Paralel Advisors LLC Takes $2.13 Million Position in Resideo Technologies, Inc. $REZI

Key Points

• Paralel Advisors acquired a new $2.13 million stake in Resideo Technologies during the second quarter, purchasing 68,421 shares. Institutional investors collectively own 91.71% of the company.
• Analyst sentiment is mixed, with ratings ranging from “strong sell” to “buy”; the consensus rating is “Hold” with an average price target of $41, compared with the stock’s recent price near $19.87.
• Resideo’s latest quarterly results exceeded expectations, with EPS of $0.83 versus the $0.47 estimate and revenue of $1.98 billion. Company insiders have also purchased 41,245 shares worth approximately $848,000 over the past 90 days.

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

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Larson Financial Group LLC grew its holdings in Resideo Technologies by 283.8% in the 3rd quarter. Larson Financial Group LLC now owns 568 shares of the company's stock valued at $25,000 after buying an additional 420 shares in the last quarter. Allworth Financial LP acquired a new stake in shares of Resideo Technologies during the second quarter worth $28,000. McMillan Office Inc. bought a new stake in shares of Resideo Technologies in the fourth quarter valued at about $33,000. Kestra Advisory Services LLC bought a new position in Resideo Technologies during the fourth quarter worth about $34,000. Finally, Employees Retirement System of Texas bought a new position in Resideo Technologies during the third quarter worth about $45,000. 91.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on REZI. Zacks Research cut shares of Resideo Technologies from a "hold" rating to a "strong sell" rating in a report on Thursday, July 9th. Oppenheimer reissued an "outperform" rating on shares of Resideo Technologies in a research report on Thursday, August 13th. Seaport Research Partners began coverage on Resideo Technologies in a research note on Wednesday, July 1st. They set a "buy" rating and a $55.00 price objective on the stock. Morgan Stanley dropped their price objective 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, JPMorgan Chase & Co. initiated coverage on Resideo Technologies in a research report on Friday, August 7th. They set a "neutral" rating and a $30.00 target price for the company. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $41.00.

Insider Activity at Resideo Technologies

In other Resideo Technologies news, SVP Amit Mehta bought 10,928 shares of the stock in a transaction on Monday, August 17th. The stock was acquired at an average cost of $20.68 per share, for a total transaction of $225,991.04. Following the completion of the acquisition, the senior vice president owned 57,362 shares in the company, valued at $1,186,246.16. This trade represents a 23.53% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Joshua Foster purchased 15,317 shares of the company's stock in a transaction on Friday, August 14th. The stock was acquired at an average cost of $20.58 per share, for a total transaction of $315,223.86. Following the completion of the purchase, the senior vice president owned 183,509 shares of the company's stock, valued at approximately $3,776,615.22. This trade represents a 9.11% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired 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.

Resideo Technologies Trading Down 0.1%

REZI opened at $19.87 on Monday. Resideo Technologies, Inc. has a twelve month low of $18.86 and a twelve month high of $45.29. The company has a fifty day moving average of $28.02 and a 200-day moving average of $32.30. The stock has a market cap of $3.02 billion, a PE ratio of 8.79 and a beta of 1.60. The company has a quick ratio of 1.41, a current ratio of 2.22 and a debt-to-equity ratio of 1.41.

Resideo Technologies (NYSE:REZI - Get Free Report) last issued 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. Resideo Technologies had a net margin of 5.37% and a return on equity of 17.79%. The business had revenue of $1.98 billion for the quarter, compared to analysts' expectations of $1.94 billion. During the same quarter in the prior year, the firm posted $0.66 earnings per share. The business's quarterly revenue was up 2.0% compared to the same quarter last year. On average, sell-side analysts predict that Resideo Technologies, Inc. will post 2.5 EPS for the current year.

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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