Great Lakes Advisors LLC Buys New Shares in Frontdoor Inc. $FTDR

Key Points

• Great Lakes Advisors acquired 47,863 Frontdoor shares worth approximately $3.7 million, while several other institutional investors—including BlackRock and Bank of New York Mellon—also established or increased positions.
• Analysts remain broadly positive: Frontdoor has a consensus “Moderate Buy” rating and a $92 average price target, with several firms recently raising targets to between $96 and $105.
• Frontdoor beat quarterly expectations, reporting $1.93 earnings per share versus the $1.76 consensus and revenue of $645 million. Revenue increased 4.5% year over year, although the stock recently opened at $81.94, down 0.4%.

Great Lakes Advisors LLC acquired a new stake in Frontdoor Inc. (NASDAQ:FTDR - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 47,863 shares of the company's stock, valued at approximately $3,714,000. Great Lakes Advisors LLC owned 0.07% of Frontdoor as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in shares of Frontdoor in the second quarter worth about $859,552,000. Boston Partners lifted its stake in Frontdoor by 8.5% in the 4th quarter. Boston Partners now owns 5,777,252 shares of the company's stock valued at $333,742,000 after buying an additional 454,040 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Frontdoor in the second quarter valued at approximately $33,812,000. Danske Bank A S purchased a new position in Frontdoor in the 2nd quarter valued at $28,742,000. Finally, Marshall Wace LLP acquired a new position in Frontdoor during the third quarter worth about $23,871,000.

Wall Street Analysts Forecast Growth

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

Frontdoor Stock Down 0.4%

Shares of NASDAQ FTDR opened at $81.94 on Friday. The company has a market capitalization of $5.65 billion, a price-to-earnings ratio of 21.73 and a beta of 1.47. 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 business has a 50-day moving average of $76.58 and a two-hundred day moving average of $66.32. Frontdoor Inc. has a 1 year low of $48.47 and a 1 year high of $93.43.

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