Bank of America Corp DE Trims Holdings in Frontdoor Inc. $FTDR

Key Points

• Bank of America reduced its Frontdoor stake by 13.9% in the first quarter, selling 96,508 shares and retaining 596,035 shares valued at approximately $31.5 million.
• Other institutional investors were generally buyers, led by Millennium Management, which increased its holdings by 533% to 307,497 shares. EverSource Wealth Advisors also expanded its position by 164.6% in the second quarter.
• Frontdoor reported quarterly EPS of $1.93, beating estimates of $1.76, while revenue rose 4.5% year over year to $645 million. Analysts maintain a “Moderate Buy” consensus, with an average price target of $92.

Bank of America Corp DE cut its holdings in Frontdoor Inc. (NASDAQ:FTDR - Free Report) by 13.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 596,035 shares of the company's stock after selling 96,508 shares during the quarter. Bank of America Corp DE owned about 0.85% of Frontdoor worth $31,506,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Frontdoor by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 45,846 shares of the company's stock valued at $1,761,000 after acquiring an additional 1,994 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Frontdoor by 533.0% in the first quarter. Millennium Management LLC now owns 307,497 shares of the company's stock valued at $11,814,000 after purchasing an additional 258,920 shares during the period. Empowered Funds LLC raised its stake in shares of Frontdoor by 10.5% during the first quarter. Empowered Funds LLC now owns 11,008 shares of the company's stock worth $423,000 after purchasing an additional 1,044 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Frontdoor by 5.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 237,526 shares of the company's stock worth $9,126,000 after purchasing an additional 13,134 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in Frontdoor by 164.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 799 shares of the company's stock valued at $47,000 after buying an additional 497 shares during the last quarter.

Frontdoor Price Performance

Frontdoor stock opened at $86.47 on Friday. The company has a market cap of $5.96 billion, a P/E ratio of 22.94 and a beta of 1.47. Frontdoor Inc. has a one year low of $48.47 and a one year high of $93.43. The business has a fifty day moving average of $75.25 and a two-hundred day moving average of $65.62. The company has a debt-to-equity ratio of 3.98, a quick ratio of 1.59 and a current ratio of 1.59.

Frontdoor (NASDAQ:FTDR - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $1.93 earnings per share for the quarter, topping analysts' consensus estimates of $1.76 by $0.17. The business had revenue of $645.00 million for the quarter, compared to analysts' expectations of $643.40 million. Frontdoor had a net margin of 12.72% and a return on equity of 120.90%. The business's revenue for the quarter was up 4.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.63 EPS. As a group, analysts predict that Frontdoor Inc. will post 4.66 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on FTDR shares. The Goldman Sachs Group reissued a "neutral" rating on shares of Frontdoor in a research note on Friday, August 7th. Weiss Ratings cut shares of Frontdoor from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, May 21st. Benchmark lifted their target price on shares of Frontdoor from $80.00 to $96.00 and gave the company a "buy" rating in a report on Friday, August 7th. Truist Financial boosted their price target on shares of Frontdoor from $82.00 to $105.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. Finally, Oppenheimer increased their price target on shares of Frontdoor from $70.00 to $100.00 and gave the stock an "outperform" rating in a report on Friday, August 7th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $92.00.

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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