Frontdoor Inc. $FTDR Holdings Trimmed by Fenimore Asset Management Inc

Key Points

• Fenimore Asset Management cut its Frontdoor stake by 27.3% in the third quarter, selling 65,322 shares and retaining 173,780 shares valued at approximately $12.7 million.
• Analyst sentiment remains moderately positive, with a consensus “Moderate Buy” rating and an average price target of $92.60; recent targets range from $95 to $105.
• Frontdoor shares rose 2.3% to $79.59, while the company’s latest quarterly results exceeded expectations with adjusted earnings of $1.93 per share and revenue of $645 million, up 4.5% year over year.

Fenimore Asset Management Inc lowered its stake in Frontdoor Inc. (NASDAQ:FTDR - Free Report) by 27.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 173,780 shares of the company's stock after selling 65,322 shares during the period. Fenimore Asset Management Inc owned about 0.25% of Frontdoor worth $12,707,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Frontdoor during the second quarter worth approximately $859,552,000. Boston Partners lifted its stake in Frontdoor by 8.5% in the fourth 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 during the last quarter. Reinhart Partners LLC. lifted its stake in Frontdoor by 4.0% in the second quarter. Reinhart Partners LLC. now owns 1,684,065 shares of the company's stock worth $130,668,000 after acquiring an additional 64,561 shares during the last quarter. Jupiter Topco LLC acquired a new position in Frontdoor during the 2nd quarter worth approximately $113,873,000. Finally, Renaissance Technologies LLC increased its position 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.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on FTDR shares. The Goldman Sachs Group reaffirmed a "neutral" rating on shares of Frontdoor in a research report on Friday, August 7th. JPMorgan Chase & Co. initiated coverage on Frontdoor in a research note on Monday, August 24th. They issued a "neutral" rating and a $95.00 price target on the stock. Truist Financial lifted their price target on Frontdoor from $82.00 to $105.00 and gave the stock a "buy" rating in a report on Friday, August 7th. Weiss Ratings cut Frontdoor from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday. Finally, Oppenheimer increased their price objective on Frontdoor from $70.00 to $100.00 and gave the company an "outperform" rating in a report on Friday, August 7th. Four analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $92.60.

Frontdoor Stock Up 2.3%

NASDAQ:FTDR traded up $1.78 during midday trading on Thursday, hitting $79.59. 538,110 shares of the company were exchanged, compared to its average volume of 602,667. Frontdoor Inc. has a fifty-two week low of $48.47 and a fifty-two week high of $93.43. The company has a market capitalization of $5.48 billion, a PE ratio of 21.11 and a beta of 1.53. 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 simple moving average of $80.05 and a 200 day simple moving average of $70.76.

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

Frontdoor Company Profile

Frontdoor, Inc NASDAQ: FTDR is a provider of home warranty and home services in the United States. The company helps homeowners manage the cost and inconvenience of repairing or replacing covered home systems and appliances by connecting them with qualified service professionals.

Frontdoor's portfolio includes American Home Shield, a major home warranty brand, along with 2-10 Home Buyers Warranty, HSA Home Warranty and Landmark Home Warranty. Its services generally cover items such as heating and cooling systems, electrical and plumbing systems, kitchen appliances and other household equipment, subject to the terms of individual contracts.

In addition to warranty plans, Frontdoor operates home services offerings that support homeowners, real estate professionals, contractors and service providers.

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