Assetmark Inc. Increases Stock Position in Frontdoor Inc. (NASDAQ:FTDR)

Key Points

• Assetmark Inc. significantly increased its stake in Frontdoor Inc. by 35,774.4%, now holding 29,417 shares valued at approximately $1.13 million.
• Frontdoor reported a 12.7% year-over-year revenue increase in its latest quarterly earnings, achieving $426 million and surpassing analyst expectations.
• Despite the positive earnings report, Frontdoor's stock price decreased by 0.7%, closing at $58.10, with a market capitalization of $4.28 billion.

Assetmark Inc. increased its stake in Frontdoor Inc. (NASDAQ:FTDR - Free Report) by 35,774.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 29,417 shares of the company's stock after acquiring an additional 29,335 shares during the quarter. Assetmark Inc.'s holdings in Frontdoor were worth $1,130,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Principal Financial Group Inc. lifted its holdings in shares of Frontdoor by 2.3% in the 1st quarter. Principal Financial Group Inc. now owns 408,982 shares of the company's stock worth $15,713,000 after acquiring an additional 9,161 shares during the last quarter. GAMMA Investing LLC increased its holdings in Frontdoor by 16.5% during the 1st quarter. GAMMA Investing LLC now owns 2,447 shares of the company's stock worth $94,000 after purchasing an additional 347 shares during the period. Oppenheimer Asset Management Inc. raised its position in Frontdoor by 48.7% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 24,317 shares of the company's stock valued at $934,000 after purchasing an additional 7,967 shares in the last quarter. New York State Common Retirement Fund grew its position in shares of Frontdoor by 775.3% during the first quarter. New York State Common Retirement Fund now owns 212,552 shares of the company's stock worth $8,166,000 after buying an additional 188,268 shares in the last quarter. Finally, ExodusPoint Capital Management LP acquired a new stake in Frontdoor in the fourth quarter valued at approximately $8,144,000.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. increased their price objective on shares of Frontdoor from $50.00 to $55.00 and gave the company a "neutral" rating in a research report on Tuesday, June 3rd.

Frontdoor Stock Up 0.9%

FTDR traded up $0.54 on Monday, reaching $58.64. The company's stock had a trading volume of 433,830 shares, compared to its average volume of 741,766. The company has a market capitalization of $4.31 billion, a price-to-earnings ratio of 19.00 and a beta of 1.32. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 5.88. Frontdoor Inc. has a fifty-two week low of $35.61 and a fifty-two week high of $63.49. The stock has a 50 day moving average of $57.69 and a two-hundred day moving average of $51.45.

Frontdoor (NASDAQ:FTDR - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.37 by $0.27. Frontdoor had a net margin of 12.59% and a return on equity of 121.05%. The firm had revenue of $426.00 million for the quarter, compared to analyst estimates of $416.37 million. During the same period last year, the business earned $0.44 EPS. Frontdoor's revenue for the quarter was up 12.7% compared to the same quarter last year. As a group, analysts forecast that Frontdoor Inc. will post 3.07 EPS for the current fiscal year.

Frontdoor Profile

Frontdoor, Inc provides home warranties in the United States in the United States. Its customizable home warranties help customers protect and maintain their homes from costly and unplanned breakdowns of essential home systems and appliances. The company's home warranty customers subscribe to an annual service plan agreement that covers the repair or replacement of principal components of approximately 20 home systems and appliances, including electrical, plumbing, water heaters, refrigerators, dishwashers, and ranges/ovens/cooktops, as well as electronics, pools, and spas and pumps; and heating, ventilation, and air conditioning systems.