Floor & Decor Holdings (FND) Impacted by Headwinds in Housing Market

Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund (Class Y) returned -1.8% compared to a -4.7% decline for the Russell Midcap Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Madison Mid Cap Fund highlighted stocks like Floor & Decor Holdings, Inc. (NYSE:FND) in the Q3 2023 investor letter. Headquartered in Atlanta, Georgia, Floor & Decor Holdings, Inc. (NYSE:FND) is a retailer of hard surface flooring that provides tile, wood, laminate, vinyl, and natural stone flooring products and decorative accessories. On October 17, 2023, Floor & Decor Holdings, Inc. (NYSE:FND) stock closed at $84.91 per share. One-month return of Floor & Decor Holdings, Inc. (NYSE:FND) was -9.37%, and its shares gained 27.51% of their value over the last 52 weeks. Floor & Decor Holdings, Inc. (NYSE:FND) has a market capitalization of $9.038 billion.

Madison Mid Cap Fund made the following comment about Floor & Decor Holdings, Inc. (NYSE:FND) in its Q3 2023 investor letter:

“The bottom five detractors for the quarter were Dollar Tree, MKS Instruments, CarMax, Floor & Decor Holdings, Inc. (NYSE:FND), and Liberty Media- Formula One. Headwinds in the housing market have caught up to Floor & Décor, and sales and profits have started to weaken, sending the shares lower.”

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Floor & Decor Holdings, Inc. (NYSE:FND) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 36 hedge fund portfolios held Floor & Decor Holdings, Inc. (NYSE:FND) at the end of second quarter which was 34 in the previous quarter.

We discussed Floor & Decor Holdings, Inc. (NYSE:FND) in another article and shared Warren Buffett’s growth stock picks. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.