Resideo Technologies (NYSE:REZI) Announces Quarterly Earnings Results, Beats Expectations By $0.36 EPS

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

Resideo Technologies Price Performance

Shares of NYSE REZI traded up $1.50 during midday trading on Wednesday, reaching $25.74. 3,558,309 shares of the company were exchanged, compared to its average volume of 1,440,832. The stock’s 50-day moving average price is $31.88 and its 200-day moving average price is $34.21. The stock has a market cap of $3.90 billion, a P/E ratio of -6.70 and a beta of 1.63. Resideo Technologies has a one year low of $23.31 and a one year high of $45.29. The company has a quick ratio of 1.19, a current ratio of 2.07 and a debt-to-equity ratio of 1.30.

Institutional Trading of Resideo Technologies

A number of hedge funds have recently made changes to their positions in the company. Smartleaf Asset Management LLC increased its holdings in Resideo Technologies by 10.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 3,126 shares of the company’s stock valued at $111,000 after purchasing an additional 306 shares during the period. Empowered Funds LLC acquired a new position in Resideo Technologies during the 4th quarter worth about $152,000. Advisory Services Network LLC bought a new stake in shares of Resideo Technologies in the 3rd quarter valued at about $105,000. Wexford Capital LP bought a new stake in shares of Resideo Technologies in the 3rd quarter valued at about $53,000. Finally, New Vernon Capital Holdings II LLC acquired a new stake in shares of Resideo Technologies in the third quarter valued at about $105,000. 91.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on REZI shares. 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 for the company. Seaport Research Partners assumed coverage on shares of Resideo Technologies in a research report on Wednesday, July 1st. They set a “buy” rating and a $55.00 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. Zacks Research lowered Resideo Technologies from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 9th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Resideo Technologies in a report on Friday, July 17th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $41.00.

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.