BlackRock Inc. Acquires Shares of 21,646,747 Resideo Technologies, Inc. $REZI

Key Points

• BlackRock acquired 21.65 million Resideo Technologies shares worth approximately $673.2 million, giving it a 14.29% stake. Institutional investors collectively own 91.71% of the company.
• Analyst sentiment is mixed, with ratings ranging from buy to strong sell. Resideo has an average rating of Hold and a consensus price target of $41, compared with shares opening at $20.31.
• Resideo exceeded quarterly expectations, reporting $0.83 in earnings per share versus the $0.47 consensus estimate and $1.98 billion in revenue. Company insiders also bought 41,245 shares worth about $848,115 over the last quarter.

BlackRock Inc. acquired a new stake in shares of Resideo Technologies, Inc. (NYSE:REZI - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 21,646,747 shares of the company's stock, valued at approximately $673,214,000. BlackRock Inc. owned approximately 14.29% of Resideo Technologies as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Smartleaf Asset Management LLC grew its holdings in Resideo Technologies by 10.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,126 shares of the company's stock valued at $111,000 after buying an additional 306 shares in the last quarter. Vise Technologies Inc. increased its stake in Resideo Technologies by 2.4% in the 4th quarter. Vise Technologies Inc. now owns 13,670 shares of the company's stock worth $480,000 after acquiring an additional 315 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Resideo Technologies by 36.9% during the 4th quarter. Farther Finance Advisors LLC now owns 1,268 shares of the company's stock worth $45,000 after acquiring an additional 342 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its position in shares of Resideo Technologies by 6.2% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 5,929 shares of the company's stock valued at $208,000 after acquiring an additional 347 shares during the last quarter. Finally, Sage Rhino Capital LLC boosted its position in shares of Resideo Technologies by 6.6% during the 4th quarter. Sage Rhino Capital LLC now owns 6,589 shares of the company's stock valued at $231,000 after acquiring an additional 409 shares during the last quarter. 91.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on REZI. 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 target on the stock. Oppenheimer reiterated an "outperform" rating on shares of Resideo Technologies in a research report on Thursday, August 13th. Seaport Research Partners assumed coverage on shares of Resideo Technologies in a report on Wednesday, July 1st. They issued a "buy" rating and a $55.00 target price on the stock. 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. Finally, Zacks Research cut shares of Resideo Technologies from a "hold" rating to a "strong sell" rating in a research report on Thursday, July 9th. 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's stock. According to MarketBeat, Resideo Technologies presently has an average rating of "Hold" and a consensus target price of $41.00.

Resideo Technologies Stock Up 0.2%

Shares of NYSE:REZI opened at $20.31 on Monday. The firm has a market capitalization of $3.08 billion, a PE ratio of 8.99 and a beta of 1.63. The business has a 50 day simple moving average of $30.39 and a two-hundred day simple moving average of $33.44. Resideo Technologies, Inc. has a 1 year low of $19.84 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 issued its quarterly earnings results on Wednesday, August 12th. The company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.36. Resideo Technologies had a return on equity of 17.79% and a net margin of 5.37%.The firm had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $1.94 billion. During the same period in the prior year, the business posted $0.66 earnings per share. The company's revenue for the quarter was up 2.0% on a year-over-year basis. On average, equities analysts predict that Resideo Technologies, Inc. will post 2.81 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Thomas A. Surran bought 15,000 shares of the stock in a transaction dated Friday, August 14th. The stock was purchased at an average cost of $20.46 per share, with a total value of $306,900.00. Following the completion of the purchase, 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Joshua Peter Foster purchased 15,317 shares of the business's stock in a transaction dated Friday, August 14th. The stock was bought at an average price of $20.58 per share, for a total transaction of $315,223.86. Following the completion of the acquisition, the senior vice president owned 183,509 shares of the company's stock, valued at approximately $3,776,615.22. The trade was a 9.11% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 41,245 shares of company stock worth $848,115 over the last quarter. Company insiders own 1.60% 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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