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

Key Points

• Resideo Technologies fell 7.5% to a new 52-week low of $17.22, well below its 50-day and 200-day moving averages. The stock has a market capitalization of about $2.66 billion and a beta of 1.54.
• Analyst sentiment is mixed, with three Buy, two Hold, and one Sell rating, resulting in a consensus Hold rating and a $35 average price target.
• Despite the share-price decline, Resideo exceeded quarterly expectations with $0.83 earnings per share versus $0.47 expected and $1.98 billion in revenue. Insiders have also purchased 41,245 shares worth approximately $848,115 over the past three months.

Resideo Technologies, Inc. (NYSE:REZI - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Thursday. The stock traded as low as $17.22 and last traded at $17.5050, with a volume of 4184863 shares traded. The stock had previously closed at $18.92.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. JPMorgan Chase & Co. began coverage on Resideo Technologies in a report on Friday, August 7th. They set a "neutral" rating and a $30.00 target price on the stock. Seaport Research Partners initiated coverage on Resideo Technologies in a report on Wednesday, July 1st. They issued a "buy" rating and a $55.00 price target for the company. Morgan Stanley reduced their price objective on Resideo Technologies from $50.00 to $45.00 and set an "overweight" rating on the stock in a research report on Monday, July 13th. Oppenheimer reaffirmed an "outperform" rating on shares of Resideo Technologies in a research note on Thursday, August 13th. Finally, Evercore started coverage on Resideo Technologies in a research note on Monday, September 28th. They set an "outperform" rating and a $30.00 price objective on the stock. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $35.00.

Resideo Technologies Stock Down 7.5%

The business has a 50-day simple moving average of $21.08 and a two-hundred day simple moving average of $29.50. The company has a market cap of $2.66 billion, a price-to-earnings ratio of 7.75 and a beta of 1.54. The company has a quick ratio of 1.41, a current ratio of 2.22 and a debt-to-equity ratio of 1.41.

Resideo Technologies (NYSE:REZI - Get Free Report) last issued its quarterly earnings data on Wednesday, August 12th. The company reported $0.83 EPS for the quarter, beating analysts' consensus estimates of $0.47 by $0.36. The business had revenue of $1.98 billion for the quarter, compared to analyst estimates of $1.94 billion. Resideo Technologies had a return on equity of 17.79% and a net margin of 5.37%.The firm's revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.66 EPS. As a group, equities analysts forecast that Resideo Technologies, Inc. will post 2.16 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP Joshua Foster bought 15,317 shares of the business's stock in a transaction that occurred on Friday, August 14th. The stock was purchased at an average cost of $20.58 per share, for a total transaction of $315,223.86. Following the purchase, the senior vice president directly owned 183,509 shares in the company, valued at $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 Securities & Exchange Commission, which is accessible through this link. Also, SVP Amit Mehta purchased 10,928 shares of Resideo Technologies stock in a transaction on Monday, August 17th. The stock was bought at an average cost of $20.68 per share, with a total value of $225,991.04. Following the completion of the acquisition, the senior vice president owned 57,362 shares in the company, valued at approximately $1,186,246.16. This trade represents a 23.53% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders acquired 41,245 shares of company stock valued at $848,115. 1.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in REZI. Allworth Financial LP bought a new position in Resideo Technologies during the second quarter valued at about $28,000. State of Wyoming bought a new stake in shares of Resideo Technologies in the 2nd quarter worth approximately $91,000. Nykredit A S bought a new stake in shares of Resideo Technologies in the 2nd quarter worth approximately $132,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Resideo Technologies during the 2nd quarter worth approximately $132,000. Finally, Rockefeller Capital Management L.P. increased its position in shares of Resideo Technologies by 209.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 3,889 shares of the company's stock valued at $137,000 after purchasing an additional 2,632 shares during the period. Institutional investors own 91.71% of the company's stock.

About Resideo Technologies

Resideo Technologies, Inc is a global provider of products and services for residential and commercial comfort, security, safety and energy management. The company develops and distributes connected home technologies, including thermostats, indoor air-quality products, water-leak detection systems, security controls, sensors and related accessories.

Resideo also operates ADI Global Distribution, a distributor of security, automation and low-voltage products serving professional installers and integrators.

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