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Resideo Technologies, Inc. (NYSE:REZI) President and CEO, Jay L. Geldmacher, recently sold 40,000 shares of the company's common stock. This transaction, which took place on November 13, 2024, was executed at a weighted average price of $25.3297 per share, resulting in a total sale value of approximately $1.01 million. The shares were sold in multiple transactions with prices ranging from $25.07 to $25.485. Following this sale, Geldmacher retains ownership of 562,979 shares in the company.
In other recent news, Resideo Technologies Inc. reported robust growth in its third-quarter results, with total revenue increasing by 18% to $1.83 billion compared to the same period last year. This growth was seen in both its Products and Solutions segment and ADI global distribution segment, marking a first since the second quarter of 2022. The company's adjusted EBITDA also saw a significant rise of 29% to $190 million. Additionally, the acquisition of Snap One is expected to contribute $12 million in annual synergies by 2024.
In terms of leadership, Resideo's CEO, Jay Geldmacher, has announced his retirement plans for 2025, with a commitment to a senior advisory role to ensure a smooth transition. Looking ahead, the company expects its fourth-quarter revenue to be between $1.815 billion and $1.855 billion, with an adjusted EBITDA projected between $170 million and $185 million.
These recent developments reflect Resideo's ongoing momentum and operational execution, despite facing certain challenges, particularly in the EMEA region. The company's outlook remains positive with new product introductions and expansion of its e-commerce capabilities.
InvestingPro Insights
The recent stock sale by Resideo Technologies' CEO Jay L. Geldmacher comes at a time when the company's stock is showing strong performance. According to InvestingPro data, REZI has seen impressive returns, with a 51.67% price total return over the past year and a 34.18% return in the last three months. The stock is currently trading near its 52-week high, with the price at 99.88% of its peak.
These robust returns align with two key InvestingPro Tips: REZI has shown a "Strong return over the last month" and a "High return over the last year." This positive momentum could explain the timing of Geldmacher's stock sale, potentially capitalizing on the stock's strong performance.
From a valuation perspective, REZI's P/E ratio (adjusted) stands at 12.62, which is lower than its unadjusted P/E of 21.48. This suggests that the stock might be more attractively valued when considering adjusted earnings. Additionally, the company's revenue for the last twelve months as of Q3 2024 was $6.44 billion, with a quarterly revenue growth of 17.63% in Q3 2024, indicating solid top-line performance.
It's worth noting that while the stock has been performing well, one InvestingPro Tip cautions that the "RSI suggests the stock is in overbought territory." This could be a factor for investors to consider when evaluating the stock's near-term potential.
For readers interested in a more comprehensive analysis, InvestingPro offers 11 additional tips for REZI, providing a deeper insight into the company's financial health and market position.
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