Resideo Technologies (NYSE:REZI) Sets New 52-Week Low - Here's What Happened

Key Points

• Resideo Technologies shares fell to a new 52-week low of $18.50, well below their 50-day and 200-day moving averages of $26.34 and $31.44, respectively.
• Analyst sentiment is mixed: the stock carries an average “Hold” rating and a $41 price target, with ratings ranging from “Strong Sell” to “Buy.”
• Despite the share-price decline, Resideo exceeded quarterly expectations with $0.83 in EPS versus $0.47 expected and $1.98 billion in revenue; company insiders also purchased 41,245 shares worth about $848,115 over the past 90 days.

Resideo Technologies, Inc. (NYSE:REZI - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $18.50 and last traded at $18.5910, with a volume of 34103 shares traded. The stock had previously closed at $18.71.

Analyst Upgrades and Downgrades

REZI has been the topic of a number of recent analyst reports. Seaport Research Partners began coverage on Resideo Technologies in a research note on Wednesday, July 1st. They issued a "buy" rating and a $55.00 price objective on the stock. Weiss Ratings upgraded shares of Resideo Technologies from a "sell (d+)" rating to a "hold (c)" rating in a report on Friday, August 14th. Zacks Research downgraded shares of Resideo Technologies from a "hold" rating to a "strong sell" rating in a research report on Wednesday, September 9th. Morgan Stanley decreased their price objective on shares of Resideo Technologies from $50.00 to $45.00 and set an "overweight" rating for the company in a research report on Monday, July 13th. Finally, Oppenheimer reissued an "outperform" rating on shares of Resideo Technologies in a research note on Thursday, August 13th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $41.00.

Resideo Technologies Stock Performance

The company has a market capitalization of $2.87 billion, a price-to-earnings ratio of 8.38 and a beta of 1.60. The company has a 50 day moving average price of $26.34 and a 200 day moving average price of $31.44. 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 (NYSE:REZI - Get Free Report) last issued its earnings results on Wednesday, August 12th. The company reported $0.83 earnings per share (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 analysts' expectations of $1.94 billion. During the same period last year, the business earned $0.66 EPS. Resideo Technologies's quarterly revenue was up 2.0% compared to the same quarter last year. Equities research analysts predict that Resideo Technologies, Inc. will post 2.5 earnings per share for the current fiscal year.

Insider Activity at Resideo Technologies

In related news, CEO Thomas Surran purchased 15,000 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The stock was acquired at an average price of $20.46 per share, for a total transaction of $306,900.00. Following the completion of the acquisition, the chief executive officer owned 338,573 shares of the company's stock, valued at $6,927,203.58. This represents a 4.64% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Joshua Foster bought 15,317 shares of the stock in a transaction dated Friday, August 14th. The stock was purchased at an average price of $20.58 per share, with a total value of $315,223.86. Following the acquisition, the senior vice president owned 183,509 shares of the company's stock, valued at $3,776,615.22. The trade was a 9.11% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased a total of 41,245 shares of company stock valued at $848,115 over the last 90 days. Insiders own 1.60% of the company's stock.

Hedge Funds Weigh In On Resideo Technologies

Several hedge funds have recently modified their holdings of REZI. Arizona State Retirement System lifted its holdings in shares of Resideo Technologies by 1.5% during the second quarter. Arizona State Retirement System now owns 37,560 shares of the company's stock valued at $1,168,000 after purchasing an additional 567 shares in the last quarter. Oregon Public Employees Retirement Fund increased its holdings in Resideo Technologies by 2.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 31,495 shares of the company's stock worth $1,106,000 after buying an additional 626 shares in the last quarter. Allworth Financial LP purchased a new position in Resideo Technologies in the 2nd quarter worth about $28,000. Lido Advisors LLC raised its position in Resideo Technologies by 7.7% in the 1st quarter. Lido Advisors LLC now owns 15,375 shares of the company's stock worth $518,000 after buying an additional 1,104 shares during the last quarter. Finally, IFP Advisors Inc lifted its stake in Resideo Technologies by 33.1% during the 2nd quarter. IFP Advisors Inc now owns 4,670 shares of the company's stock valued at $145,000 after acquiring an additional 1,162 shares during the period. Institutional investors own 91.71% of the company's stock.

Resideo Technologies Company Profile

Resideo Technologies, Inc is a technology and manufacturing company that provides products and solutions for residential and commercial buildings. Its offerings are designed to improve security, comfort, energy efficiency, water management and connectivity in homes and other properties.

Through its Products and Solutions segment, Resideo supplies thermostats, heating and cooling controls, indoor air-quality products, water-management systems, security and fire products, video solutions, sensors and connected-home technologies.

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