Gabelli Funds LLC Trims Stock Position in Resideo Technologies, Inc. $REZI

Key Points

• Gabelli Funds LLC reduced its stake in Resideo Technologies by 7.1% in Q1, selling 42,500 shares and retaining 554,035 shares worth approximately $9.8 million.
• Major shareholder Channel Holdings recently acquired 4,477,919 shares, increasing its position by 77.82%, bringing its total ownership to over 10 million shares valued at nearly $228.5 million.
• Analysts have shown increased confidence in Resideo Technologies, with institutions upgrading ratings and price targets, while the stock has maintained a current average rating of "Moderate Buy."

Gabelli Funds LLC cut its stake in shares of Resideo Technologies, Inc. (NYSE:REZI - Free Report) by 7.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 554,035 shares of the company's stock after selling 42,500 shares during the quarter. Gabelli Funds LLC owned 0.37% of Resideo Technologies worth $9,806,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of REZI. First Trust Advisors LP lifted its position in Resideo Technologies by 8.9% during the fourth quarter. First Trust Advisors LP now owns 175,029 shares of the company's stock valued at $4,034,000 after purchasing an additional 14,299 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Resideo Technologies by 8.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 11,582 shares of the company's stock worth $267,000 after acquiring an additional 933 shares during the last quarter. Stifel Financial Corp bought a new stake in shares of Resideo Technologies in the 4th quarter worth approximately $226,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Resideo Technologies by 10.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 107,305 shares of the company's stock worth $2,474,000 after acquiring an additional 10,335 shares during the last quarter. Finally, Quarry LP bought a new stake in shares of Resideo Technologies in the 4th quarter worth approximately $28,000. 91.71% of the stock is currently owned by institutional investors.

Resideo Technologies Trading Down 0.5%

Shares of NYSE REZI traded down $0.18 during mid-day trading on Monday, hitting $34.09. The stock had a trading volume of 1,625,870 shares, compared to its average volume of 2,059,025. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.63 and a current ratio of 1.00. Resideo Technologies, Inc. has a 1 year low of $14.18 and a 1 year high of $34.89. The business has a 50 day moving average price of $26.84 and a two-hundred day moving average price of $21.54. The firm has a market cap of $5.07 billion, a P/E ratio of -6.24 and a beta of 2.24.

Resideo Technologies (NYSE:REZI - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.54 by $0.12. Resideo Technologies had a negative net margin of 10.52% and a positive return on equity of 12.55%. The company had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.83 billion. During the same period in the previous year, the firm earned $0.62 earnings per share. The firm's revenue for the quarter 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. On average, equities analysts anticipate that Resideo Technologies, Inc. will post 2.13 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on REZI shares. Oppenheimer upgraded shares of Resideo Technologies from a "market perform" rating to an "outperform" rating in a report on Wednesday, July 30th. JPMorgan Chase & Co. boosted their price objective on shares of Resideo Technologies from $20.00 to $21.00 and gave the stock a "neutral" rating in a report on Tuesday, June 3rd. Finally, Morgan Stanley upgraded shares of Resideo Technologies from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $24.00 to $35.00 in a report on Tuesday, August 12th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Resideo Technologies presently has an average rating of "Moderate Buy" and a consensus target price of $28.00.

Insider Activity at Resideo Technologies

In related news, major shareholder Channel Holdings Ii L.P. Cd&R acquired 4,477,919 shares of Resideo Technologies stock in a transaction on Friday, July 25th. The shares were acquired at an average cost of $22.33 per share, with a total value of $99,991,931.27. Following the transaction, the insider owned 10,232,420 shares in the company, valued at $228,489,938.60. This trade represents a 77.82% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders have acquired 7,107,660 shares of company stock valued at $179,370,672 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.