Swedbank AB Buys 73,000 Shares of Frontdoor Inc. $FTDR

Key Points

• Swedbank AB increased its stake in Frontdoor by 6.0%, buying 73,000 shares to hold 1,283,600 shares (about 1.78% of the company) valued at roughly $74.05 million at the end of the quarter.
• Analysts show a Moderate Buy consensus with a $68.60 average price target, alongside recent moves such as Goldman Sachs upgrading to neutral and Benchmark initiating coverage with a buy rating and $80 target.
• Frontdoor beat quarterly expectations with EPS of $0.73 vs. $0.66 est. and revenue of $451M vs. $442M est. (revenue +5.9% YoY); the stock trades around a P/E of 18.95 and a market cap near $4.64B.

Swedbank AB boosted its stake in Frontdoor Inc. (NASDAQ:FTDR - Free Report) by 6.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,283,600 shares of the company's stock after buying an additional 73,000 shares during the period. Swedbank AB owned 1.78% of Frontdoor worth $74,051,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FTDR. Marshall Wace LLP purchased a new position in shares of Frontdoor in the 3rd quarter valued at approximately $23,871,000. Cubist Systematic Strategies LLC raised its holdings in Frontdoor by 309.6% in the second quarter. Cubist Systematic Strategies LLC now owns 431,446 shares of the company's stock worth $25,429,000 after purchasing an additional 326,112 shares in the last quarter. Millennium Management LLC raised its holdings in Frontdoor by 533.0% in the first quarter. Millennium Management LLC now owns 307,497 shares of the company's stock worth $11,814,000 after purchasing an additional 258,920 shares in the last quarter. Jane Street Group LLC lifted its position in Frontdoor by 149.7% during the second quarter. Jane Street Group LLC now owns 360,228 shares of the company's stock valued at $21,232,000 after buying an additional 215,982 shares during the period. Finally, Squarepoint Ops LLC boosted its holdings in shares of Frontdoor by 936.9% during the 2nd quarter. Squarepoint Ops LLC now owns 163,980 shares of the company's stock valued at $9,665,000 after buying an additional 148,166 shares in the last quarter.

Analyst Ratings Changes

FTDR has been the subject of a number of recent research reports. The Goldman Sachs Group raised shares of Frontdoor from a "sell" rating to a "neutral" rating and lifted their price target for the company from $50.00 to $67.00 in a research report on Monday, March 2nd. Oppenheimer reiterated an "outperform" rating and set a $70.00 target price on shares of Frontdoor in a report on Thursday, February 26th. Benchmark assumed coverage on Frontdoor in a research note on Thursday, March 26th. They issued a "buy" rating and a $80.00 price target on the stock. Wall Street Zen lowered Frontdoor from a "buy" rating to a "hold" rating in a research report on Sunday, March 8th. Finally, Weiss Ratings raised Frontdoor from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $68.60.

Frontdoor Stock Up 0.3%

FTDR stock opened at $66.12 on Thursday. Frontdoor Inc. has a 1-year low of $48.47 and a 1-year high of $70.77. The business has a fifty day moving average price of $60.75 and a 200-day moving average price of $58.69. The company has a debt-to-equity ratio of 4.95, a current ratio of 1.47 and a quick ratio of 1.47. The stock has a market capitalization of $4.64 billion, a P/E ratio of 18.95 and a beta of 1.55.

Frontdoor (NASDAQ:FTDR - Get Free Report) last released 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. Frontdoor had a return on equity of 118.62% and a net margin of 12.22%.The company had revenue of $451.00 million for the quarter, compared to analysts' expectations of $442.28 million. During the same period last year, the firm posted $0.64 earnings per share. Frontdoor's revenue was up 5.9% compared to the same quarter last year. Equities analysts forecast 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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