Assenagon Asset Management S.A. Cuts Position in Resideo Technologies, Inc. $REZI

Key Points

• Assenagon Asset Management S.A. reduced its position in Resideo Technologies, Inc. by 54.1% during Q2, holding 50,793 shares worth approximately $1.12 million after selling 59,776 shares.
• Several hedge funds increased their stakes in Resideo Technologies, with Principal Financial Group Inc. purchasing an additional 20,301 shares, boosting its total to 794,943 shares valued at $14.07 million.
• Wall Street analysts have a generally positive outlook on Resideo Technologies, with target prices raised by firms like Moody’s and Oppenheimer, reflecting expected growth and an average target price of $34.67.

Assenagon Asset Management S.A. cut its holdings in Resideo Technologies, Inc. (NYSE:REZI - Free Report) by 54.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 50,793 shares of the company's stock after selling 59,776 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Resideo Technologies were worth $1,120,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Principal Financial Group Inc. boosted its stake in Resideo Technologies by 2.6% during the first quarter. Principal Financial Group Inc. now owns 794,943 shares of the company's stock worth $14,070,000 after buying an additional 20,301 shares during the period. Intech Investment Management LLC lifted its holdings in shares of Resideo Technologies by 26.3% in the 1st quarter. Intech Investment Management LLC now owns 156,847 shares of the company's stock worth $2,776,000 after acquiring an additional 32,672 shares during the last quarter. Petrus Trust Company LTA bought a new stake in shares of Resideo Technologies in the 1st quarter worth about $240,000. GAMMA Investing LLC boosted its stake in shares of Resideo Technologies by 1,296.4% during the 1st quarter. GAMMA Investing LLC now owns 54,711 shares of the company's stock worth $968,000 after purchasing an additional 50,793 shares during the period. Finally, Natixis Advisors LLC grew its holdings in Resideo Technologies by 2.6% during the 1st quarter. Natixis Advisors LLC now owns 227,759 shares of the company's stock valued at $4,031,000 after purchasing an additional 5,674 shares during the last quarter. Hedge funds and other institutional investors own 91.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on REZI. JPMorgan Chase & Co. upped their target price on Resideo Technologies from $20.00 to $21.00 and gave the company a "neutral" rating in a research note on Tuesday, June 3rd. Zacks Research raised Resideo Technologies from a "hold" rating to a "strong-buy" rating in a research report on Monday, September 22nd. Morgan Stanley upgraded Resideo Technologies from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $24.00 to $35.00 in a research report on Tuesday, August 12th. Finally, Oppenheimer boosted their target price on shares of Resideo Technologies from $35.00 to $48.00 and gave the company an "outperform" rating in a research note on Friday, September 19th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $34.67.

Resideo Technologies Stock Up 1.3%

Shares of NYSE REZI opened at $41.33 on Friday. Resideo Technologies, Inc. has a 12-month low of $14.18 and a 12-month high of $42.99. The stock's fifty day simple moving average is $32.79 and its two-hundred day simple moving average is $24.09. The stock has a market capitalization of $6.15 billion, a PE ratio of -7.57 and a beta of 2.24. The company has a current ratio of 1.00, a quick ratio of 0.63 and a debt-to-equity ratio of 0.93.

Resideo Technologies (NYSE:REZI - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.66 earnings per share for the quarter, topping analysts' consensus estimates of $0.54 by $0.12. Resideo Technologies had a positive return on equity of 12.55% and a negative net margin of 10.52%.The firm had revenue of $1.94 billion during the quarter, compared to analysts' expectations of $1.83 billion. During the same period in the prior year, the business posted $0.62 EPS. The firm's quarterly revenue was up 22.3% on a year-over-year basis. Resideo Technologies has set its FY 2025 guidance at 2.750-2.870 EPS. Q3 2025 guidance at 0.700-0.760 EPS. As a group, analysts expect that Resideo Technologies, Inc. will post 2.13 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Channel Holdings Ii L.P. Cd&R bought 4,477,919 shares of the firm's stock in a transaction that occurred on Friday, July 25th. The stock was bought at an average price of $22.33 per share, with a total value of $99,991,931.27. Following the completion of the transaction, the insider directly owned 10,232,420 shares of the company's stock, valued at approximately $228,489,938.60. The trade was a 77.82% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders have purchased 7,545,693 shares of company stock valued at $194,098,517 and have sold 136,021 shares valued at $4,091,809. 1.50% of the stock is currently owned by insiders.

About Resideo Technologies

Resideo Technologies, Inc develops, manufactures, and sells comfort, energy management, and safety and security solutions to the commercial and residential end markets in the United States, Europe, and internationally. The company operates in two segments, Products and Solutions, and ADI Global Distribution.

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