Resideo Technologies (NYSE:REZI) Trading Down 6.9% Following Weak Earnings

Shares of Resideo Technologies, Inc. (NYSE:REZI) dropped 6.9% during mid-day trading on Friday following a weaker than expected earnings announcement. The company traded as low as $19.73 and last traded at $19.96. Approximately 281,420 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 703,179 shares. The stock had previously closed at $21.43.

The company reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.08). The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.84 billion. Resideo Technologies had a return on equity of 10.97% and a net margin of 2.72%.

Hedge Funds Weigh In On Resideo Technologies

Hedge funds have recently bought and sold shares of the company. Pacer Advisors Inc. bought a new stake in shares of Resideo Technologies during the 4th quarter valued at approximately $122,145,000. Boston Partners grew its holdings in shares of Resideo Technologies by 25.1% during the 4th quarter. Boston Partners now owns 9,797,883 shares of the company’s stock valued at $225,865,000 after purchasing an additional 1,966,706 shares during the last quarter. Norges Bank bought a new stake in shares of Resideo Technologies during the 4th quarter valued at approximately $40,596,000. Federated Hermes Inc. bought a new stake in shares of Resideo Technologies during the 4th quarter valued at approximately $35,542,000. Finally, Nuveen Asset Management LLC grew its holdings in shares of Resideo Technologies by 32.4% during the 4th quarter. Nuveen Asset Management LLC now owns 2,320,863 shares of the company’s stock valued at $53,496,000 after purchasing an additional 567,800 shares during the last quarter. 91.71% of the stock is owned by institutional investors.

Resideo Technologies Stock Down 6.9 %

The company has a market capitalization of $2.93 billion, a P/E ratio of 17.98 and a beta of 2.15. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.10 and a current ratio of 1.82. The firm’s fifty day moving average is $22.97 and its 200-day moving average is $22.02.

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.