Resideo Technologies, Inc. $REZI Shares Sold by Beaconlight Capital LLC

Key Points

• Beaconlight Capital cut its Resideo Technologies stake by 45.7% in the second quarter, selling 271,274 shares and retaining 322,960 shares valued at approximately $10.04 million.
• Other institutional investors increased their positions, while institutions and hedge funds collectively own 91.71% of Resideo’s shares. Company insiders also bought 41,245 shares worth about $848,115 during the latest quarter.
• Resideo exceeded quarterly expectations with $0.83 in earnings per share versus the $0.47 consensus estimate and $1.98 billion in revenue. Despite the strong results, analysts maintain a consensus “Hold” rating with a $41 target price, while shares recently traded near $19.65.

Beaconlight Capital LLC lessened its holdings in shares of Resideo Technologies, Inc. (NYSE:REZI - Free Report) by 45.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 322,960 shares of the company's stock after selling 271,274 shares during the quarter. Resideo Technologies makes up about 3.5% of Beaconlight Capital LLC's investment portfolio, making the stock its 8th biggest position. Beaconlight Capital LLC owned 0.21% of Resideo Technologies worth $10,044,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in REZI. Royal Bank of Canada boosted its holdings in shares of Resideo Technologies by 50.0% in the 1st quarter. Royal Bank of Canada now owns 49,395 shares of the company's stock valued at $873,000 after purchasing an additional 16,467 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Resideo Technologies by 58.9% in the 1st quarter. AQR Capital Management LLC now owns 122,734 shares of the company's stock worth $2,172,000 after buying an additional 45,517 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Resideo Technologies by 7.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 126,161 shares of the company's stock worth $2,233,000 after buying an additional 9,106 shares during the period. Millennium Management LLC boosted its holdings in Resideo Technologies by 1,123.6% in the first quarter. Millennium Management LLC now owns 263,821 shares of the company's stock valued at $4,670,000 after acquiring an additional 242,260 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Resideo Technologies by 6.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 439,149 shares of the company's stock valued at $7,773,000 after acquiring an additional 26,254 shares during the last quarter. Institutional investors and hedge funds own 91.71% of the company's stock.

Insider Activity

In other news, SVP Joshua Peter Foster bought 15,317 shares of the firm's stock in a transaction on Friday, August 14th. The stock was purchased at an average price of $20.58 per share, for a total transaction of $315,223.86. Following the transaction, the senior vice president owned 183,509 shares in the company, valued at approximately $3,776,615.22. This trade represents a 9.11% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Thomas A. Surran acquired 15,000 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The stock was acquired at an average cost of $20.46 per share, with a total value of $306,900.00. Following the completion of the acquisition, the chief executive officer directly owned 338,573 shares in the company, valued at approximately $6,927,203.58. This represents a 4.64% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders bought 41,245 shares of company stock valued at $848,115. 1.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on REZI. Seaport Research Partners started coverage on shares of Resideo Technologies in a report on Wednesday, July 1st. They issued a "buy" rating and a $55.00 price target on the stock. Weiss Ratings upgraded shares of Resideo Technologies from a "sell (d+)" rating to a "hold (c)" rating in a research note on Friday, August 14th. Morgan Stanley cut their target price on shares of Resideo Technologies from $50.00 to $45.00 and set an "overweight" rating on the stock in a research note on Monday, July 13th. Zacks Research downgraded shares of Resideo Technologies from a "hold" rating to a "strong sell" rating in a research note on Thursday, July 9th. Finally, Oppenheimer restated an "outperform" rating on shares of Resideo Technologies in a report on Thursday, August 13th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $41.00.

Resideo Technologies Stock Performance

Shares of Resideo Technologies stock opened at $19.65 on Monday. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.41 and a current ratio of 2.22. Resideo Technologies, Inc. has a 1 year low of $18.96 and a 1 year high of $45.29. The firm's 50-day simple moving average is $29.21 and its 200-day simple moving average is $32.88. The firm has a market cap of $2.98 billion, a PE ratio of 8.69 and a beta of 1.63.

Resideo Technologies (NYSE:REZI - Get Free Report) last issued its quarterly earnings results on Wednesday, August 12th. The company reported $0.83 earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $1.94 billion. During the same period in the previous year, the business earned $0.66 EPS. The business's quarterly revenue was up 2.0% on a year-over-year basis. Equities analysts forecast that Resideo Technologies, Inc. will post 2.5 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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