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Here’s Why Resideo Technologies (REZI) Declined in Q4

ClearBridge Investments, an investment management firm, published its “Mid Cap Strategy” fourth quarter 2022 investor letter. A copy of which can be downloaded here. During the fourth quarter, the strategy underperformed the Russell Midcap Index. On an absolute basis, the strategy gained in 10 of the 11 sectors it invested in during the quarter. The consumer staples, industrials, and financial sectors were the leading contributors while the healthcare sector trailed the performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.

ClearBridge  Mid Cap Strategy highlighted stocks like Resideo Technologies, Inc. (NYSE:REZI) in the fourth quarter 2022 investor letter. Headquartered in Scottsdale, Arizona, Resideo Technologies, Inc. (NYSE:REZI) provides home automation solutions. On March 14, 2023, Resideo Technologies, Inc. (NYSE:REZI) stock closed at $16.96 per share. One-month return of Resideo Technologies, Inc. (NYSE:REZI) was -10.55%, and its shares lost 36.34% of their value over the last 52 weeks. Resideo Technologies, Inc. (NYSE:REZI) has a market capitalization of $2.487 billion.

ClearBridge  Mid Cap Strategy made the following comment about Resideo Technologies, Inc. (NYSE:REZI) in its Q4 2022 investor letter:

"A negative macro environment also weighed on several of our industrials holdings. Resideo Technologies, Inc. (NYSE:REZI), which manufactures residential thermal and security solutions, has been hampered by supply chain disruptions and several products being destocked by distributors in addition to broader investor concerns over the impact of a recession on the housing market. However, we feel that Resideo possesses an exceptional management team with a strategic focus on cash flow generation, and as supply chain bottlenecks dissipate in the coming year the company will be able to improve margins."

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Lorex Security Camera

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

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We discussed Resideo Technologies, Inc. (NYSE:REZI) in another article and shared Ariel Focus Fund's views on the company. 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.