Resideo Technologies (NYSE:REZI) Shares Gap Up Following Strong Earnings

Shares of Resideo Technologies, Inc. (NYSE:REZI - Get Free Report) gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $17.47, but opened at $20.06. Resideo Technologies shares last traded at $19.65, with a volume of 319,556 shares traded.

The company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.59 by ($0.08). The business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.84 billion. Resideo Technologies had a return on equity of 11.12% and a net margin of 1.69%.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. downgraded shares of Resideo Technologies from an "overweight" rating to a "neutral" rating and dropped their target price for the stock from $31.00 to $16.00 in a research note on Tuesday, April 22nd.

Insider Buying and Selling at Resideo Technologies

In other Resideo Technologies news, major shareholder Channel Holdings Ii L.P. Cd&R bought 5,754,501 shares of the business's stock in a transaction on Friday, May 9th. The shares were acquired at an average price of $17.38 per share, with a total value of $100,013,227.38. Following the transaction, the insider now owns 5,754,501 shares of the company's stock, valued at approximately $100,013,227.38. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Resideo Technologies

Hedge funds have recently modified their holdings of the business. Pacer Advisors Inc. bought a new position in Resideo Technologies in the fourth quarter worth approximately $122,145,000. Boston Partners increased its holdings in shares of Resideo Technologies by 25.1% in the 4th quarter. Boston Partners now owns 9,797,883 shares of the company's stock valued at $225,865,000 after acquiring an additional 1,966,706 shares during the period. Norges Bank bought a new position in shares of Resideo Technologies in the 4th quarter worth $40,596,000. Federated Hermes Inc. purchased a new stake in shares of Resideo Technologies during the 4th quarter worth $35,542,000. Finally, Nuveen Asset Management LLC boosted its position in Resideo Technologies by 32.4% during the fourth quarter. Nuveen Asset Management LLC now owns 2,320,863 shares of the company's stock valued at $53,496,000 after purchasing an additional 567,800 shares in the last quarter. Hedge funds and other institutional investors own 91.71% of the company's stock.

Resideo Technologies Price Performance

The company has a market cap of $2.94 billion, a PE ratio of 31.43 and a beta of 2.23. The company has a quick ratio of 1.10, a current ratio of 1.82 and a debt-to-equity ratio of 0.69. The firm has a 50 day simple moving average of $17.05 and a 200-day simple moving average of $21.11.

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.