Assetmark Inc. Trims Stock Position in Frontdoor Inc. $FTDR

Key Points

• Assetmark Inc. cut its Frontdoor stake by 81.5% in the first quarter, selling 21,959 shares and retaining 4,987 shares worth approximately $264,000. Other institutional investors, including Bessemer Group and Allspring Global Investments, increased their positions.
• Frontdoor reported quarterly EPS of $0.73, exceeding estimates of $0.66, while revenue rose 5.9% year over year to $451 million. Analysts expect full-year EPS of $4.48.
• FTDR shares opened at $72.57, up 1.5%, while analysts maintained a “Moderate Buy” consensus rating with an average price target of $74.75; Truist Financial set an $82 target.

Assetmark Inc. lowered its position in shares of Frontdoor Inc. (NASDAQ:FTDR - Free Report) by 81.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,987 shares of the company's stock after selling 21,959 shares during the period. Assetmark Inc.'s holdings in Frontdoor were worth $264,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Gallacher Capital Management LLC purchased a new stake in Frontdoor during the 1st quarter worth approximately $482,000. Bessemer Group Inc. raised its position in Frontdoor by 38.2% during the 1st quarter. Bessemer Group Inc. now owns 110,559 shares of the company's stock worth $5,844,000 after buying an additional 30,576 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Frontdoor by 48.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 12,915 shares of the company's stock valued at $704,000 after acquiring an additional 4,211 shares during the period. Sanctuary Advisors LLC boosted its holdings in shares of Frontdoor by 10.9% in the 1st quarter. Sanctuary Advisors LLC now owns 3,980 shares of the company's stock valued at $210,000 after acquiring an additional 391 shares during the last quarter. Finally, Hillsdale Investment Management Inc. boosted its holdings in shares of Frontdoor by 3.8% in the 1st quarter. Hillsdale Investment Management Inc. now owns 160,340 shares of the company's stock valued at $8,476,000 after acquiring an additional 5,800 shares during the last quarter.

Frontdoor Stock Up 1.5%

Shares of FTDR opened at $72.57 on Tuesday. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 4.95. Frontdoor Inc. has a 12 month low of $48.47 and a 12 month high of $80.73. The stock's 50 day moving average is $70.04 and its two-hundred day moving average is $63.61. The firm has a market cap of $5.10 billion, a P/E ratio of 20.79 and a beta of 1.46.

Frontdoor (NASDAQ:FTDR - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.07. The firm had revenue of $451.00 million during the quarter, compared to the consensus estimate of $442.28 million. Frontdoor had a net margin of 12.22% and a return on equity of 118.62%. The company's revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.64 EPS. Analysts predict that Frontdoor Inc. will post 4.48 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Weiss Ratings cut shares of Frontdoor from a "buy (b)" rating to a "buy (b-)" rating in a report on Thursday, May 21st. Truist Financial set a $82.00 price target on Frontdoor in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $74.75.

Frontdoor Profile

Frontdoor, Inc NASDAQ: FTDR is a leading provider of home service plans and repair solutions for residential property owners. The company offers contract-based coverage that helps homeowners manage the cost of repairing and replacing essential household systems and appliances, including heating and cooling, plumbing, electrical wiring, water heaters, washers, dryers, refrigerators and other major kitchen equipment.

Frontdoor delivers its services through a nationwide network of independent service professionals and contractors, leveraging a cloud-based platform and call center infrastructure to coordinate service visits and process claims.

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