Shares of Frontdoor Inc. (NASDAQ:FTDR – Get Free Report) hit a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $85.25 and last traded at $85.0960, with a volume of 40718 shares traded. The stock had previously closed at $76.38.
The company reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.76 by $0.17. Frontdoor had a return on equity of 118.62% and a net margin of 12.22%.The business had revenue of $645.00 million for the quarter, compared to analysts’ expectations of $643.40 million. During the same quarter in the previous year, the business posted $1.63 EPS. Frontdoor’s revenue for the quarter was up 4.5% on a year-over-year basis.
Wall Street Analysts Forecast Growth
Several equities research analysts recently commented on the stock. Truist Financial set a $82.00 price objective on shares of Frontdoor in a research report on Friday, July 24th. Weiss Ratings cut Frontdoor from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, May 21st. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $74.75.
Institutional Investors Weigh In On Frontdoor
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Boston Partners raised its stake in 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 buying an additional 454,040 shares during the period. Marshall Wace LLP bought a new position in shares of Frontdoor during the 3rd quarter worth approximately $23,871,000. Reinhart Partners LLC. increased its holdings in shares of Frontdoor by 25.6% during the 4th quarter. Reinhart Partners LLC. now owns 1,629,152 shares of the company’s stock worth $93,987,000 after acquiring an additional 332,556 shares during the last quarter. Cubist Systematic Strategies LLC increased its holdings in shares of Frontdoor by 309.6% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 431,446 shares of the company’s stock worth $25,429,000 after acquiring an additional 326,112 shares during the last quarter. Finally, Empowered Funds LLC raised its stake 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 acquiring an additional 319,053 shares during the period.
Frontdoor Trading Up 12.5%
The business has a 50 day moving average of $71.86 and a two-hundred day moving average of $64.33. The firm has a market cap of $6.03 billion, a P/E ratio of 24.73 and a beta of 1.47. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 4.95.
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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