PDT Partners Portfolio Growth
PDT Partners Expands Stakes in Frontdoor and Westlake Amid Key Brokerage Updates
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Key Points
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Following PDT Partners’ new Frontdoor stake, several major brokerages issued supportive or optimistic notes on FTDR, with Wolfe Research upgrading Frontdoor to outperform, Benchmark lifting its price target to $96 and giving a buy rating, and JPMorgan Chase maintaining a neutral rating with a $95 target (alongside Goldman Sachs reasserting a neutral rating).
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PDT’s 2Q Westlake purchase coincided with notable brokerage moves: Citigroup cut Westlake’s target to $85, Bank of America lowered to $85, Wells Fargo reduced to $89, while JPMorgan Chase upgraded Westlake from underweight to neutral with a $90 target.
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Reliance (RS) remains a sizable, diversified holding for PDT (22nd largest) with 39,417 shares worth ~ $14.7 million; RS is highly institutionally owned (about 79.26% of the stock), and analysts reflected this by cutting RS’s target to $376 at JPMorgan (neutral) while KeyCorp raised to $418 (overweight) and Wall Street Zen upgraded RS to a strong-buy.
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Arcus Biosciences (RCUS) shows very high institutional ownership (92.89%), and PDT’s 323,567-share stake was valued at about $9.98 million; Truist initiated coverage with a buy rating and a $35 target, while HC Wainwright boosted its price objective to $45.
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PDT’s Pilgrim’s Pride (PPC) stake totaled 347,616 shares worth roughly $9.77 million; PPC’s stock traded around $32 per share with a 12-month range of $25.90 to $45.44, and institutional ownership stood at 16.64%.
PDT Partners LLC expanded its investment portfolio in the second quarter, deploying millions across five stocks including a new $5.2 million stake in Frontdoor Inc. (FTDR). The hedge fund's 13F filing revealed strategic purchases in home services, industrials, and energy sectors, signaling conviction in several undervalued opportunities. watchlistnews reported the moves, which included positions in Westlake Corporation, Reliance Inc., Arcus Biosciences, and Pilgrim's Pride Corporation.
Frontdoor Gains Support After PDT's $5.2M Buy
PDT Partners purchased 67,242 shares of Frontdoor for roughly $5.2 million in the second quarter, a move followed by bullish analyst action. watchlistnews noted that Wolfe Research upgraded FTDR to outperform, while Benchmark lifted its price target to $96 with a buy rating. JPMorgan Chase and Goldman Sachs both maintained neutral stances, with targets near $95, suggesting the market sees solid fundamental value at current levels.
Reliance Becomes PDT's 22nd Largest Holding
PDT's $14.7 million investment in Reliance Inc. (39,417 shares) reflects growing confidence in the diversified industrial player. watchlistnews reported that RS is heavily owned by institutions at 79.26% of float. Analyst sentiment split: KeyCorp raised its target to $418 with overweight, while JPMorgan cut to $376 neutral. Wall Street Zen upgraded RS to strong-buy, reflecting conviction among major investors in the stock's resilience.
Biotech Play Arcus Shows Strong Institutional Backing
PDT added 323,567 shares of Arcus Biosciences for about $10 million, betting on the highly institutionally-owned biotech name (92.89% ownership). watchlistnews highlighted that Truist initiated coverage with a buy and $35 target, while HC Wainwright pushed its objective to $45. The concentrated institutional ownership suggests sophisticated investors see compelling risk-reward in Arcus' pipeline and commercial prospects.
Westlake and Pilgrim's Pride Round Out the Slate
PDT deployed $5.5 million into Westlake Corporation (75,777 shares) and $9.77 million into Pilgrim's Pride (347,616 shares), diversifying across industrials and consumer staples. watchlistnews noted mixed analyst moves on Westlake: Citigroup, Bank of America, and Wells Fargo all cut targets to $85–$89, while JPMorgan upgraded from underweight to neutral at $90. Pilgrim's Pride traded near $32 with 12-month range of $25.90–$45.44, showing room for upside if sentiment improves.
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