Engineers Gate Manager LP Sells 55,271 Shares of Frontdoor Inc. $FTDR

Key Points

• Engineers Gate Manager LP reduced its Frontdoor stake by 72.2% in the second quarter, selling 55,271 shares and retaining 21,268 shares valued at approximately $1.65 million.
• Analysts remain generally positive on Frontdoor, with five Buy ratings and three Holds producing a “Moderate Buy” consensus and an average price target of $92.60. Recent targets range from $95 to $105.
• Frontdoor reported quarterly EPS of $1.93, exceeding the $1.76 consensus estimate, while revenue rose 4.5% year over year to $645 million.

Engineers Gate Manager LP cut its stake in Frontdoor Inc. (NASDAQ:FTDR - Free Report) by 72.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 21,268 shares of the company's stock after selling 55,271 shares during the period. Engineers Gate Manager LP's holdings in Frontdoor were worth $1,650,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in FTDR. Nykredit A S acquired a new position in Frontdoor during the 2nd quarter worth approximately $332,000. Parkside Financial Bank & Trust raised its position in shares of Frontdoor by 29.0% in the second quarter. Parkside Financial Bank & Trust now owns 2,271 shares of the company's stock valued at $176,000 after purchasing an additional 511 shares during the period. Corient Private Wealth LP lifted its position in Frontdoor by 5.8% during the second quarter. Corient Private Wealth LP now owns 5,807 shares of the company's stock worth $447,000 after acquiring an additional 316 shares during the last quarter. Amundi boosted its stake in Frontdoor by 331.8% in the 2nd quarter. Amundi now owns 100,134 shares of the company's stock valued at $7,769,000 after purchasing an additional 76,942 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Frontdoor during the second quarter worth about $1,591,000.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Benchmark increased 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. Wolfe Research upgraded Frontdoor to an "outperform" rating in a research note on Monday, August 24th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Frontdoor in a report on Tuesday, August 18th. Truist Financial upped their target price on Frontdoor from $82.00 to $105.00 and gave the stock a "buy" rating in a report on Friday, August 7th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Frontdoor in a report on Monday, August 24th. They set a "neutral" rating and a $95.00 price target on the stock. Five research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $92.60.

Frontdoor Stock Performance

Shares of Frontdoor stock opened at $80.54 on Thursday. The company has a debt-to-equity ratio of 3.98, a current ratio of 1.59 and a quick ratio of 1.59. Frontdoor Inc. has a one year low of $48.47 and a one year high of $93.43. The business has a 50-day simple moving average of $79.45 and a 200 day simple moving average of $69.59. The firm has a market capitalization of $5.55 billion, a price-to-earnings ratio of 21.36 and a beta of 1.50.

Frontdoor (NASDAQ:FTDR - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.76 by $0.17. Frontdoor had a net margin of 12.72% and a return on equity of 120.90%. The business had revenue of $645.00 million during the quarter, compared to the consensus estimate of $643.40 million. During the same quarter last year, the firm posted $1.63 EPS. Frontdoor's revenue was up 4.5% compared to the same quarter last year. On average, research analysts anticipate that Frontdoor Inc. will post 4.67 earnings per share for the current fiscal year.

About Frontdoor

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.