holdings, Inc. (NYSE: FND) at the end of the third quarter which was 29 in the previous quarter.
We discussed Floor & Decor Holdings, Inc. (NYSE:FND) In another article, we shared a pick of growth stocks from Warren Buffett. Additionally, please review our Q3 2022 Hedge Fund Investor Letters page for more investor letters from hedge funds and other major investors.
Disclosure: None. This article was originally published on Insider Monkey.