Legal & General Group Plc Makes New Investment in Resideo Technologies, Inc. $REZI

Key Points

• Legal & General Group Plc initiated a position in Resideo Technologies, purchasing 334,460 shares valued at approximately $10.4 million. Institutional investors collectively own 91.71% of the company.
• Resideo reported quarterly adjusted earnings of $0.83 per share, exceeding estimates of $0.47, while revenue rose 2% year over year to $1.98 billion.
• Analyst sentiment is mixed, with a consensus rating of “Hold” and an average price target of $41.00. The stock opened at $19.31, near its 52-week low, while insiders have recently purchased more than 41,000 shares.

Legal & General Group Plc bought a new position in shares of Resideo Technologies, Inc. (NYSE:REZI - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 334,460 shares of the company's stock, valued at approximately $10,402,000. Legal & General Group Plc owned 0.22% of Resideo Technologies at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of REZI. BlackRock Inc. bought a new position in Resideo Technologies during the 2nd quarter worth approximately $673,214,000. Franklin Resources Inc. increased its stake in Resideo Technologies by 1,325.0% in the third quarter. Franklin Resources Inc. now owns 1,888,665 shares of the company's stock valued at $81,553,000 after purchasing an additional 1,756,131 shares in the last quarter. Clayton Dubilier & Rice LLC raised its holdings in Resideo Technologies by 12.7% in the fourth quarter. Clayton Dubilier & Rice LLC now owns 14,976,142 shares of the company's stock worth $525,962,000 after purchasing an additional 1,689,758 shares during the period. Pzena Investment Management LLC acquired a new stake in Resideo Technologies in the second quarter worth $52,458,000. Finally, Sachem Head Capital Management LP bought a new position in shares of Resideo Technologies during the fourth quarter worth $57,070,000. 91.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Weiss Ratings raised shares of Resideo Technologies from a "sell (d+)" rating to a "hold (c)" rating in a report on Friday, August 14th. Oppenheimer reiterated an "outperform" rating on shares of Resideo Technologies in a report on Thursday, August 13th. Seaport Research Partners started coverage on Resideo Technologies in a research note on Wednesday, July 1st. They issued a "buy" rating and a $55.00 target price for the company. Morgan Stanley lowered their price target on Resideo Technologies from $50.00 to $45.00 and set an "overweight" rating for the company in a report on Monday, July 13th. Finally, Zacks Research lowered 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.com, Resideo Technologies presently has an average rating of "Hold" and a consensus price target of $41.00.

Resideo Technologies Price Performance

Shares of NYSE REZI opened at $19.31 on Tuesday. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.22 and a quick ratio of 1.41. The business has a 50-day moving average of $28.97 and a 200-day moving average of $32.76. The stock has a market capitalization of $2.93 billion, a price-to-earnings ratio of 8.54 and a beta of 1.63. Resideo Technologies, Inc. has a fifty-two week low of $18.96 and a fifty-two week high of $45.29.

Resideo Technologies (NYSE:REZI - Get Free Report) last released its earnings results on Wednesday, August 12th. The company reported $0.83 earnings per share (EPS) 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 business had revenue of $1.98 billion for the quarter, compared to analyst estimates of $1.94 billion. During the same quarter in the prior year, the company posted $0.66 earnings per share. Resideo Technologies's revenue was up 2.0% on a year-over-year basis. As a group, sell-side analysts predict that Resideo Technologies, Inc. will post 2.5 earnings per share for the current fiscal year.

Insider Transactions at Resideo Technologies

In related news, SVP Amit Ashvin Mehta acquired 10,928 shares of the company's stock in a transaction dated Monday, August 17th. The shares were bought at an average price of $20.68 per share, for a total transaction of $225,991.04. Following the purchase, the senior vice president directly owned 57,362 shares in the company, valued at approximately $1,186,246.16. This trade represents a 23.53% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Joshua Peter Foster acquired 15,317 shares of the business's stock in a transaction dated Friday, August 14th. The stock was bought at an average cost of $20.58 per share, with a total value of $315,223.86. Following the acquisition, the senior vice president owned 183,509 shares in the company, valued at $3,776,615.22. The trade was a 9.11% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 41,245 shares of company stock worth $848,115 in the last 90 days. Corporate insiders own 1.60% of the company's stock.

About Resideo Technologies

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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