Resideo Technologies (NYSE:REZI) Shares Down 6.5% – Here’s What Happened

Resideo Technologies, Inc. (NYSE:REZI) dropped 6.5% on Wednesday. The company traded as low as $17.56 and last traded at $17.6930. Approximately 159,281 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 1,629,343 shares. The stock had previously closed at $18.92.

Analyst Ratings Changes

Several research firms recently issued reports on REZI. Weiss Ratings upgraded Resideo Technologies from a “sell (d+)” rating to a “hold (c)” rating in a research report on Friday, August 14th. Oppenheimer reiterated an “outperform” rating on shares of Resideo Technologies in a research report on Thursday, August 13th. Zacks Research lowered Resideo Technologies from a “hold” rating to a “strong sell” rating in a research note on Wednesday, September 9th. Seaport Research Partners began coverage on Resideo Technologies in a research note on Wednesday, July 1st. They set a “buy” rating and a $55.00 price objective for the company. Finally, JPMorgan Chase & Co. assumed coverage on shares of Resideo Technologies in a report on Friday, August 7th. They issued a “neutral” rating and a $30.00 target price on the stock. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $35.00.

Resideo Technologies Trading Down 2.1%

The company has a debt-to-equity ratio of 1.41, a current ratio of 2.22 and a quick ratio of 1.41. The firm’s 50 day moving average price is $20.73 and its 200 day moving average price is $29.39. The stock has a market capitalization of $2.61 billion, a P/E ratio of 7.61 and a beta of 1.54.

Resideo Technologies (NYSE:REZI) last posted its 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 for the quarter, compared to analysts’ expectations of $1.94 billion. Resideo Technologies had a return on equity of 17.79% and a net margin of 5.37%.Resideo Technologies’s quarterly revenue was up 2.0% on a year-over-year basis. During the same period last year, the firm earned $0.66 earnings per share. As a group, equities research analysts expect that Resideo Technologies, Inc. will post 2.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Amit Mehta acquired 10,928 shares of the firm’s stock in a transaction on Monday, August 17th. The stock was acquired at an average cost of $20.68 per share, for a total transaction of $225,991.04. Following the acquisition, the senior vice president owned 57,362 shares of the company’s stock, valued at $1,186,246.16. This trade represents a 23.53% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Thomas A. Surran bought 15,000 shares of the company’s stock in a transaction dated Friday, August 14th. The stock was bought at an average cost of $20.46 per share, with a total value of $306,900.00. Following the completion of the transaction, the chief executive officer owned 338,573 shares in the company, valued at approximately $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. Insiders acquired 41,245 shares of company stock valued at $848,115 over the last quarter. 1.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Resideo Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC raised its position in shares of Resideo Technologies by 15.2% in the 3rd quarter. GAMMA Investing LLC now owns 6,799 shares of the company’s stock worth $123,000 after acquiring an additional 896 shares in the last quarter. WINTON GROUP Ltd boosted its position in shares of Resideo Technologies by 136.5% during the second 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 in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Resideo Technologies in the second quarter worth $132,000. IFP Advisors Inc grew its stake in Resideo Technologies by 33.1% in 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. Finally, Squarepoint Ops LLC raised its holdings in Resideo Technologies by 85.8% in 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 in the last quarter. Hedge funds and other institutional investors own 91.71% of the company’s stock.

About Resideo Technologies

Resideo Technologies, Inc is a global provider of products and services for residential and commercial comfort, security, safety and energy management. The company develops and distributes connected home technologies, including thermostats, indoor air-quality products, water-leak detection systems, security controls, sensors and related accessories.

Resideo also operates ADI Global Distribution, a distributor of security, automation and low-voltage products serving professional installers and integrators.