Resideo Technologies (NYSE:REZI) Upgraded at Morgan Stanley

Resideo Technologies (NYSE:REZI) was upgraded by research analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued on Tuesday, MarketBeat Ratings reports. The firm presently has a $35.00 price target on the stock, up from their prior price target of $24.00. Morgan Stanley’s price target would indicate a potential upside of 6.57% from the stock’s previous close.

Several other equities research analysts also recently issued reports on REZI. Oppenheimer upgraded shares of Resideo Technologies from a “market perform” rating to an “outperform” rating in a research note on Wednesday, July 30th. JPMorgan Chase & Co. upped their target price on shares of Resideo Technologies from $20.00 to $21.00 and gave the company a “neutral” rating in a research note on Tuesday, June 3rd.

Resideo Technologies Stock Performance

Shares of REZI stock opened at $32.84 on Tuesday. Resideo Technologies has a one year low of $14.18 and a one year high of $33.03. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.63 and a current ratio of 1.00. The company has a 50 day moving average price of $23.93 and a 200 day moving average price of $20.64. The firm has a market capitalization of $4.89 billion, a price-to-earnings ratio of -6.02 and a beta of 2.16.

Resideo Technologies (NYSE:REZI) last released its quarterly earnings data on Tuesday, August 5th. The company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.12. Resideo Technologies had a negative net margin of 10.52% and a positive return on equity of 12.55%. The company had revenue of $1.94 billion during the quarter, compared to the consensus estimate of $1.83 billion. During the same period in the previous year, the firm earned $0.62 earnings per share. Resideo Technologies’s revenue for the quarter was up 22.3% on a year-over-year basis. Sell-side analysts anticipate that Resideo Technologies will post 2.13 EPS for the current year.

Insider Activity

In other news, Director Nina Richardson sold 2,790 shares of the company’s stock in a transaction on Monday, July 7th. The shares were sold at an average price of $23.68, for a total value of $66,067.20. Following the completion of the transaction, the director directly owned 64,008 shares in the company, valued at approximately $1,515,709.44. This represents a 4.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Robert B. Aarnes sold 47,000 shares of the company’s stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $28.00, for a total transaction of $1,316,000.00. Following the completion of the transaction, the insider owned 503,692 shares of the company’s stock, valued at $14,103,376. This trade represents a 8.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders bought 5,724,042 shares of company stock worth $135,201,451. 1.50% of the stock is currently owned by company insiders.

Institutional Trading of Resideo Technologies

Institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. raised its holdings in Resideo Technologies by 2.6% in the first quarter. Principal Financial Group Inc. now owns 794,943 shares of the company’s stock valued at $14,070,000 after acquiring an additional 20,301 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Resideo Technologies by 1,296.4% during the first quarter. GAMMA Investing LLC now owns 54,711 shares of the company’s stock worth $968,000 after purchasing an additional 50,793 shares during the period. Natixis Advisors LLC raised its holdings in shares of Resideo Technologies by 2.6% during the first quarter. Natixis Advisors LLC now owns 227,759 shares of the company’s stock worth $4,031,000 after purchasing an additional 5,674 shares during the period. Exchange Traded Concepts LLC raised its holdings in shares of Resideo Technologies by 1,261.2% during the first quarter. Exchange Traded Concepts LLC now owns 7,160 shares of the company’s stock worth $127,000 after purchasing an additional 6,634 shares during the period. Finally, Sterling Capital Management LLC raised its holdings in shares of Resideo Technologies by 705.9% during the fourth quarter. Sterling Capital Management LLC now owns 4,755 shares of the company’s stock worth $110,000 after purchasing an additional 4,165 shares during the period. 91.71% of the stock is owned by institutional investors and hedge funds.

Resideo Technologies Company Profile

Resideo Technologies, Inc develops, manufactures, and sells comfort, energy management, and safety and security solutions to the commercial and residential end markets in the United States, Europe, and internationally. The company operates in two segments, Products and Solutions, and ADI Global Distribution.