The Manufacturers Life Insurance Company Buys Shares of 75,021 Resideo Technologies, Inc. $REZI

Key Points

• The Manufacturers Life Insurance Company initiated a position in Resideo Technologies by purchasing 75,021 shares valued at approximately $2.33 million. Institutional investors collectively own 91.71% of the company.
• Resideo reported quarterly earnings of $0.83 per share, beating analyst expectations of $0.47, while revenue reached $1.98 billion, up 2% year over year and above estimates.
• Company insiders bought shares recently, including 15,000 shares each purchased by the CEO and a senior vice president. Analysts’ consensus rating remains “Hold,” with an average price target of $41.

The Manufacturers Life Insurance Company bought a new position in Resideo Technologies, Inc. (NYSE:REZI - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 75,021 shares of the company's stock, valued at approximately $2,333,000.

Several other hedge funds have also modified their holdings of the company. Danske Bank A S grew its position in shares of Resideo Technologies by 600.0% in the 4th quarter. Danske Bank A S now owns 700 shares of the company's stock worth $25,000 after buying an additional 600 shares during the last quarter. Larson Financial Group LLC raised its stake in shares of Resideo Technologies by 283.8% during the 3rd quarter. Larson Financial Group LLC now owns 568 shares of the company's stock worth $25,000 after acquiring an additional 420 shares in the last quarter. Allworth Financial LP purchased a new stake in Resideo Technologies during the second quarter valued at approximately $28,000. McMillan Office Inc. purchased a new stake in Resideo Technologies during the fourth quarter valued at approximately $33,000. Finally, Kestra Advisory Services LLC acquired a new stake in Resideo Technologies in the fourth quarter valued at approximately $34,000. 91.71% of the stock is owned by hedge funds and other institutional investors.

Resideo Technologies Trading Up 0.5%

NYSE REZI opened at $19.33 on Thursday. Resideo Technologies, Inc. has a 12-month low of $18.86 and a 12-month high of $45.29. The company has a fifty day simple moving average of $28.49 and a two-hundred day simple moving average of $32.53. The company has a current ratio of 2.22, a quick ratio of 1.41 and a debt-to-equity ratio of 1.41. The stock has a market cap of $2.94 billion, a P/E ratio of 8.55 and a beta of 1.60.

Resideo Technologies (NYSE:REZI - Get Free Report) last announced its quarterly earnings data 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. 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 business's quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.66 earnings per share. On average, analysts forecast that Resideo Technologies, Inc. will post 2.5 earnings per share for the current year.

Insider Transactions at Resideo Technologies

In other Resideo Technologies news, CEO Thomas A. Surran purchased 15,000 shares of the business's stock in a transaction that occurred on Friday, August 14th. The shares were bought at an average price of $20.46 per share, for a total transaction of $306,900.00. Following the acquisition, the chief executive officer owned 338,573 shares in the company, valued at $6,927,203.58. This represents a 4.64% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Joshua Peter Foster purchased 15,317 shares of Resideo Technologies stock in a transaction 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 transaction, the senior vice president directly owned 183,509 shares in the company, valued at $3,776,615.22. The trade was a 9.11% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought a total of 41,245 shares of company stock worth $848,115 over the last three months. 1.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Zacks Research lowered shares of Resideo Technologies from a "hold" rating to a "strong sell" rating in a report on Thursday, July 9th. Weiss Ratings upgraded Resideo Technologies from a "sell (d+)" rating to a "hold (c)" rating in a research note on Friday, August 14th. Morgan Stanley decreased their price target on Resideo Technologies from $50.00 to $45.00 and set an "overweight" rating for the company in a research note on Monday, July 13th. JPMorgan Chase & Co. began coverage on Resideo Technologies in a report on Friday, August 7th. They issued a "neutral" rating and a $30.00 price target for the company. Finally, Oppenheimer restated an "outperform" rating on shares of Resideo Technologies in a research note on Thursday, August 13th. Two equities research 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. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $41.00.

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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