Zacks Research Downgrades Resideo Technologies (NYSE:REZI) to Strong Sell

Resideo Technologies (NYSE:REZI) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Wednesday, Zacks reports.

REZI has been the subject of several other research reports. Seaport Research Partners began coverage on shares of Resideo Technologies in a research report on Wednesday, July 1st. They set a “buy” rating and a $55.00 price target for the company. Morgan Stanley decreased their price objective on shares of Resideo Technologies from $50.00 to $45.00 and set an “overweight” rating on the stock in a research report on Monday, July 13th. Oppenheimer reiterated an “outperform” rating on shares of Resideo Technologies in a report on Thursday, August 13th. Weiss Ratings raised Resideo Technologies from a “sell (d+)” rating to a “hold (c)” rating in a research note on Friday, August 14th. Finally, JPMorgan Chase & Co. started coverage on Resideo Technologies in a report on Friday, August 7th. They set a “neutral” rating and a $30.00 price target on the stock. Two 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $41.00.

Resideo Technologies Price Performance

Shares of Resideo Technologies stock opened at $18.86 on Wednesday. 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 has a one year low of $18.50 and a one year high of $45.29. The business’s 50 day simple moving average is $27.10 and its two-hundred day simple moving average is $31.82. The stock has a market capitalization of $2.86 billion, a P/E ratio of 8.34 and a beta of 1.60.

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

Insider Buying and Selling at Resideo Technologies

In related news, SVP Amit Mehta bought 10,928 shares of the business’s stock in a transaction dated Monday, August 17th. The shares were purchased at an average price of $20.68 per share, with a total value of $225,991.04. Following the purchase, the senior vice president owned 57,362 shares of the company’s stock, valued at approximately $1,186,246.16. This trade represents a 23.53% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Thomas A. Surran purchased 15,000 shares of Resideo Technologies stock in a transaction that occurred on Friday, August 14th. The shares were bought at an average price of $20.46 per share, for a total transaction of $306,900.00. Following 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 ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders have purchased 41,245 shares of company stock valued at $848,115. 1.60% of the stock is currently owned by company insiders.

Institutional Trading of Resideo Technologies

Several institutional investors and hedge funds have recently bought and sold shares of REZI. Ancora Advisors LLC purchased a new position in Resideo Technologies during the second quarter valued at $13,546,000. J. Goldman & Co LP purchased a new position in shares of Resideo Technologies in the 2nd quarter worth about $17,983,000. Hsbc Holdings PLC raised its position in shares of Resideo Technologies by 659.0% in the 1st quarter. Hsbc Holdings PLC now owns 50,832 shares of the company’s stock worth $1,706,000 after purchasing an additional 44,135 shares during the last quarter. Quantinno Capital Management LP boosted its stake in Resideo Technologies by 122.1% in the 1st quarter. Quantinno Capital Management LP now owns 98,948 shares of the company’s stock worth $3,336,000 after purchasing an additional 54,390 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in Resideo Technologies in the 1st quarter worth about $1,497,000. 91.71% of the stock is currently owned by hedge funds and other institutional investors.

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.