1,039,398 Shares in Resideo Technologies, Inc. $REZI Purchased by Bank of America Corp DE

Key Points

• Bank of America purchased 1,039,398 Resideo Technologies shares worth approximately $32.3 million, representing about 0.68% of the company. Institutional investors and hedge funds collectively own 91.71% of REZI.
• Analyst sentiment is mixed, with a consensus “Hold” rating and a $37.50 target price. Recent actions included Morgan Stanley lowering its target to $45, JPMorgan initiating coverage at “Neutral,” and Zacks downgrading the stock to “Strong Sell.”
• Resideo reported quarterly EPS of $0.83, beating estimates of $0.47, while revenue reached $1.98 billion. The stock opened at $18.93, near its 52-week low of $18.17, despite insider purchases by the CEO and a senior vice president.

Bank of America Corp DE purchased a new stake in shares of Resideo Technologies, Inc. (NYSE:REZI - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 1,039,398 shares of the company's stock, valued at approximately $32,325,000. Bank of America Corp DE owned about 0.68% of Resideo Technologies as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Resideo Technologies in the second quarter worth $673,214,000. Dimensional Fund Advisors LP increased its stake in shares of Resideo Technologies by 0.8% in the first 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 in the last quarter. Franklin Resources Inc. increased its stake in shares of Resideo Technologies by 51.4% in the fourth quarter. Franklin Resources Inc. now owns 2,860,308 shares of the company's stock valued at $100,454,000 after buying an additional 971,643 shares in the last quarter. Swedbank AB raised its holdings in shares of Resideo Technologies by 13.6% in the first 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. Finally, Locust Wood Capital Advisers LLC raised its holdings in shares of Resideo Technologies by 124.6% in the fourth quarter. Locust Wood Capital Advisers LLC now owns 2,649,691 shares of the company's stock valued at $93,057,000 after buying an additional 1,470,077 shares during the last quarter. 91.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

REZI has been the topic of a number of research analyst reports. Morgan Stanley decreased their price objective on shares of Resideo Technologies from $50.00 to $45.00 and set an "overweight" rating on the stock in a report on Monday, July 13th. JPMorgan Chase & Co. assumed coverage on shares of Resideo Technologies in a research note on Friday, August 7th. They issued a "neutral" rating and a $30.00 target price for the company. Weiss Ratings upgraded shares of Resideo Technologies from a "sell (d+)" rating to a "hold (c)" rating in a research report on Friday, August 14th. Zacks Research cut shares of Resideo Technologies from a "hold" rating to a "strong sell" rating in a research note on Wednesday, September 9th. Finally, Oppenheimer reissued an "outperform" rating on shares of Resideo Technologies in a report on Thursday, August 13th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Resideo Technologies currently has a consensus rating of "Hold" and a consensus target price of $37.50.

Insider Buying and Selling at Resideo Technologies

In other Resideo Technologies news, SVP Joshua Foster purchased 15,317 shares of the stock in a transaction on 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 completion of the acquisition, the senior vice president directly owned 183,509 shares of the company's stock, valued at $3,776,615.22. The trade was 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 at the SEC website. Also, CEO Thomas Surran purchased 15,000 shares of the company's stock in a transaction dated Friday, August 14th. The shares were acquired at an average cost of $20.46 per share, for a total transaction of $306,900.00. Following the transaction, the chief executive officer owned 338,573 shares of the company's stock, valued at $6,927,203.58. This trade represents a 4.64% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders acquired 41,245 shares of company stock valued at $848,115. Company insiders own 1.60% of the company's stock.

Resideo Technologies Stock Performance

Shares of NYSE:REZI opened at $18.93 on Wednesday. The firm's 50 day simple moving average is $24.83 and its 200 day simple moving average is $30.74. Resideo Technologies, Inc. has a fifty-two week low of $18.17 and a fifty-two week high of $45.29. The company has a market capitalization of $2.87 billion, a price-to-earnings ratio of 8.38 and a beta of 1.60. 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 issued its earnings results on Wednesday, August 12th. The company reported $0.83 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 business's quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.66 earnings per share. As a group, sell-side analysts forecast that Resideo Technologies, Inc. will post 2.5 earnings per share for the current year.

About Resideo Technologies

Resideo Technologies, Inc is a technology and manufacturing company that provides products and solutions for residential and commercial buildings. Its offerings are designed to improve security, comfort, energy efficiency, water management and connectivity in homes and other properties.

Through its Products and Solutions segment, Resideo supplies thermostats, heating and cooling controls, indoor air-quality products, water-management systems, security and fire products, video solutions, sensors and connected-home technologies.

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