Pzena Investment Management LLC Takes Position in Resideo Technologies, Inc. $REZI

Pzena Investment Management LLC purchased a new position in shares of Resideo Technologies, Inc. (NYSE:REZI) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 1,686,765 shares of the company’s stock, valued at approximately $52,458,000. Pzena Investment Management LLC owned 1.11% of Resideo Technologies at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of REZI. BlackRock Inc. acquired a new position in Resideo Technologies in the second quarter valued at approximately $673,214,000. Deutsche Bank AG acquired a new stake in Resideo Technologies during the 2nd quarter worth $4,856,000. Global Retirement Partners LLC acquired a new stake in Resideo Technologies during the 2nd quarter worth $236,000. 1ST Source Bank bought a new stake in shares of Resideo Technologies during the 2nd quarter valued at $268,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Resideo Technologies during the 2nd quarter valued at $28,117,000. 91.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on REZI shares. Zacks Research downgraded Resideo Technologies from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 9th. Oppenheimer reaffirmed an “outperform” rating on shares of Resideo Technologies in a research note on Thursday. JPMorgan Chase & Co. assumed coverage on Resideo Technologies in a report on Friday, August 7th. They issued a “neutral” rating and a $30.00 price objective for the company. Morgan Stanley reduced their target price on Resideo Technologies from $50.00 to $45.00 and set an “overweight” rating on the stock in a report on Monday, July 13th. Finally, Weiss Ratings upgraded Resideo Technologies from a “sell (d+)” rating to a “hold (c)” rating in a research report on Friday. 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. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $41.00.

Insider Activity at Resideo Technologies

In related news, SVP Joshua Peter Foster bought 15,317 shares of the company’s stock in a transaction on Friday, August 14th. The shares were purchased at an average cost of $20.58 per share, for a total transaction of $315,223.86. Following the acquisition, the senior vice president owned 183,509 shares of the company’s stock, valued at approximately $3,776,615.22. This represents a 9.11% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Thomas A. Surran bought 15,000 shares of the company’s stock in a transaction 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 completion of the acquisition, the chief executive officer directly owned 338,573 shares in the company, valued at approximately $6,927,203.58. This trade represents a 4.64% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 1.60% of the stock is currently owned by insiders.

Resideo Technologies Stock Performance

REZI stock opened at $20.75 on Tuesday. Resideo Technologies, Inc. has a 1-year low of $20.10 and a 1-year high of $45.29. The company has a current ratio of 2.22, a quick ratio of 1.41 and a debt-to-equity ratio of 1.41. The firm has a market cap of $3.15 billion, a PE ratio of 9.18 and a beta of 1.63. The business’s 50-day moving average price is $31.21 and its two-hundred day moving average price is $33.82.

Resideo Technologies (NYSE:REZI) last announced its quarterly earnings results on Wednesday, August 12th. The company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.36. The company had revenue of $1.98 billion during 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 for the quarter was up 2.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.66 earnings per share. As a group, research analysts forecast that Resideo Technologies, Inc. will post 2.81 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.