Frontdoor (NASDAQ:FTDR) Reaches New 52-Week High Following Strong Earnings

Frontdoor Inc. (NASDAQ:FTDR) hit a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $85.25 and last traded at $85.0960, with a volume of 40718 shares changing hands. The stock had previously closed at $76.38.

The company reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.76 by $0.17. Frontdoor had a net margin of 12.22% and a return on equity of 118.62%. The firm had revenue of $645.00 million during the quarter, compared to analysts’ expectations of $643.40 million. During the same quarter in the previous year, the company posted $1.63 EPS. Frontdoor’s revenue was up 4.5% on a year-over-year basis.

Analysts Set New Price Targets

FTDR has been the topic of several recent research reports. Weiss Ratings cut Frontdoor from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, May 21st. Truist Financial set a $82.00 price objective on Frontdoor in a report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $74.75.

Institutional Investors Weigh In On Frontdoor

Several large investors have recently bought and sold shares of FTDR. Boston Partners boosted its position in shares of Frontdoor by 8.5% during the fourth quarter. Boston Partners now owns 5,777,252 shares of the company’s stock worth $333,742,000 after purchasing an additional 454,040 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Frontdoor by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 1,887,029 shares of the company’s stock valued at $108,879,000 after buying an additional 27,237 shares in the last quarter. Renaissance Technologies LLC raised its stake in Frontdoor by 1.3% during the 1st quarter. Renaissance Technologies LLC now owns 1,849,787 shares of the company’s stock worth $97,780,000 after buying an additional 23,800 shares during the period. Reinhart Partners LLC. raised its stake in Frontdoor by 4.0% during the 2nd quarter. Reinhart Partners LLC. now owns 1,684,065 shares of the company’s stock worth $130,668,000 after buying an additional 64,561 shares during the period. Finally, Morgan Stanley raised its stake in Frontdoor by 11.5% during the 4th quarter. Morgan Stanley now owns 1,485,123 shares of the company’s stock worth $85,677,000 after buying an additional 153,138 shares during the period.

Frontdoor Trading Up 12.5%

The company has a fifty day simple moving average of $71.86 and a two-hundred day simple moving average of $64.33. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 4.95. The stock has a market capitalization of $6.03 billion, a P/E ratio of 24.73 and a beta of 1.47.

About Frontdoor

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.