Frontdoor (NASDAQ:FTDR) Hits New 1-Year High After Strong Earnings

Frontdoor Inc. (NASDAQ:FTDR)’s share price hit a new 52-week high during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $101.27 and last traded at $97.7890, with a volume of 40,616 shares trading hands. The stock had previously closed at $92.86.

The company reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.04. Frontdoor had a net margin of 12.72% and a return on equity of 120.90%. The firm had revenue of $655.00 million for the quarter, compared to the consensus estimate of $647.73 million. During the same period in the prior year, the firm earned $1.58 EPS. The firm’s revenue for the quarter was up 6.0% on a year-over-year basis.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Weiss Ratings upgraded shares of Frontdoor from a “hold (c+)” rating to a “buy (b)” rating in a research note on Wednesday, October 21st. Truist Financial increased their price objective on Frontdoor from $82.00 to $105.00 and gave the company a “buy” rating in a research note on Friday, August 7th. JPMorgan Chase & Co. initiated coverage on Frontdoor in a report on Monday, August 24th. They issued a “neutral” rating and a $95.00 target price for the company. Benchmark boosted their target price on Frontdoor from $80.00 to $96.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Finally, Wolfe Research raised Frontdoor to an “outperform” rating in a research note on Monday, August 24th. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $95.40.

Institutional Trading of Frontdoor

Several hedge funds have recently added to or reduced their stakes in FTDR. Ieq Capital LLC acquired a new position in Frontdoor during the 2nd quarter worth approximately $1,441,000. Amundi raised its holdings in shares of Frontdoor by 331.8% in the 2nd quarter. Amundi now owns 100,134 shares of the company’s stock valued at $7,769,000 after purchasing an additional 76,942 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Frontdoor in the 2nd quarter valued at $1,591,000. Bank of America Corp DE purchased a new stake in shares of Frontdoor during the 2nd quarter worth $46,580,000. Finally, Ancora Advisors LLC lifted its position in shares of Frontdoor by 32.4% during the 2nd quarter. Ancora Advisors LLC now owns 122,875 shares of the company’s stock worth $9,534,000 after purchasing an additional 30,090 shares during the last quarter.

Frontdoor Trading Up 4.7%

The company has a debt-to-equity ratio of 3.98, a quick ratio of 1.59 and a current ratio of 1.59. The company’s 50-day moving average price is $80.37 and its 200-day moving average price is $69.78. The firm has a market capitalization of $6.70 billion, a PE ratio of 25.79 and a beta of 1.60.

Frontdoor Company Profile

Frontdoor, Inc (NASDAQ: FTDR) is a provider of home warranties and related home repair services. The company helps homeowners manage the cost and complexity of maintaining household systems and appliances, including heating and cooling equipment, plumbing, electrical systems, water heaters and major kitchen appliances.

Frontdoor operates primarily through its American Home Shield brand, which offers home service plans and access to a network of professional contractors. The company also provides digital tools and services designed to help homeowners diagnose household problems, request service and connect with qualified professionals.