Resideo Technologies (NYSE:REZI) Now Covered by Citizens Jmp

Key Points

• Citizens JMP initiated coverage of Resideo Technologies with a “market outperform” rating and a $22 price target, implying approximately 33.45% upside from the reported $16.48 share price.
• Analyst sentiment is broadly positive: five analysts rate the stock a Buy and three rate it a Hold, producing a consensus “Moderate Buy” rating and an average price target of $31.75.
• Resideo exceeded quarterly expectations, reporting $0.83 in EPS versus a $0.47 consensus estimate and $1.98 billion in revenue; insiders also purchased 41,245 shares worth about $848,115 over the past 90 days.

Equities research analysts at Citizens Jmp initiated coverage on shares of Resideo Technologies (NYSE:REZI - Get Free Report) in a note issued to investors on Monday, Benzinga reports. The firm set a "market outperform" rating and a $22.00 price target on the stock. Citizens Jmp's price objective would suggest a potential upside of 33.45% from the stock's current price.

A number of other brokerages have also commented on REZI. Zacks Research upgraded Resideo Technologies from a "strong sell" rating to a "hold" rating in a research report on Tuesday, October 13th. Weiss Ratings upgraded Resideo Technologies from a "sell (d+)" rating to a "hold (c)" rating in a research report on Friday, August 14th. Oppenheimer restated an "outperform" rating on shares of Resideo Technologies in a research report on Thursday, August 13th. Seaport Research Partners started coverage on Resideo Technologies in a research note on Wednesday, July 1st. They set a "buy" rating and a $55.00 price target on the stock. Finally, Citigroup started coverage on Resideo Technologies in a report on Monday. They issued a "market outperform" rating on the stock. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $31.75.

Resideo Technologies Trading Up 0.2%

Shares of REZI opened at $16.48 on Monday. The company has a current ratio of 2.22, a quick ratio of 1.41 and a debt-to-equity ratio of 1.41. The stock has a market cap of $2.50 billion, a PE ratio of 7.29 and a beta of 1.54. Resideo Technologies has a 1 year low of $15.90 and a 1 year high of $45.29. The stock has a 50 day simple moving average of $19.22 and a 200-day simple moving average of $28.64.

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 (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.36. The firm had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $1.94 billion. Resideo Technologies had a net margin of 5.37% and a return on equity of 17.79%. The firm's quarterly revenue was up 2.0% on a year-over-year basis. During the same period last year, the firm posted $0.66 EPS. On average, sell-side analysts predict that Resideo Technologies will post 2.16 EPS for the current fiscal year.

Insider Buying and Selling

In other Resideo Technologies news, SVP Joshua Foster acquired 15,317 shares of Resideo Technologies stock in a transaction dated Friday, August 14th. The stock was bought at an average cost of $20.58 per share, for a total transaction of $315,223.86. Following the purchase, the senior vice president directly owned 183,509 shares in the company, valued at approximately $3,776,615.22. This represents a 9.11% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Amit Mehta purchased 10,928 shares of Resideo Technologies stock in a transaction that occurred on Monday, August 17th. The shares were bought at an average cost of $20.68 per share, with a total value of $225,991.04. Following the completion of the transaction, the senior vice president directly owned 57,362 shares of the company's stock, valued at approximately $1,186,246.16. The trade was a 23.53% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders acquired 41,245 shares of company stock worth $848,115. 1.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Resideo Technologies

Large investors have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in Resideo Technologies in the 2nd quarter worth about $673,214,000. Dimensional Fund Advisors LP increased its stake in Resideo Technologies by 0.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 7,787,434 shares of the company's stock valued at $262,505,000 after buying an additional 64,613 shares during the last quarter. Swedbank AB increased its stake in Resideo Technologies by 13.6% in the 1st quarter. Swedbank AB now owns 2,665,123 shares of the company's stock valued at $89,841,000 after buying an additional 318,204 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Resideo Technologies by 3.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,069,509 shares of the company's stock worth $69,763,000 after buying an additional 71,092 shares in the last quarter. Finally, Pzena Investment Management LLC bought a new position in shares of Resideo Technologies during the 2nd quarter worth approximately $52,458,000. 91.71% of the stock is owned by institutional investors.

Resideo Technologies Company Profile

Resideo Technologies, Inc is a global provider of products and services for residential and commercial comfort, security, safety and energy management. The company develops and distributes connected home technologies, including thermostats, indoor air-quality products, water-leak detection systems, security controls, sensors and related accessories.

Resideo also operates ADI Global Distribution, a distributor of security, automation and low-voltage products serving professional installers and integrators.

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