Oppenheimer Asset Management Inc. Buys New Position in Frontdoor Inc. $FTDR

Key Points

• Oppenheimer Asset Management initiated a Frontdoor position by purchasing 15,415 shares valued at approximately $1.2 million. Several other institutional investors also increased their holdings, indicating strong institutional interest.
• Frontdoor reported quarterly EPS of $1.93, beating analyst estimates of $1.76, while revenue rose 4.5% year over year to $645 million. Analysts expect full-year EPS of approximately $4.66.
• Analyst sentiment is positive, with four Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $92. Recent price targets range as high as $105.

Oppenheimer Asset Management Inc. purchased a new position in shares of Frontdoor Inc. (NASDAQ:FTDR - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 15,415 shares of the company's stock, valued at approximately $1,196,000.

A number of other hedge funds and other institutional investors have also modified their holdings of FTDR. Boston Partners grew its position in shares of Frontdoor by 8.5% in the fourth quarter. Boston Partners now owns 5,777,252 shares of the company's stock valued at $333,742,000 after purchasing an additional 454,040 shares during the period. Marshall Wace LLP purchased a new position in Frontdoor during the third quarter worth about $23,871,000. Reinhart Partners LLC. boosted its stake in Frontdoor by 25.6% in the 4th quarter. Reinhart Partners LLC. now owns 1,629,152 shares of the company's stock worth $93,987,000 after buying an additional 332,556 shares during the last quarter. Cubist Systematic Strategies LLC boosted its stake in Frontdoor by 309.6% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 431,446 shares of the company's stock worth $25,429,000 after buying an additional 326,112 shares during the last quarter. Finally, Empowered Funds LLC grew its holdings in Frontdoor by 791.6% in the 1st quarter. Empowered Funds LLC now owns 359,360 shares of the company's stock valued at $18,996,000 after buying an additional 319,053 shares during the period.

Frontdoor Stock Performance

NASDAQ FTDR opened at $86.47 on Monday. The company's fifty day simple moving average is $75.25 and its 200-day simple moving average is $65.66. Frontdoor Inc. has a 52 week low of $48.47 and a 52 week high of $93.43. 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 stock has a market cap of $5.96 billion, a P/E ratio of 22.94 and a beta of 1.47.

Frontdoor (NASDAQ:FTDR - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $1.93 earnings per share for the quarter, beating analysts' consensus estimates 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 analyst estimates of $643.40 million. During the same period last year, the business earned $1.63 EPS. The business's revenue was up 4.5% on a year-over-year basis. Equities research analysts predict that Frontdoor Inc. will post 4.66 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Truist Financial increased their price objective on shares of Frontdoor from $82.00 to $105.00 and gave the stock a "buy" rating in a report on Friday, August 7th. Benchmark boosted their target price on shares of Frontdoor from $80.00 to $96.00 and gave the company a "buy" rating in a report on Friday, August 7th. Weiss Ratings downgraded shares of Frontdoor from a "buy (b)" rating to a "buy (b-)" rating in a report on Thursday, May 21st. The Goldman Sachs Group reaffirmed a "neutral" rating on shares of Frontdoor in a research report on Friday, August 7th. Finally, Oppenheimer increased their price target on shares of Frontdoor from $70.00 to $100.00 and gave the stock an "outperform" rating in a research note on Friday, August 7th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Frontdoor currently has an average rating of "Moderate Buy" and an average price target of $92.00.

Frontdoor 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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