Evercore Initiates Coverage on Resideo Technologies (NYSE:REZI)

Stock analysts at Evercore started coverage on shares of Resideo Technologies (NYSE:REZI) in a research report issued on Monday, Briefing.com reports. The brokerage set an “outperform” rating and a $30.00 price target on the stock. Evercore’s target price points to a potential upside of 65.47% from the stock’s previous close.

REZI has been the topic of a number of other research reports. Zacks Research lowered shares of Resideo Technologies from a “hold” rating to a “strong sell” rating in a research note on Wednesday, September 9th. Oppenheimer reiterated an “outperform” rating on shares of Resideo Technologies in a research note on Thursday, August 13th. Morgan Stanley decreased their price target on Resideo Technologies from $50.00 to $45.00 and set an “overweight” rating for the company in a report on Monday, July 13th. JPMorgan Chase & Co. began coverage on shares of Resideo Technologies in a report on Friday, August 7th. They set a “neutral” rating and a $30.00 price target on the stock. Finally, Weiss Ratings raised Resideo Technologies from a “sell (d+)” rating to a “hold (c)” rating in a report on Friday, August 14th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Resideo Technologies has an average rating of “Hold” and a consensus price target of $35.00.

Resideo Technologies Stock Down 0.8%

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

Resideo Technologies (NYSE:REZI) last posted its quarterly earnings data on Wednesday, August 12th. The company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.47 by $0.36. Resideo Technologies had a net margin of 5.37% and a return on equity of 17.79%. 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 previous year, the business posted $0.66 EPS. Resideo Technologies’s revenue was up 2.0% on a year-over-year basis. On average, research analysts expect that Resideo Technologies will post 2.5 earnings per share for the current year.

Insiders Place Their Bets

In other Resideo Technologies news, CEO Thomas Surran bought 15,000 shares of the firm’s stock in a transaction on Friday, August 14th. The shares were acquired at an average cost of $20.46 per share, with a total value of $306,900.00. Following the purchase, 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 position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Amit Mehta purchased 10,928 shares of the company’s stock in a transaction dated Monday, August 17th. The stock was bought at an average price of $20.68 per share, with a total value of $225,991.04. Following the completion of the transaction, the senior vice president directly owned 57,362 shares of the company’s stock, 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. Insiders have acquired 41,245 shares of company stock valued at $848,115 in the last ninety days. 1.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Resideo Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. WINTON GROUP Ltd boosted its position in shares of Resideo Technologies by 136.5% during the 2nd quarter. WINTON GROUP Ltd now owns 17,500 shares of the company’s stock valued at $544,000 after acquiring an additional 10,100 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new stake in Resideo Technologies during the second quarter worth about $132,000. IFP Advisors Inc raised its stake in Resideo Technologies by 33.1% during 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. Squarepoint Ops LLC raised its stake in Resideo Technologies by 85.8% during 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 during the period. Finally, Arizona State Retirement System boosted its holdings in Resideo Technologies by 1.5% in the 2nd quarter. Arizona State Retirement System now owns 37,560 shares of the company’s stock valued at $1,168,000 after purchasing an additional 567 shares during the last quarter. 91.71% of the stock is owned by institutional investors and hedge funds.

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.