Resideo Technologies (NYSE:REZI) Reaches New 52-Week Low After Analyst Downgrade

Resideo Technologies, Inc. (NYSE:REZI) shares hit a new 52-week low during trading on Wednesday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The stock traded as low as $18.82 and last traded at $18.8890, with a volume of 2137235 shares. The stock had previously closed at $19.64.

Other analysts have also issued research reports about the company. Seaport Research Partners assumed coverage on Resideo Technologies in a report on Wednesday, July 1st. They set a “buy” rating and a $55.00 price target for the company. Weiss Ratings raised Resideo Technologies from a “sell (d+)” rating to a “hold (c)” rating in a research report on Friday, August 14th. JPMorgan Chase & Co. started coverage on Resideo Technologies in a research note on Friday, August 7th. They set a “neutral” rating and a $30.00 price objective for the company. Oppenheimer reissued an “outperform” rating on shares of Resideo Technologies in a report on Thursday, August 13th. Finally, Morgan Stanley decreased their target price on shares of Resideo Technologies from $50.00 to $45.00 and set an “overweight” rating on the stock in a research note on Monday, July 13th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $41.00.

Insiders Place Their Bets

In other Resideo Technologies news, SVP Joshua Foster bought 15,317 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The stock was purchased at an average price of $20.58 per share, for a total transaction of $315,223.86. Following the completion of the transaction, the senior vice president owned 183,509 shares of the company’s stock, valued at $3,776,615.22. This trade represents a 9.11% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Amit Mehta bought 10,928 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The shares were acquired at an average cost of $20.68 per share, for a total transaction of $225,991.04. Following the purchase, the senior vice president directly owned 57,362 shares in the company, valued at $1,186,246.16. This trade represents a 23.53% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders acquired 41,245 shares of company stock worth $848,115. Corporate insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Resideo Technologies

Institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in Resideo Technologies in the 2nd quarter worth $673,214,000. California State Teachers Retirement System grew its position in shares of Resideo Technologies by 3,036.4% during the second quarter. California State Teachers Retirement System now owns 4,879,839 shares of the company’s stock valued at $156,908,000 after purchasing an additional 4,724,252 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of Resideo Technologies by 1,325.0% in the third quarter. Franklin Resources Inc. now owns 1,888,665 shares of the company’s stock worth $81,553,000 after purchasing an additional 1,756,131 shares during the last quarter. Clayton Dubilier & Rice LLC increased its holdings in shares of Resideo Technologies by 12.7% in the fourth quarter. Clayton Dubilier & Rice LLC now owns 14,976,142 shares of the company’s stock worth $525,962,000 after purchasing an additional 1,689,758 shares during the last quarter. Finally, Pzena Investment Management LLC purchased a new stake in shares of Resideo Technologies in the second quarter worth about $52,458,000. 91.71% of the stock is owned by hedge funds and other institutional investors.

Resideo Technologies Stock Up 1.2%

The business has a 50-day moving average of $27.10 and a 200 day moving average of $31.82. The company has a market capitalization of $2.89 billion, a PE ratio of 8.41 and a beta of 1.60. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.22 and a quick ratio of 1.41.

Resideo Technologies (NYSE:REZI) last released its quarterly earnings data on Wednesday, August 12th. The company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.36. The business had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $1.94 billion. Resideo Technologies had a return on equity of 17.79% and a net margin of 5.37%.The company’s revenue was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.66 EPS. Equities research analysts predict that Resideo Technologies, Inc. will post 2.5 earnings per share for the current year.

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.