Resideo Technologies (NYSE:REZI) Sets New 12-Month Low - Here's What Happened

Key Points

• Resideo Technologies shares hit a new 52-week low of $18.96 during trading, closing previously at $19.28. The stock’s average analyst rating is “Hold,” with a consensus price target of $41.
• The company reported stronger-than-expected quarterly results, posting $0.83 in EPS versus the $0.47 estimate and revenue of $1.98 billion, up 2% year over year.
• Insiders have recently shown confidence in the company, with executives purchasing 41,245 shares worth approximately $848,115 over the past 90 days. Institutional investors own 91.71% of Resideo’s stock.

Resideo Technologies, Inc. (NYSE:REZI - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $18.96 and last traded at $19.9150, with a volume of 2315993 shares trading hands. The stock had previously closed at $19.28.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on REZI. JPMorgan Chase & Co. started coverage on shares of Resideo Technologies in a report on Friday, August 7th. They issued a "neutral" rating and a $30.00 target price for the company. Seaport Research Partners initiated coverage on shares of Resideo Technologies in a report on Wednesday, July 1st. They set a "buy" rating and a $55.00 price target on the stock. Oppenheimer reiterated an "outperform" rating on shares of Resideo Technologies in a research report on Thursday, August 13th. Zacks Research cut shares of Resideo Technologies from a "hold" rating to a "strong sell" rating in a research note on Thursday, July 9th. Finally, Morgan Stanley decreased their price objective on shares of Resideo Technologies from $50.00 to $45.00 and set an "overweight" rating on the stock in a research report on Monday, July 13th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Resideo Technologies has an average rating of "Hold" and an average target price of $41.00.

Resideo Technologies Trading Up 3.3%

The stock has a market cap of $3.02 billion, a PE ratio of 8.81 and a beta of 1.63. The stock has a 50-day moving average price of $29.90 and a two-hundred day moving average price of $33.21. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.22 and a quick ratio of 1.41.

Resideo Technologies (NYSE:REZI - Get Free Report) last posted its earnings results on Wednesday, August 12th. The company reported $0.83 EPS for the quarter, topping 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 company had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $1.94 billion. During the same period in the previous year, the business earned $0.66 earnings per share. The firm's revenue for the quarter was up 2.0% on a year-over-year basis. Sell-side analysts forecast that Resideo Technologies, Inc. will post 2.81 earnings per share for the current fiscal year.

Insider Transactions at Resideo Technologies

In other Resideo Technologies news, CEO Thomas A. Surran bought 15,000 shares of the business's stock in a transaction that occurred on Friday, August 14th. The stock was purchased 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 owned 338,573 shares in the company, valued at $6,927,203.58. This trade represents a 4.64% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Amit Ashvin Mehta purchased 10,928 shares of Resideo Technologies stock in a transaction that occurred on Monday, August 17th. The stock was acquired at an average price 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 of the company's stock, valued at $1,186,246.16. The trade was a 23.53% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought 41,245 shares of company stock valued at $848,115 in the last ninety days. Corporate insiders own 1.60% of the company's stock.

Hedge Funds Weigh In On Resideo Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Danske Bank A S increased its holdings 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 lifted its holdings in shares of 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 acquiring an additional 420 shares during the last quarter. Allworth Financial LP bought a new position in shares of Resideo Technologies in the 2nd quarter valued at about $28,000. McMillan Office Inc. purchased a new position in Resideo Technologies in the fourth quarter worth about $33,000. Finally, Kestra Advisory Services LLC purchased a new position in Resideo Technologies in the fourth quarter worth about $34,000. 91.71% of the stock is owned by hedge funds and other institutional investors.

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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