Resideo Technologies (NYSE:REZI) Reaches New 1-Year High - What's Next?

Key Points

• Resideo Technologies shares reached a new 52-week high at $29.40, with a closing price of $28.53, reflecting significant trading activity with 5.4 million shares exchanged.
• Analysts are optimistic, with JPMorgan Chase raising their price target from $20.00 to $21.00, and Oppenheimer upgrading their rating from "market perform" to "outperform."
• Institutional investors have increased their stakes, with Clayton Dubilier & Rice LLC acquiring a position worth approximately $127 million and several other firms also boosting their investments in Resideo Technologies.

Shares of Resideo Technologies, Inc. (NYSE:REZI - Get Free Report) hit a new 52-week high during trading on Thursday . The stock traded as high as $29.40 and last traded at $28.53, with a volume of 5436573 shares trading hands. The stock had previously closed at $24.55.

Wall Street Analyst Weigh In

Several analysts have recently commented on REZI shares. Oppenheimer upgraded shares of Resideo Technologies from a "market perform" rating to an "outperform" rating in a research report on Wednesday, July 30th. JPMorgan Chase & Co. lifted their price objective on shares of Resideo Technologies from $20.00 to $21.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 3rd.

Resideo Technologies Stock Performance

The company has a market capitalization of $3.76 billion, a PE ratio of 79.35 and a beta of 2.16. The company has a current ratio of 1.94, a quick ratio of 1.16 and a debt-to-equity ratio of 0.69. The firm's 50-day simple moving average is $22.71 and its 200-day simple moving average is $20.32.

Insider Activity

In other news, insider Robert B. Aarnes sold 47,000 shares of the business's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $28.00, for a total value of $1,316,000.00. Following the completion of the sale, the insider owned 503,692 shares in the company, valued at approximately $14,103,376. The trade was a 8.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Channel Holdings Ii L.P. Cd&R purchased 4,477,919 shares of Resideo Technologies stock in a transaction dated Friday, July 25th. The stock was acquired at an average price of $22.33 per share, with a total value of $99,991,931.27. Following the acquisition, the insider owned 10,232,420 shares in the company, valued at approximately $228,489,938.60. This represents a 77.82% increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.50% of the company's stock.

Institutional Trading of Resideo Technologies

A number of hedge funds have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC boosted its stake in Resideo Technologies by 25.2% during the fourth quarter. Commonwealth Equity Services LLC now owns 16,331 shares of the company's stock worth $376,000 after buying an additional 3,282 shares during the period. LPL Financial LLC boosted its position in shares of 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 purchasing an additional 7,514 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Resideo Technologies by 7.0% in the 4th quarter. JPMorgan Chase & Co. now owns 1,078,735 shares of the company's stock worth $24,865,000 after buying an additional 70,755 shares in the last quarter. Norges Bank acquired a new position in Resideo Technologies in the 4th quarter valued at about $40,596,000. Finally, Pictet Asset Management Holding SA increased its stake in shares of Resideo Technologies by 15.7% during the 4th quarter. Pictet Asset Management Holding SA now owns 20,285 shares of the company's stock valued at $468,000 after acquiring an additional 2,757 shares during the last quarter. 91.71% of the stock is owned by hedge funds and other institutional investors.

Resideo Technologies Company Profile

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.