Danske Bank A S Sells 54,760 Shares of Frontdoor Inc. $FTDR

Key Points

• Danske Bank A S sharply cut its Frontdoor stake, selling 54,760 shares in the fourth quarter and reducing its position by 99.1% to just 500 shares worth about $29,000.
• Institutional ownership activity was mixed but generally bullish, with several hedge funds notably increasing or initiating positions in Frontdoor, including Marshall Wace, Cubist Systematic Strategies, Millennium Management, Jane Street, and Squarepoint Ops.
• Frontdoor’s recent earnings beat expectations, reporting $0.73 EPS versus $0.66 expected and revenue of $451 million, while analysts currently rate the stock a “Moderate Buy” with a consensus price target of $68.60.

Danske Bank A S lessened its position in Frontdoor Inc. (NASDAQ:FTDR - Free Report) by 99.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 500 shares of the company's stock after selling 54,760 shares during the quarter. Danske Bank A S's holdings in Frontdoor were worth $29,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Marshall Wace LLP bought a new position in Frontdoor in the third quarter worth $23,871,000. Cubist Systematic Strategies LLC boosted its holdings in shares of Frontdoor by 309.6% during the 2nd 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. Millennium Management LLC boosted its holdings in shares of Frontdoor by 533.0% during the 1st quarter. Millennium Management LLC now owns 307,497 shares of the company's stock valued at $11,814,000 after buying an additional 258,920 shares in the last quarter. Jane Street Group LLC grew its position in shares of Frontdoor by 149.7% in the 2nd quarter. Jane Street Group LLC now owns 360,228 shares of the company's stock worth $21,232,000 after buying an additional 215,982 shares during the period. Finally, Squarepoint Ops LLC grew its position in shares of Frontdoor by 936.9% in the 2nd quarter. Squarepoint Ops LLC now owns 163,980 shares of the company's stock worth $9,665,000 after buying an additional 148,166 shares during the period.

Wall Street Analyst Weigh In

FTDR has been the subject of a number of recent research reports. Oppenheimer reissued an "outperform" rating and set a $70.00 price target on shares of Frontdoor in a research report on Thursday, February 26th. Truist Financial set a $71.00 price objective on shares of Frontdoor in a report on Monday, January 26th. Weiss Ratings raised shares of Frontdoor from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday. Benchmark assumed coverage on shares of Frontdoor in a report on Thursday, March 26th. They set a "buy" rating and a $80.00 target price for the company. Finally, The Goldman Sachs Group raised Frontdoor from a "sell" rating to a "neutral" rating and boosted their price target for the stock from $50.00 to $67.00 in a research report on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $68.60.

Frontdoor Price Performance

FTDR opened at $64.62 on Friday. The firm has a market cap of $4.54 billion, a PE ratio of 18.52 and a beta of 1.55. The stock has a 50-day moving average price of $61.00 and a 200-day moving average price of $58.70. Frontdoor Inc. has a 1 year low of $48.47 and a 1 year high of $70.77. The company has a debt-to-equity ratio of 4.95, a current ratio of 1.47 and a quick ratio of 1.47.

Frontdoor (NASDAQ:FTDR - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.66 by $0.07. The company had revenue of $451.00 million for 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%. Frontdoor's revenue for the quarter was up 5.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.64 EPS. Sell-side analysts predict that Frontdoor Inc. will post 4.48 earnings per share for the current fiscal year.

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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