Bank of New York Mellon Corp Takes $33.81 Million Position in Frontdoor Inc. $FTDR

Key Points

• Bank of New York Mellon acquired a new 435,777-share position in Frontdoor, valued at approximately $33.81 million and representing 0.62% of the company.
• Frontdoor reported quarterly earnings of $1.93 per share, exceeding estimates of $1.76, while revenue rose 4.5% year over year to $645 million.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $92.60; recent targets range from $95 to $100.

Bank of New York Mellon Corp bought a new position in shares of Frontdoor Inc. (NASDAQ:FTDR - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 435,777 shares of the company's stock, valued at approximately $33,812,000. Bank of New York Mellon Corp owned 0.62% of Frontdoor at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Boston Partners grew its holdings in Frontdoor by 8.5% in the fourth quarter. Boston Partners now owns 5,777,252 shares of the company's stock valued at $333,742,000 after purchasing an additional 454,040 shares during the period. Geode Capital Management LLC raised its stake in Frontdoor by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 1,887,029 shares of the company's stock worth $108,879,000 after purchasing an additional 27,237 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Frontdoor by 1.3% in the 1st quarter. Renaissance Technologies LLC now owns 1,849,787 shares of the company's stock valued at $97,780,000 after purchasing an additional 23,800 shares during the last quarter. Reinhart Partners LLC. boosted its holdings in shares of Frontdoor by 4.0% in the 2nd quarter. Reinhart Partners LLC. now owns 1,684,065 shares of the company's stock valued at $130,668,000 after purchasing an additional 64,561 shares during the last quarter. Finally, Morgan Stanley grew its stake in shares of Frontdoor by 11.5% during the 4th quarter. Morgan Stanley now owns 1,485,123 shares of the company's stock valued at $85,677,000 after buying an additional 153,138 shares during the period.

Frontdoor Stock Up 0.1%

Shares of Frontdoor stock opened at $82.89 on Friday. Frontdoor Inc. has a twelve month low of $48.47 and a twelve month high of $93.43. The stock has a market cap of $5.71 billion, a price-to-earnings ratio of 21.99 and a beta of 1.47. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 3.98. The company has a fifty day moving average price of $78.14 and a 200 day moving average price of $67.33.

Frontdoor (NASDAQ:FTDR - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $1.93 EPS for the quarter, topping analysts' consensus estimates of $1.76 by $0.17. The company had revenue of $645.00 million for the quarter, compared to analysts' expectations of $643.40 million. Frontdoor had a return on equity of 120.90% and a net margin of 12.72%.The firm's quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.63 earnings per share. Equities research analysts forecast that Frontdoor Inc. will post 4.67 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently weighed in on FTDR. JPMorgan Chase & Co. began coverage on Frontdoor in a research report on Monday, August 24th. They issued a "neutral" rating and a $95.00 target price on the stock. Oppenheimer upped their price target on Frontdoor from $70.00 to $100.00 and gave the stock an "outperform" rating in a research note on Friday, August 7th. The Goldman Sachs Group restated a "neutral" rating on shares of Frontdoor in a report on Friday, August 7th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Frontdoor in a research note on Tuesday, August 18th. Finally, Benchmark boosted their target price on Frontdoor from $80.00 to $96.00 and gave the stock a "buy" rating in a report on Friday, August 7th. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, Frontdoor currently has a consensus rating of "Moderate Buy" and a consensus target price of $92.60.

Frontdoor Company 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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