904,077 Shares in Resideo Technologies, Inc. $REZI Purchased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon purchased 904,077 Resideo shares worth approximately $28.1 million, taking a 0.60% stake. Institutional investors collectively own 91.71% of the company.
• Analyst sentiment is mixed, with ratings ranging from strong sell to outperform; the consensus rating is Hold and the average price target is $41, versus a recent share price of $19.65.
• Resideo exceeded quarterly expectations, reporting $0.83 earnings per share versus a $0.47 estimate and $1.98 billion in revenue. Company insiders also bought shares, including purchases by the CEO and a senior vice president.

Bank of New York Mellon Corp bought a new position in Resideo Technologies, Inc. (NYSE:REZI - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 904,077 shares of the company's stock, valued at approximately $28,117,000. Bank of New York Mellon Corp owned about 0.60% of Resideo Technologies as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of REZI. Danske Bank A S grew its stake in shares of Resideo Technologies by 600.0% in the fourth quarter. Danske Bank A S now owns 700 shares of the company's stock worth $25,000 after acquiring an additional 600 shares during the period. Larson Financial Group LLC lifted its position in Resideo Technologies by 283.8% during the third quarter. Larson Financial Group LLC now owns 568 shares of the company's stock valued at $25,000 after purchasing an additional 420 shares during the period. McMillan Office Inc. bought a new position in Resideo Technologies during the fourth quarter valued at approximately $33,000. Kestra Advisory Services LLC purchased a new stake in Resideo Technologies in the fourth quarter worth approximately $34,000. Finally, Headlands Technologies LLC purchased a new stake in Resideo Technologies in the second quarter worth approximately $34,000. Institutional investors own 91.71% of the company's stock.

Analysts Set New Price Targets

REZI has been the subject of a number of research reports. Weiss Ratings upgraded shares of Resideo Technologies from a "sell (d+)" rating to a "hold (c)" rating in a research note on Friday, August 14th. Zacks Research lowered Resideo Technologies from a "hold" rating to a "strong sell" rating in a report on Thursday, July 9th. Oppenheimer reiterated an "outperform" rating on shares of Resideo Technologies in a research report on Thursday, August 13th. JPMorgan Chase & Co. started coverage on Resideo Technologies in a report on Friday, August 7th. They issued a "neutral" rating and a $30.00 target price on the stock. Finally, Morgan Stanley dropped their target price on Resideo Technologies from $50.00 to $45.00 and set an "overweight" rating on the stock in a research report on Monday, July 13th. Two 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 data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $41.00.

Resideo Technologies Trading Down 1.7%

Resideo Technologies stock opened at $19.65 on Friday. Resideo Technologies, Inc. has a 12-month low of $18.96 and a 12-month high of $45.29. The firm has a market capitalization of $2.98 billion, a price-to-earnings ratio of 8.69 and a beta of 1.63. The firm has a 50 day moving average of $29.21 and a 200 day moving average of $32.90. The company has a current ratio of 2.22, a quick ratio of 1.41 and a debt-to-equity ratio of 1.41.

Resideo Technologies (NYSE:REZI - Get Free Report) last posted its quarterly earnings results on Wednesday, August 12th. The company reported $0.83 earnings per share for the quarter, topping analysts' consensus estimates of $0.47 by $0.36. The business had revenue of $1.98 billion during the quarter, compared to analyst estimates of $1.94 billion. Resideo Technologies had a net margin of 5.37% and a return on equity of 17.79%. The company's revenue was up 2.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.66 earnings per share. As a group, research analysts predict that Resideo Technologies, Inc. will post 2.5 earnings per share for the current year.

Insider Buying and Selling at Resideo Technologies

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

Resideo Technologies 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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