Investors Buy Honeywell International Inc. (HON) on Weakness Following Analyst Downgrade
Traders bought shares of Honeywell International Inc. (NYSE:HON) on weakness during trading hours on Monday 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 20th 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 issued reports on the company. Sanford C. Bernstein reiterated an “outperform” rating on shares of Honeywell International in a report on Monday, June 27th. Bank of America Corp. set a $132.00 target price on Honeywell International and gave the stock a “buy” rating in a report on Monday, July 25th. Morgan Stanley reiterated a “buy” rating and set a $127.00 target price on shares of Honeywell International in a report on Tuesday, September 6th. Goldman Sachs Group Inc. lowered Honeywell International from a “conviction-buy” rating to a “buy” rating in a report on Monday. Finally, Credit Suisse Group AG restated a “hold” rating and issued a $113.35 price objective on shares of Honeywell International in a research note on Friday. Six equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Honeywell International currently has a consensus rating of “Buy” and a consensus price target of $123.26.
In other news, SVP Katherine L. Adams sold 108,712 shares of the stock in a transaction on Monday, August 15th. The stock was sold at an average price of $116.13, for a total value of $12,624,724.56. Following the completion of the transaction, the senior vice president now directly owns 224,530 shares in the company, valued at approximately $26,074,668.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Vice Chairman Andreas Kramvis sold 1,850 shares of the stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $114.80, for a total value 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 owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. American National Bank raised its position in shares of Honeywell International by 112.0% in the second quarter. American National Bank now owns 956 shares of the company’s stock valued at $111,000 after buying an additional 505 shares in the last quarter. First Personal Financial Services raised its position in shares of Honeywell International by 128.1% in the second quarter. First Personal Financial Services now owns 974 shares of the company’s stock valued at $113,000 after buying an additional 547 shares in the last quarter. Ironwood Financial llc bought a new position in shares of Honeywell International during the first quarter valued at about $122,000. Bruderman Asset Management LLC raised its position in shares of Honeywell International by 19.6% in the second quarter. Bruderman Asset Management LLC now owns 1,048 shares of the company’s stock valued at $122,000 after buying an additional 172 shares in the last quarter. Finally, Cable Hill Partners LLC raised its position in shares of Honeywell International by 364.0% in the second quarter. Cable Hill Partners LLC now owns 1,109 shares of the company’s stock valued at $130,000 after buying an additional 870 shares in the last quarter. 76.50% of the stock is owned by institutional investors and hedge funds.
The stock has a 50-day moving average of $115.07 and a 200 day moving average of $115.12. The company has a market capitalization of $81.26 billion, a price-to-earnings ratio of 16.90 and a beta of 1.05.
Honeywell International (NYSE:HON) last issued its earnings results on Friday, July 22nd. The company reported $1.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.64 by $0.02. Honeywell International had a net margin of 12.60% and a return on equity of 26.84%. The business had revenue of $9.78 billion for the quarter, compared to analysts’ expectations of $10.13 billion. During the same quarter in the previous year, the firm posted $1.51 EPS. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. On average, equities research analysts anticipate that Honeywell International Inc. will post $6.68 earnings per share for the current 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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