Paralel Advisors LLC Acquires New Position in Resideo Technologies, Inc. $REZI

Key Points

• Paralel Advisors acquired 68,421 Resideo Technologies shares worth approximately $2.13 million in the second quarter. Institutional investors and hedge funds collectively own 91.71% of the company.
• Insiders have recently been buying shares, including purchases by two senior vice presidents totaling more than $541,000; insiders bought 41,245 shares worth $848,115 over the past 90 days.
• Resideo exceeded quarterly expectations with adjusted earnings of $0.83 per share versus the $0.47 estimate and revenue of $1.98 billion. However, the stock opened at $20.01 after falling 7.1%, while analysts’ average rating remained “Hold” with a $41 target price.

Paralel Advisors LLC acquired a new position in shares of Resideo Technologies, Inc. (NYSE:REZI - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 68,421 shares of the company's stock, valued at approximately $2,128,000.

Several other large investors also recently made changes to their positions in REZI. BlackRock Inc. bought a new stake in Resideo Technologies in the second quarter worth about $673,214,000. Franklin Resources Inc. grew its holdings in shares of Resideo Technologies by 1,325.0% during the third quarter. Franklin Resources Inc. now owns 1,888,665 shares of the company's stock valued at $81,553,000 after buying an additional 1,756,131 shares in the last quarter. Clayton Dubilier & Rice LLC increased its holdings in shares of Resideo Technologies by 12.7% in the 4th quarter. Clayton Dubilier & Rice LLC now owns 14,976,142 shares of the company's stock valued at $525,962,000 after purchasing an additional 1,689,758 shares during the period. Pzena Investment Management LLC acquired a new position in Resideo Technologies in the 2nd quarter valued at approximately $52,458,000. Finally, Sachem Head Capital Management LP acquired a new stake in Resideo Technologies during the fourth quarter valued at $57,070,000. Institutional investors and hedge funds own 91.71% of the company's stock.

Insider Activity

In other Resideo Technologies news, SVP Amit Ashvin Mehta purchased 10,928 shares of the firm's stock in a transaction that occurred on Monday, August 17th. The shares were acquired at an average cost of $20.68 per share, for a total transaction of $225,991.04. Following the transaction, the senior vice president directly owned 57,362 shares in the company, valued at approximately $1,186,246.16. The trade was a 23.53% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, SVP Joshua Peter Foster purchased 15,317 shares of the company's stock in a transaction that occurred on Friday, August 14th. The shares were acquired at an average cost of $20.58 per share, with a total value of $315,223.86. Following the completion of the acquisition, the senior vice president directly owned 183,509 shares in the company, valued at approximately $3,776,615.22. This represents a 9.11% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders bought 41,245 shares of company stock worth $848,115. Insiders own 1.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on REZI shares. Seaport Research Partners initiated coverage on shares of Resideo Technologies in a report on Wednesday, July 1st. They issued a "buy" rating and a $55.00 price objective for the company. Weiss Ratings raised Resideo Technologies from a "sell (d+)" rating to a "hold (c)" rating in a report on Friday, August 14th. Oppenheimer reaffirmed an "outperform" rating on shares of Resideo Technologies in a research report on Thursday, August 13th. JPMorgan Chase & Co. initiated coverage on shares of Resideo Technologies in a research note on Friday, August 7th. They issued a "neutral" rating and a $30.00 price objective on the stock. Finally, Zacks Research lowered shares of Resideo Technologies from a "hold" rating to a "strong sell" rating in a research report on Thursday, July 9th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $41.00.

Resideo Technologies Trading Down 7.1%

Shares of Resideo Technologies stock opened at $20.01 on Friday. The stock has a market capitalization of $3.04 billion, a P/E ratio of 8.85 and a beta of 1.63. The company has a quick ratio of 1.41, a current ratio of 2.22 and a debt-to-equity ratio of 1.41. The company has a 50-day simple moving average of $30.61 and a 200 day simple moving average of $33.55. Resideo Technologies, Inc. has a 12-month low of $19.84 and a 12-month high of $45.29.

Resideo Technologies (NYSE:REZI - Get Free Report) last released its quarterly earnings results on Wednesday, August 12th. The company reported $0.83 EPS for the quarter, beating analysts' consensus estimates of $0.47 by $0.36. The firm had revenue of $1.98 billion for the quarter, compared to analyst estimates of $1.94 billion. Resideo Technologies had a net margin of 5.37% and a return on equity of 17.79%. The company's revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.66 earnings per share. Research analysts expect that Resideo Technologies, Inc. will post 2.81 earnings per share for the current fiscal year.

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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