Envestnet Asset Management Inc. Increases Stake in Resideo Technologies, Inc. (NYSE:REZI)

Key Points

• Envestnet Asset Management Inc. increased its stake in Resideo Technologies by 16.0%, now holding 121,583 shares valued at approximately $2.15 million.
• Major shareholder Channel Holdings II L.P. purchased 4.48 million shares at an average price of $22.33, increasing their ownership by 77.82% to 10.23 million shares.
• As of the latest data, Resideo Technologies' stock is down 1.3% and is trading at $24.52, with a market cap of $3.64 billion and a P/E ratio of 76.64.

Envestnet Asset Management Inc. raised its position in shares of Resideo Technologies, Inc. (NYSE:REZI - Free Report) by 16.0% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 121,583 shares of the company's stock after purchasing an additional 16,770 shares during the quarter. Envestnet Asset Management Inc. owned 0.08% of Resideo Technologies worth $2,152,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Summit Investment Advisors Inc. lifted its holdings in Resideo Technologies by 4.5% in the 4th quarter. Summit Investment Advisors Inc. now owns 15,280 shares of the company's stock worth $352,000 after purchasing an additional 663 shares in the last quarter. Steph & Co. boosted its stake in shares of Resideo Technologies by 6.9% during the first quarter. Steph & Co. now owns 12,209 shares of the company's stock valued at $216,000 after purchasing an additional 787 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of Resideo Technologies by 8.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 11,582 shares of the company's stock valued at $267,000 after buying an additional 933 shares during the period. Versant Capital Management Inc lifted its stake in shares of Resideo Technologies by 52.1% during the 1st quarter. Versant Capital Management Inc now owns 3,174 shares of the company's stock worth $56,000 after purchasing an additional 1,087 shares during the last quarter. Finally, Quarry LP bought a new position in shares of Resideo Technologies during the 4th quarter worth approximately $28,000. 91.71% of the stock is owned by hedge funds and other institutional investors.

Resideo Technologies Trading Up 16.2%

Shares of REZI traded up $3.98 during midday trading on Wednesday, reaching $28.53. The company had a trading volume of 5,436,573 shares, compared to its average volume of 905,577. Resideo Technologies, Inc. has a 1-year low of $14.18 and a 1-year high of $29.40. The company has a quick ratio of 1.16, a current ratio of 1.94 and a debt-to-equity ratio of 0.69. The firm has a 50 day simple moving average of $22.29 and a 200-day simple moving average of $20.24. The stock has a market cap of $4.24 billion, a PE ratio of 89.16 and a beta of 2.15.

Analyst Ratings Changes

A number of brokerages have issued reports on REZI. Oppenheimer upgraded shares of Resideo Technologies from a "market perform" rating to an "outperform" rating in a research note on Wednesday. JPMorgan Chase & Co. lifted their price objective on shares of Resideo Technologies from $20.00 to $21.00 and gave the company a "neutral" rating in a research note on Tuesday, June 3rd.

Insider Transactions at Resideo Technologies

In other news, major shareholder Channel Holdings Ii L.P. Cd&R acquired 4,477,919 shares of the business's stock in a transaction that occurred on Friday, July 25th. The shares were purchased at an average price of $22.33 per share, for a total transaction of $99,991,931.27. Following the acquisition, the insider owned 10,232,420 shares of the company's stock, valued at $228,489,938.60. This represents a 77.82% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Nina Richardson sold 2,790 shares of the stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $23.68, for a total value of $66,067.20. Following the transaction, the director directly owned 64,008 shares in the company, valued at approximately $1,515,709.44. The trade was a 4.18% decrease in their position. The disclosure for this sale can be found here. 1.50% of the stock is owned by company insiders.

Resideo Technologies Company Profile

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.