Resideo Technologies (NYSE:REZI) Lowered to Strong Sell Rating by Zacks Research

Key Points

• Zacks Research downgraded Resideo Technologies from “hold” to “strong sell,” despite a broader analyst consensus of “hold” and an average price target of $41.
• Shares opened at $18.86, near the company’s one-year low of $18.50 and well below its 50-day and 200-day moving averages. The stock has a market capitalization of approximately $2.86 billion.
• Resideo beat quarterly earnings expectations, reporting $0.83 in EPS versus the $0.47 consensus and $1.98 billion in revenue. Company insiders also purchased more than 41,000 shares worth roughly $848,000 over the past 90 days.

Resideo Technologies (NYSE:REZI - Get Free Report) was downgraded by stock analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a note issued to investors on Wednesday, Zacks reports.

Several other research analysts also recently commented on the stock. Weiss Ratings raised shares of Resideo Technologies from a "sell (d+)" rating to a "hold (c)" rating in a report on Friday, August 14th. Oppenheimer reiterated an "outperform" rating on shares of Resideo Technologies in a research report on Thursday, August 13th. Seaport Research Partners initiated coverage on Resideo Technologies in a report on Wednesday, July 1st. They set a "buy" rating and a $55.00 price objective for the company. JPMorgan Chase & Co. started coverage on shares of Resideo Technologies in a research report on Friday, August 7th. They issued a "neutral" rating and a $30.00 price objective on the stock. Finally, Morgan Stanley lowered their target price on shares of Resideo Technologies from $50.00 to $45.00 and set an "overweight" rating on the stock in a research note on Monday, July 13th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $41.00.

Resideo Technologies Trading Down 0.1%

NYSE:REZI opened at $18.86 on Wednesday. The company has a market cap of $2.86 billion, a P/E ratio of 8.34 and a beta of 1.60. The stock's fifty day moving average price is $27.10 and its two-hundred day moving average price is $31.82. Resideo Technologies has a 1 year low of $18.50 and a 1 year high of $45.29. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.22 and a quick ratio of 1.41.

Resideo Technologies (NYSE:REZI - Get Free Report) last announced its quarterly earnings results on Wednesday, August 12th. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.36. The company had revenue of $1.98 billion during the quarter, compared to analysts' expectations of $1.94 billion. Resideo Technologies had a return on equity of 17.79% and a net margin of 5.37%.The firm's quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.66 earnings per share. As a group, analysts expect that Resideo Technologies will post 2.5 EPS for the current year.

Insiders Place Their Bets

In other news, SVP Joshua Foster acquired 15,317 shares of the business's stock in a transaction dated Friday, August 14th. The stock was purchased at an average cost of $20.58 per share, for a total transaction of $315,223.86. Following the acquisition, the senior vice president owned 183,509 shares of the company's stock, valued at $3,776,615.22. This trade represents a 9.11% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Thomas Surran acquired 15,000 shares of the business's stock in a transaction dated Friday, August 14th. The stock was purchased at an average price of $20.46 per share, with a total value of $306,900.00. Following the completion of the acquisition, the chief executive officer directly owned 338,573 shares in the company, valued at approximately $6,927,203.58. This represents a 4.64% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 41,245 shares of company stock valued at $848,115 over the last 90 days. Insiders own 1.60% of the company's stock.

Institutional Trading of Resideo Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the company. Larson Financial Group LLC lifted its holdings in shares of Resideo Technologies by 283.8% in the 3rd quarter. Larson Financial Group LLC now owns 568 shares of the company's stock worth $25,000 after acquiring an additional 420 shares during the last quarter. Allworth Financial LP bought a new position in shares of Resideo Technologies during the 2nd quarter valued at $28,000. McMillan Office Inc. bought a new position in shares of Resideo Technologies during the 4th quarter valued at $33,000. Kestra Advisory Services LLC purchased a new position in Resideo Technologies in the 4th quarter worth $34,000. Finally, Headlands Technologies LLC purchased a new position in Resideo Technologies in the 2nd quarter worth $34,000. Hedge funds and other institutional investors own 91.71% of the company's stock.

Resideo Technologies Company Profile

Resideo Technologies, Inc, headquartered in Austin, Texas, is a global provider of home comfort, security and energy management solutions. Formed as an independent company in 2018 following its spin-off from Honeywell, Resideo leverages decades of engineering experience to deliver connected products and services to residential and light commercial customers.

The company’s core offerings include smart thermostats, security systems, video doorbells, water leak and freeze detection devices, and indoor air quality monitors.

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