Resideo Technologies (NYSE:REZI) Lowered to Strong Sell Rating by Zacks Research

Zacks Research lowered shares of Resideo Technologies (NYSE:REZI) from a hold rating to a strong sell rating in a research report report published on Wednesday morning,Zacks reports.

A number of other brokerages have also recently issued reports on REZI. Weiss Ratings upgraded Resideo Technologies from a “sell (d+)” rating to a “hold (c)” rating in a report on Friday, August 14th. Oppenheimer reaffirmed an “outperform” rating on shares of Resideo Technologies in a report on Thursday, August 13th. JPMorgan Chase & Co. initiated coverage on Resideo Technologies in a research report on Friday, August 7th. They issued a “neutral” rating and a $30.00 price target for the company. Morgan Stanley dropped their price target on Resideo Technologies from $50.00 to $45.00 and set an “overweight” rating on the stock in a research note on Monday, July 13th. Finally, Seaport Research Partners began coverage on Resideo Technologies in a report on Wednesday, July 1st. They set a “buy” rating and a $55.00 price objective on the stock. Two equities 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’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $41.00.

Resideo Technologies Trading Down 0.1%

Shares of NYSE:REZI opened at $18.86 on Wednesday. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.41 and a current ratio of 2.22. The stock has a market capitalization of $2.86 billion, a price-to-earnings ratio of 8.34 and a beta of 1.60. Resideo Technologies has a 1-year low of $18.50 and a 1-year high of $45.29. The company has a 50 day moving average price of $27.10 and a 200 day moving average price of $31.82.

Resideo Technologies (NYSE:REZI) last posted its quarterly earnings results on Wednesday, August 12th. The company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.36. Resideo Technologies had a return on equity of 17.79% and a net margin of 5.37%.The company had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.94 billion. During the same quarter in the prior year, the company earned $0.66 earnings per share. The firm’s revenue was up 2.0% on a year-over-year basis. On average, research analysts anticipate that Resideo Technologies will post 2.5 EPS for the current fiscal year.

Insiders Place Their Bets

In other Resideo Technologies news, SVP Joshua Foster purchased 15,317 shares of the stock in a transaction dated Friday, August 14th. The shares were acquired at an average price of $20.58 per share, for a total transaction of $315,223.86. Following the completion of the acquisition, the senior vice president owned 183,509 shares of the company’s stock, valued at $3,776,615.22. This represents a 9.11% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Thomas Surran purchased 15,000 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were acquired at an average cost of $20.46 per share, for a total transaction of $306,900.00. Following the completion of the transaction, the chief executive officer directly owned 338,573 shares of the company’s stock, valued at $6,927,203.58. This trade represents a 4.64% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have bought 41,245 shares of company stock worth $848,115. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Resideo Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the business. WINTON GROUP Ltd increased its holdings in shares of Resideo Technologies by 136.5% in the 2nd quarter. WINTON GROUP Ltd now owns 17,500 shares of the company’s stock valued at $544,000 after purchasing an additional 10,100 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in shares of Resideo Technologies in the second quarter worth approximately $132,000. IFP Advisors Inc boosted its holdings in shares of Resideo Technologies by 33.1% during the second quarter. IFP Advisors Inc now owns 4,670 shares of the company’s stock worth $145,000 after purchasing an additional 1,162 shares during the period. Squarepoint Ops LLC boosted its holdings in shares of Resideo Technologies by 85.8% during the second quarter. Squarepoint Ops LLC now owns 166,835 shares of the company’s stock worth $5,189,000 after purchasing an additional 77,065 shares during the period. Finally, Arizona State Retirement System grew its position in Resideo Technologies by 1.5% during the second quarter. Arizona State Retirement System now owns 37,560 shares of the company’s stock valued at $1,168,000 after purchasing an additional 567 shares in the last quarter. Hedge funds and other institutional investors own 91.71% of the company’s stock.

About Resideo Technologies

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.