Resideo Technologies (NYSE:REZI) Stock Rating Upgraded by Oppenheimer

Key Points

• Oppenheimer upgraded Resideo Technologies from a "market perform" rating to an "outperform" rating, signaling increased confidence in the company's future performance.
• JPMorgan Chase increased its price target for Resideo from $20.00 to $21.00, assigning a "neutral" rating to the stock.
• Shares of Resideo Technologies experienced a substantial rise, trading up 15.1% to reach $28.26, accompanied by a notable increase in trading volume.

Resideo Technologies (NYSE:REZI - Get Free Report) was upgraded by Oppenheimer from a "market perform" rating to an "outperform" rating in a research note issued on Wednesday, MarketBeat Ratings reports.

Separately, JPMorgan Chase & Co. boosted their target price 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 Price Performance

Resideo Technologies stock traded down $1.87 during trading hours on Wednesday, hitting $25.43. 2,169,415 shares of the company traded hands, compared to its average volume of 1,209,716. Resideo Technologies has a 1-year low of $14.18 and a 1-year high of $29.40. The firm has a market cap of $3.78 billion, a P/E ratio of 79.47 and a beta of 2.16. The firm's 50-day simple moving average is $22.71 and its two-hundred day simple moving average is $20.35. The company has a quick ratio of 1.16, a current ratio of 1.94 and a debt-to-equity ratio of 0.69.

Insiders Place Their Bets

In other Resideo Technologies news, major shareholder Channel Holdings Ii L.P. Cd&R acquired 4,477,919 shares of Resideo Technologies stock in a transaction dated Friday, July 25th. The stock was bought at an average price of $22.33 per share, for a total transaction of $99,991,931.27. Following the transaction, the insider owned 10,232,420 shares in the company, valued at approximately $228,489,938.60. This trade represents a 77.82% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Nina Richardson sold 2,790 shares of Resideo Technologies stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $23.68, for a total transaction of $66,067.20. Following the completion of the transaction, the director directly owned 64,008 shares in the company, valued at $1,515,709.44. This represents a 4.18% decrease in their position. The disclosure for this sale can be found here. 1.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. HighTower Advisors LLC acquired a new stake in shares of Resideo Technologies during the fourth quarter worth $245,000. Commonwealth Equity Services LLC increased its stake in Resideo Technologies by 25.2% in the 4th quarter. Commonwealth Equity Services LLC now owns 16,331 shares of the company's stock worth $376,000 after purchasing an additional 3,282 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in Resideo Technologies during the 4th quarter worth about $673,000. LPL Financial LLC raised its holdings in Resideo Technologies by 26.5% during the 4th quarter. LPL Financial LLC now owns 35,851 shares of the company's stock worth $826,000 after buying an additional 7,514 shares during the period. Finally, Vanguard Group Inc. lifted its stake in Resideo Technologies by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 16,137,439 shares of the company's stock valued at $371,968,000 after buying an additional 75,940 shares in the last quarter. Institutional investors own 91.71% of the company's stock.

About Resideo Technologies

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.