Insider Buying: Resideo Technologies, Inc. (NYSE:REZI) Major Shareholder Purchases 339,728 Shares of Stock

Key Points

• Channel Holdings Ii L.P. Cd&R, a major shareholder of Resideo Technologies, acquired 339,728 shares of the company at an average price of $30.75 per share, increasing their ownership by 3.05% to a total of approximately $352.97 million.
• Resideo Technologies experienced a significant stock price movement, with shares trading up by $3.79 to reach $31.26, and the company reported a 22.3% revenue increase year-over-year for the previous quarter.
• Analysts have responded positively, with Morgan Stanley raising their rating to "overweight" and increasing the target price to $35.00, indicating strong future expectations for the stock.

Resideo Technologies, Inc. (NYSE:REZI - Get Free Report) major shareholder Channel Holdings Ii L.P. Cd&R bought 339,728 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was acquired at an average price of $30.75 per share, for a total transaction of $10,446,636.00. Following the transaction, the insider owned 11,478,543 shares of the company's stock, valued at approximately $352,965,197.25. The trade was a 3.05% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Large shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

Channel Holdings Ii L.P. Cd&R also recently made the following trade(s):

• On Monday, August 11th, Channel Holdings Ii L.P. Cd&R purchased 457,508 shares of Resideo Technologies stock. The shares were purchased at an average price of $27.34 per share, for a total transaction of $12,508,268.72.
• On Friday, August 8th, Channel Holdings Ii L.P. Cd&R acquired 448,887 shares of Resideo Technologies stock. The stock was bought at an average cost of $27.30 per share, for a total transaction of $12,254,615.10.
• On Friday, July 25th, Channel Holdings Ii L.P. Cd&R purchased 4,477,919 shares of Resideo Technologies stock. The stock was acquired at an average cost of $22.33 per share, for a total transaction of $99,991,931.27.

Resideo Technologies Price Performance

Shares of NYSE:REZI traded up $3.79 on Tuesday, hitting $31.26. The company's stock had a trading volume of 4,311,675 shares, compared to its average volume of 1,597,355. The company has a 50-day simple moving average of $23.70 and a 200 day simple moving average of $20.55. Resideo Technologies, Inc. has a 1 year low of $14.18 and a 1 year high of $31.59. The company has a market capitalization of $4.65 billion, a PE ratio of -5.73 and a beta of 2.16. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.00 and a quick ratio of 0.63.

Resideo Technologies (NYSE:REZI - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.66 earnings per share for the quarter, beating analysts' consensus estimates of $0.54 by $0.12. Resideo Technologies had a positive return on equity of 12.55% and a negative net margin of 10.52%. The company had revenue of $1.94 billion for the quarter, compared to analysts' expectations of $1.83 billion. During the same period last year, the firm posted $0.62 EPS. Resideo Technologies's revenue for the quarter was up 22.3% compared to the same quarter last year. Sell-side analysts forecast that Resideo Technologies, Inc. will post 2.13 EPS for the current fiscal year.

Institutional Investors Weigh In On Resideo Technologies

Several hedge funds have recently made changes to their positions in the company. Quarry LP purchased a new position in Resideo Technologies during the fourth quarter valued at $28,000. IFP Advisors Inc increased its position in Resideo Technologies by 20,133.3% during the first quarter. IFP Advisors Inc now owns 2,428 shares of the company's stock valued at $43,000 after acquiring an additional 2,416 shares during the last quarter. Versant Capital Management Inc increased its position in Resideo Technologies by 52.1% during the first quarter. Versant Capital Management Inc now owns 3,174 shares of the company's stock valued at $56,000 after acquiring an additional 1,087 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Resideo Technologies during the first quarter valued at about $65,000. Finally, Sterling Capital Management LLC grew its holdings in Resideo Technologies by 705.9% during the fourth quarter. Sterling Capital Management LLC now owns 4,755 shares of the company's stock valued at $110,000 after purchasing an additional 4,165 shares during the period. 91.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

REZI has been the topic of a number of research reports. Morgan Stanley raised Resideo Technologies from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $24.00 to $35.00 in a research report on Tuesday. Oppenheimer upgraded Resideo Technologies from a "market perform" rating to an "outperform" rating in a research note on Wednesday, July 30th. Finally, JPMorgan Chase & Co. increased their price objective on Resideo Technologies from $20.00 to $21.00 and gave the stock a "neutral" rating in a report on Tuesday, June 3rd.

Resideo Technologies Company Profile

Resideo Technologies, Inc develops, manufactures, and sells comfort, energy management, and safety and security solutions to the commercial and residential end markets in the United States, Europe, and internationally. The company operates in two segments, Products and Solutions, and ADI Global Distribution.

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