BlackRock Inc. Buys New Stake in Frontdoor Inc. $FTDR

Key Points

• BlackRock purchased 11.08 million Frontdoor shares in the second quarter, valued at approximately $859.6 million, giving it a 15.77% stake. Several other institutional investors also increased or initiated positions.
• 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 is favorable, with a “Moderate Buy” consensus and an average price target of $92; recent targets range from $96 to $105.

BlackRock Inc. purchased a new position in shares of Frontdoor Inc. (NASDAQ:FTDR - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 11,078,123 shares of the company's stock, valued at approximately $859,552,000. BlackRock Inc. owned approximately 15.77% of Frontdoor as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Boston Partners grew its holdings in Frontdoor by 8.5% during the 4th quarter. Boston Partners now owns 5,777,252 shares of the company's stock worth $333,742,000 after acquiring an additional 454,040 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Frontdoor during the 2nd quarter worth $33,812,000. Marshall Wace LLP acquired a new position in shares of Frontdoor during the third quarter worth $23,871,000. Reinhart Partners LLC. grew its stake in shares of Frontdoor by 25.6% during the fourth quarter. Reinhart Partners LLC. now owns 1,629,152 shares of the company's stock worth $93,987,000 after purchasing an additional 332,556 shares in the last quarter. Finally, Cubist Systematic Strategies LLC raised its stake in Frontdoor by 309.6% in the second quarter. Cubist Systematic Strategies LLC now owns 431,446 shares of the company's stock valued at $25,429,000 after buying an additional 326,112 shares in the last quarter.

Frontdoor Stock Up 0.8%

Shares of Frontdoor stock opened at $82.59 on Friday. Frontdoor Inc. has a one year low of $48.47 and a one year high of $93.43. The company has a debt-to-equity ratio of 3.98, a quick ratio of 1.59 and a current ratio of 1.59. The firm has a fifty day moving average of $76.86 and a two-hundred day moving average of $66.44. The company has a market cap of $5.69 billion, a P/E ratio of 21.91 and a beta of 1.47.

Frontdoor (NASDAQ:FTDR - Get Free Report) last announced its quarterly earnings data 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. Frontdoor had a return on equity of 120.90% and a net margin of 12.72%.The firm had revenue of $645.00 million for the quarter, compared to analyst estimates of $643.40 million. During the same quarter in the prior year, the company posted $1.63 earnings per share. Frontdoor's quarterly revenue was up 4.5% on a year-over-year basis. On average, analysts forecast that Frontdoor Inc. will post 4.66 earnings per share for the current year.

Analysts Set New Price Targets

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

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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