Gabelli Funds LLC Sells 46,348 Shares of Resideo Technologies, Inc. $REZI

Key Points

• Gabelli Funds LLC trimmed its stake in Resideo Technologies (NYSE:REZI) by 8.4%, selling 46,348 shares and ending the quarter with 506,075 shares valued at about $21.85 million (≈0.34% ownership).
• Other institutions increased exposure—Victory Capital now owns 994,351 shares ($42.94M) and Fisher Asset Management holds 1,090,528 shares ($47.09M)—and institutional ownership is high at 91.71%.
• REZI opened at $34 (down ~5.4%), has a $5.14B market cap and a negative P/E of -8.44, and carries a consensus analyst rating of "Hold" with a $39.67 target (Morgan Stanley's target is $50, "overweight").

Gabelli Funds LLC lowered its position in shares of Resideo Technologies, Inc. (NYSE:REZI - Free Report) by 8.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 506,075 shares of the company's stock after selling 46,348 shares during the quarter. Gabelli Funds LLC owned 0.34% of Resideo Technologies worth $21,852,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Picton Mahoney Asset Management increased its stake in shares of Resideo Technologies by 10,385.2% in the third quarter. Picton Mahoney Asset Management now owns 6,396 shares of the company's stock worth $276,000 after purchasing an additional 6,335 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Resideo Technologies by 13.4% during the 3rd quarter. Victory Capital Management Inc. now owns 994,351 shares of the company's stock valued at $42,936,000 after buying an additional 117,772 shares in the last quarter. Elo Mutual Pension Insurance Co bought a new position in Resideo Technologies in the 3rd quarter worth $708,000. Fisher Asset Management LLC boosted its holdings in Resideo Technologies by 4.2% in the 3rd quarter. Fisher Asset Management LLC now owns 1,090,528 shares of the company's stock worth $47,089,000 after buying an additional 44,206 shares during the period. Finally, Quantbot Technologies LP purchased a new stake in Resideo Technologies in the 3rd quarter worth $2,710,000. 91.71% of the stock is currently owned by institutional investors.

Resideo Technologies Trading Down 5.4%

Shares of REZI opened at $34.00 on Friday. The company's fifty day moving average is $36.27 and its 200 day moving average is $36.80. Resideo Technologies, Inc. has a fifty-two week low of $14.18 and a fifty-two week high of $45.29. The stock has a market capitalization of $5.14 billion, a PE ratio of -8.44 and a beta of 1.71. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.14 and a current ratio of 1.91.

Analyst Ratings Changes

A number of equities research analysts have commented on REZI shares. Weiss Ratings reissued a "sell (d+)" rating on shares of Resideo Technologies in a report on Thursday, January 22nd. Zacks Research lowered Resideo Technologies from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, November 11th. Wall Street Zen cut Resideo Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, November 8th. Finally, Morgan Stanley lifted their target price on Resideo Technologies from $42.00 to $50.00 and gave the company an "overweight" rating in a research note on Wednesday, February 25th. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Resideo Technologies currently has an average rating of "Hold" and a consensus target price of $39.67.

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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