Frontdoor Inc. $FTDR Shares Sold by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System reduced its Frontdoor stake by 2.4% in the second quarter, selling 2,012 shares and retaining 80,854 shares worth approximately $6.27 million.
• Analyst sentiment remains positive: Frontdoor has a consensus “Moderate Buy” rating, with five Buy and three Hold ratings and an average price target of $92.60. Benchmark and Truist recently raised their targets to $96 and $105, respectively.
• Frontdoor exceeded quarterly expectations, reporting adjusted earnings of $1.93 per share versus the $1.76 consensus and revenue of $645 million, up 4.5% year over year. Shares recently traded near $80.06, compared with a 12-month range of $48.47 to $93.43.

California State Teachers Retirement System cut its stake in Frontdoor Inc. (NASDAQ:FTDR - Free Report) by 2.4% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 80,854 shares of the company's stock after selling 2,012 shares during the period. California State Teachers Retirement System owned approximately 0.12% of Frontdoor worth $6,273,462 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in FTDR. State of Wyoming lifted its holdings in shares of Frontdoor by 2.5% during the first quarter. State of Wyoming now owns 7,140 shares of the company's stock valued at $377,000 after acquiring an additional 177 shares during the period. Handelsbanken Fonder AB raised its stake in shares of Frontdoor by 0.8% in the second quarter. Handelsbanken Fonder AB now owns 25,900 shares of the company's stock valued at $2,010,000 after buying an additional 200 shares during the period. ProShare Advisors LLC lifted its position in Frontdoor by 1.7% in the 4th quarter. ProShare Advisors LLC now owns 14,232 shares of the company's stock worth $821,000 after buying an additional 236 shares during the last quarter. Huntington National Bank boosted its holdings in shares of Frontdoor by 18.8% during the 4th quarter. Huntington National Bank now owns 1,723 shares of the company's stock valued at $99,000 after buying an additional 273 shares in the last quarter. Finally, Evolve Private Wealth LLC lifted its holdings in shares of Frontdoor by 2.8% during the 1st quarter. Evolve Private Wealth LLC now owns 11,312 shares of the company's stock valued at $598,000 after buying an additional 312 shares during the period.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Benchmark upped 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. Weiss Ratings reissued a "buy (b-)" rating on shares of Frontdoor in a research note on Tuesday, August 18th. Wolfe Research upgraded Frontdoor to an "outperform" rating in a research note on Monday, August 24th. Truist Financial boosted their price target on shares of Frontdoor from $82.00 to $105.00 and gave the company a "buy" rating in a report on Friday, August 7th. Finally, The Goldman Sachs Group reissued a "neutral" rating on shares of Frontdoor in a research note on Friday, August 7th. Five research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $92.60.

Frontdoor Stock Performance

Shares of FTDR traded down $0.04 on Tuesday, reaching $80.06. The company's stock had a trading volume of 204,902 shares, compared to its average volume of 593,425. Frontdoor Inc. has a 12-month low of $48.47 and a 12-month high of $93.43. The company has a debt-to-equity ratio of 3.98, a current ratio of 1.59 and a quick ratio of 1.59. The stock's 50 day simple moving average is $79.26 and its two-hundred day simple moving average is $69.32. The stock has a market capitalization of $5.52 billion, a P/E ratio of 21.30 and a beta of 1.50.

Frontdoor (NASDAQ:FTDR - Get Free Report) last issued 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 analyst estimates of $643.40 million. Frontdoor had a return on equity of 120.90% and a net margin of 12.72%.The company's revenue was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.63 earnings per share. Research analysts forecast that Frontdoor Inc. will post 4.67 earnings per share for the current fiscal year.

Frontdoor Profile

Frontdoor, Inc is a provider of home warranties and home service plans in the United States. The company helps homeowners manage the cost and convenience of repairing or replacing covered household systems and appliances, including heating and cooling equipment, plumbing, electrical systems and kitchen appliances.

Frontdoor operates through well-known brands that include American Home Shield, HSA Home Warranty and 2-10 Home Buyers Warranty. Its offerings are sold directly to consumers and through real estate professionals, builders and other business partners, with plans and services designed for homeowners, home sellers and home buyers.

Frontdoor became an independent public company in 2018 after separating from ServiceMaster, now known as Terminix.

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