Investors Buy Honeywell International Inc. (HON) on Weakness Following Analyst Downgrade
Investors purchased shares of Honeywell International Inc. (NYSE:HON) on weakness during trading hours on Tuesday after Citigroup lowered their price target on the stock from $131.25 to $128.00. $178.72 million flowed into the stock on the tick-up and $132.06 million flowed out of the stock on the tick-down, for a money net flow of $46.66 million into the stock. Of all companies tracked, Honeywell International had the 6th highest net in-flow for the day. Honeywell International traded down ($0.14) for the day and closed at $106.80
Several other analysts have also commented on the stock. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Honeywell International in a research report on Monday, June 27th. Bank of America Corp. set a $132.00 price target on shares of Honeywell International and gave the company a “buy” rating in a research report on Monday, July 25th. Morgan Stanley reissued a “buy” rating and issued a $127.00 price target on shares of Honeywell International in a research report on Tuesday, September 6th. Goldman Sachs Group Inc. lowered shares of Honeywell International from a “conviction-buy” rating to a “buy” rating in a research report on Monday. Finally, Credit Suisse Group AG reissued a “hold” rating and issued a $113.35 price target on shares of Honeywell International in a research report on Friday. Six analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $123.26.
In other Honeywell International news, CEO David M. Cote sold 534,505 shares of the company’s stock in a transaction on Friday, August 5th. The shares were sold at an average price of $116.15, for a total value of $62,082,755.75. Following the completion of the transaction, the chief executive officer now directly owns 700,000 shares in the company, valued at approximately $81,305,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Andreas Kramvis sold 1,850 shares of the company’s stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $114.80, for a total transaction of $212,380.00. Following the completion of the transaction, the insider now owns 66,441 shares of the company’s stock, valued at $7,627,426.80. The disclosure for this sale can be found here. 1.83% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Capstone Asset Management Co. raised its position in shares of Honeywell International by 5.8% in the second quarter. Capstone Asset Management Co. now owns 129,863 shares of the company’s stock valued at $15,106,000 after buying an additional 7,168 shares during the period. Ferguson Wellman Capital Management Inc. raised its position in shares of Honeywell International by 7.0% in the second quarter. Ferguson Wellman Capital Management Inc. now owns 145,296 shares of the company’s stock valued at $16,901,000 after buying an additional 9,517 shares during the period. National Pension Service raised its position in shares of Honeywell International by 4.2% in the first quarter. National Pension Service now owns 383,695 shares of the company’s stock valued at $42,993,000 after buying an additional 15,529 shares during the period. LPL Financial LLC raised its position in shares of Honeywell International by 52.7% in the first quarter. LPL Financial LLC now owns 416,083 shares of the company’s stock valued at $46,510,000 after buying an additional 143,685 shares during the period. Finally, Panagora Asset Management Inc. raised its position in shares of Honeywell International by 31.6% in the first quarter. Panagora Asset Management Inc. now owns 317,482 shares of the company’s stock valued at $35,574,000 after buying an additional 76,249 shares during the period. Institutional investors and hedge funds own 76.50% of the company’s stock.
The company has a market capitalization of $80.49 billion, a price-to-earnings ratio of 16.73 and a beta of 1.05. The company has a 50-day moving average of $115.07 and a 200 day moving average of $115.12.
Honeywell International (NYSE:HON) last posted its quarterly earnings data on Friday, July 22nd. The company reported $1.66 EPS for the quarter, topping the consensus estimate of $1.64 by $0.02. The company earned $9.78 billion during the quarter, compared to analyst estimates of $10.13 billion. Honeywell International had a net margin of 12.60% and a return on equity of 26.84%. Honeywell International’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.51 earnings per share. Equities research analysts predict that Honeywell International Inc. will post $6.68 earnings per share for the current fiscal year.
Honeywell International Company Profile
Honeywell International Inc (Honeywell) is a technology and manufacturing company. The Company operates in three segments: Aerospace, Automation and Control Solutions (ACS), and Performance Materials and Technologies (PMT). Its Aerospace segment supplies aircraft engines, integrated avionics, systems and service solutions, and related products and services for aircraft manufacturers, airlines, aircraft operators, military services, and defense and space contractors.
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