Resideo Technologies (NYSE:REZI) Now Covered by Evercore

Analysts at Evercore initiated coverage on shares of Resideo Technologies (NYSE:REZI) in a note issued to investors on Monday, Briefing.com reports. The brokerage set an “outperform” rating and a $30.00 price target on the stock. Evercore’s price objective suggests a potential upside of 65.47% from the company’s current price.

Several other research firms have also issued reports on REZI. Zacks Research lowered Resideo Technologies from a “hold” rating to a “strong sell” rating in a research note on Wednesday, September 9th. JPMorgan Chase & Co. initiated coverage on shares of Resideo Technologies in a research note on Friday, August 7th. They issued a “neutral” rating and a $30.00 price target for the company. Oppenheimer reissued an “outperform” rating on shares of Resideo Technologies in a research note on Thursday, August 13th. Morgan Stanley cut their price objective on Resideo Technologies from $50.00 to $45.00 and set an “overweight” rating for the company in a report on Monday, July 13th. Finally, Seaport Research Partners initiated coverage on Resideo Technologies in a research note on Wednesday, July 1st. They issued a “buy” rating and a $55.00 target price for the company. 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 data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $35.00.

Resideo Technologies Stock Performance

Shares of NYSE REZI traded down $0.14 during mid-day trading on Monday, hitting $18.13. The company had a trading volume of 327,353 shares, compared to its average volume of 1,631,252. The stock’s 50-day moving average price is $23.76 and its 200-day moving average price is $30.39. The company has a market capitalization of $2.75 billion, a price-to-earnings ratio of 8.00 and a beta of 1.60. The company has a current ratio of 2.22, a quick ratio of 1.41 and a debt-to-equity ratio of 1.41. Resideo Technologies has a 1 year low of $17.96 and a 1 year high of $45.29.

Resideo Technologies (NYSE:REZI) last announced its quarterly earnings results on Wednesday, August 12th. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.36. The firm 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%.The company’s revenue was up 2.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.66 earnings per share. On average, sell-side analysts forecast that Resideo Technologies will post 2.5 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP Joshua Foster purchased 15,317 shares of the business’s stock in a transaction on Friday, August 14th. The stock was acquired at an average price of $20.58 per share, with a total value of $315,223.86. Following the completion of the acquisition, the senior vice president owned 183,509 shares of the company’s stock, valued at approximately $3,776,615.22. This trade represents a 9.11% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Amit Mehta acquired 10,928 shares of the business’s stock in a transaction on Monday, August 17th. The shares were bought at an average cost of $20.68 per share, with a total value of $225,991.04. Following the completion of the acquisition, the senior vice president owned 57,362 shares in the company, valued at approximately $1,186,246.16. This represents a 23.53% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders have purchased 41,245 shares of company stock valued at $848,115. 1.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Resideo Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in shares of Resideo Technologies in the 2nd quarter valued at approximately $673,214,000. Dimensional Fund Advisors LP grew its stake in shares of Resideo Technologies by 0.8% during the first quarter. Dimensional Fund Advisors LP now owns 7,787,434 shares of the company’s stock valued at $262,505,000 after buying an additional 64,613 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of Resideo Technologies by 51.4% in the fourth quarter. Franklin Resources Inc. now owns 2,860,308 shares of the company’s stock worth $100,454,000 after purchasing an additional 971,643 shares during the last quarter. Swedbank AB increased its position in shares of Resideo Technologies by 13.6% during the first quarter. Swedbank AB now owns 2,665,123 shares of the company’s stock worth $89,841,000 after acquiring an additional 318,204 shares during the period. Finally, Locust Wood Capital Advisers LLC raised its stake in shares of Resideo Technologies by 124.6% during the fourth quarter. Locust Wood Capital Advisers LLC now owns 2,649,691 shares of the company’s stock valued at $93,057,000 after acquiring an additional 1,470,077 shares in the last quarter. 91.71% of the stock is owned by hedge funds and other institutional investors.

Resideo Technologies Company Profile

Resideo Technologies, Inc is a technology and manufacturing company that provides products and solutions for residential and commercial buildings. Its offerings are designed to improve security, comfort, energy efficiency, water management and connectivity in homes and other properties.

Through its Products and Solutions segment, Resideo supplies thermostats, heating and cooling controls, indoor air-quality products, water-management systems, security and fire products, video solutions, sensors and connected-home technologies.