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Should You Hold Resideo Technologies (REZI)?

Ariel Investments, an investment management company, released its “Ariel Focus Fund” fourth-quarter investor letter. A copy of the same can be downloaded here.  In the fourth quarter, the fund increased 11.95%, compared to a 12.42% return for the Russell 1000 Value Index and a 7.56% return for the S&P 500 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Ariel Focus Fund highlighted stocks Resideo Technologies, Inc. (NYSE:REZI) in the Q4 2022 investor letter. Headquartered in Scottsdale, Arizona, Resideo Technologies, Inc. (NYSE:REZI) provides home automation solutions. On February 2, 2023, Resideo Technologies, Inc. (NYSE:REZI) stock closed at $19.73 per share. One-month return of Resideo Technologies, Inc. (NYSE:REZI) was 13.65%, and its shares lost 15.54% of their value over the last 52 weeks. Resideo Technologies, Inc. (NYSE:REZI) has a market capitalization of $2.878 billion.

Ariel Focus Fund made the following comment about Resideo Technologies, Inc. (NYSE:REZI) in its Q4 2022 investor letter:

"Finally, leading supplier of residential thermal, comfort and security solutions, Resideo Technologies, Inc. (NYSE:REZI) traded lower in the period following an earnings miss and a subsequent reduction in full year guidance. Although end customer demand remains steady, the company experienced a slowdown in orders across channel partners, as distributors reduced inventory levels due to macro uncertainty. Inflation, semi-conductor shortages, Fx headwinds and lower factory productivity also pressured margins. In our view, the company’s best-in-class brand and vast distribution network create a narrow moat around the business resulting in high market share across its product portfolio. We believe REZI’s earnings potential is underappreciated and will be driven by a secular preference for more connected smart home solutions."

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Resideo Technologies, Inc. (NYSE:REZI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Resideo Technologies, Inc. (NYSE:REZI) at the end of the third quarter which was 21 in the previous quarter.

We discussed Resideo Technologies, Inc. (NYSE:REZI) in another article and shared the list of most volatile stocks to buy. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.