Resideo Technologies (NYSE:REZI) Issues Earnings Results, Beats Estimates By $0.36 EPS

Key Points

• Resideo beat quarterly expectations: The company reported adjusted earnings of $0.83 per share, $0.36 above estimates, while revenue reached $1.98 billion versus the $1.94 billion consensus.
• Shares rose 6.2% to $25.74 following the results, though the stock remains near its one-year low and has negative net margins.
• Analyst sentiment remains mixed: Resideo carries a consensus “Hold” rating and a $41 average price target, while institutional investors own 91.71% of the company.

Resideo Technologies (NYSE:REZI - Get Free Report) posted its quarterly earnings results on Wednesday. The company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.36, FiscalAI reports. Resideo Technologies had a negative net margin of 6.71% and a positive return on equity of 16.70%. The business had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $1.94 billion.

Resideo Technologies Trading Up 6.2%

Shares of NYSE:REZI traded up $1.50 during midday trading on Wednesday, hitting $25.74. 3,540,284 shares of the stock traded hands, compared to its average volume of 1,440,832. The company has a quick ratio of 1.19, a current ratio of 2.07 and a debt-to-equity ratio of 1.30. The business's 50 day moving average is $31.88 and its two-hundred day moving average is $34.21. The stock has a market capitalization of $3.90 billion, a PE ratio of -6.70 and a beta of 1.63. Resideo Technologies has a one year low of $23.31 and a one year high of $45.29.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of REZI. Larson Financial Group LLC grew its position 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 worth $25,000 after buying an additional 420 shares during the last quarter. McMillan Office Inc. bought a new stake in Resideo Technologies in the fourth quarter valued at $33,000. Headlands Technologies LLC bought a new stake in Resideo Technologies in the second quarter valued at $34,000. Kestra Advisory Services LLC purchased a new position in Resideo Technologies during the 4th quarter valued at $34,000. Finally, Los Angeles Capital Management LLC purchased a new position in Resideo Technologies during the 4th quarter valued at $39,000. Hedge funds and other institutional investors own 91.71% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on REZI shares. JPMorgan Chase & Co. initiated coverage on Resideo Technologies in a report on Friday, August 7th. They issued a "neutral" rating and a $30.00 price objective on the stock. Zacks Research lowered Resideo Technologies from a "hold" rating to a "strong sell" rating in a research report on Thursday, July 9th. Seaport Research Partners initiated coverage on Resideo Technologies in a research note on Wednesday, July 1st. They issued a "buy" rating and a $55.00 price target on the stock. Weiss Ratings reiterated a "sell (d+)" rating on shares of Resideo Technologies in a research report on Friday, July 17th. Finally, Morgan Stanley dropped their price objective 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. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Resideo Technologies has an average rating of "Hold" and a consensus price target of $41.00.

Resideo Technologies Company Profile

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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