Resideo Technologies (NYSE:REZI) Announces Quarterly Earnings Results

Resideo Technologies (NYSE:REZI) posted its quarterly earnings data on Wednesday. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.36, FiscalAI reports. Resideo Technologies had a positive return on equity of 16.70% and a negative net margin of 6.71%.The business had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.94 billion.

Resideo Technologies Stock Up 6.2%

Shares of Resideo Technologies stock traded up $1.50 during midday trading on Wednesday, hitting $25.74. The company had a trading volume of 3,540,284 shares, compared to its average volume of 1,440,832. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.19 and a current ratio of 2.07. The stock has a market capitalization of $3.90 billion, a P/E ratio of -6.70 and a beta of 1.63. The company has a 50 day moving average of $31.88 and a 200 day moving average of $34.21. Resideo Technologies has a 52-week low of $23.31 and a 52-week high of $45.29.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on REZI shares. JPMorgan Chase & Co. assumed coverage on Resideo Technologies in a research report on Friday, August 7th. They issued a “neutral” rating and a $30.00 target price for the company. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Resideo Technologies in a research note on Friday, July 17th. Seaport Research Partners initiated coverage on Resideo Technologies in a report on Wednesday, July 1st. They issued a “buy” rating and a $55.00 price objective for the company. Zacks Research cut shares of Resideo Technologies from a “hold” rating to a “strong sell” rating in a report on Thursday, July 9th. Finally, Morgan Stanley dropped their target price on shares of Resideo Technologies from $50.00 to $45.00 and set an “overweight” rating on the stock in a report on Monday, July 13th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Resideo Technologies currently has a consensus rating of “Hold” and a consensus target price of $41.00.

Institutional Investors Weigh In On Resideo Technologies

Hedge funds have recently added to or reduced their stakes in the stock. Franklin Resources Inc. increased its holdings in shares of Resideo Technologies by 1,325.0% in the 3rd 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 in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Resideo Technologies by 365.7% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,966,157 shares of the company’s stock valued at $84,899,000 after purchasing an additional 1,543,952 shares in the last quarter. Permian Investment Partners LP boosted its position in shares of Resideo Technologies by 156.2% during the fourth quarter. Permian Investment Partners LP now owns 2,474,500 shares of the company’s stock valued at $86,904,000 after buying an additional 1,508,564 shares during the last quarter. Goldentree Asset Management LP purchased a new stake in shares of Resideo Technologies during the fourth quarter valued at $44,650,000. Finally, Samlyn Capital LLC bought a new stake in Resideo Technologies in the 3rd quarter worth about $36,931,000. 91.71% of the stock is owned by institutional investors.

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.