Honeywell International Inc. (HON) Rating Lowered to Hold at Zacks Investment Research
Honeywell International Inc. (NYSE:HON) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Honeywell’s diversified business portfolio has the potential to earn consistent above-average returns and mitigate operating risks through a balanced organic and inorganic model. A diligent focus on working capital management, free cash flow generation and a conservative balance sheet remain key positives. With a flexible yet disciplined focus on cost and productivity, Honeywell remains focused on increasing its presence in high-growth regions. The company also outperformed the industry year to date. However, adverse foreign currency translations, high R&D expenses to fend off competition and volatility in commodity prices are likely to peg back its growth momentum to some extent. Honeywell expects a tepid demand pattern for its business jets and mobile scanners in 2017 due to sluggish global growth and a tempered Chinese economy. Consequently, the company projects 2017 revenues to be down 1% to up 2% year over year.”
Other equities research analysts have also recently issued research reports about the stock. Cowen and Company reiterated a “buy” rating and set a $140.00 price target on shares of Honeywell International in a report on Monday, July 17th. Oppenheimer Holdings, Inc. raised their target price on shares of Honeywell International from $148.00 to $155.00 and gave the stock an “outperform” rating in a report on Monday, July 24th. Stifel Nicolaus raised their target price on shares of Honeywell International from $136.00 to $143.00 and gave the stock a “buy” rating in a report on Tuesday, April 25th. Citigroup Inc. raised their target price on shares of Honeywell International from $140.00 to $147.00 and gave the stock a “buy” rating in a report on Tuesday, April 25th. Finally, HSBC Holdings plc started coverage on shares of Honeywell International in a report on Wednesday, June 21st. They issued a “buy” rating and a $147.00 target price on the stock. One analyst has rated the stock with a hold rating and eighteen have issued a buy rating to the company. Honeywell International currently has an average rating of “Buy” and an average target price of $139.52.
Honeywell International (NYSE HON) opened at 136.54 on Wednesday. The company’s 50-day moving average price is $136.65 and its 200 day moving average price is $130.60. The firm has a market capitalization of $103.85 billion, a PE ratio of 21.17 and a beta of 0.94. Honeywell International has a 12 month low of $105.25 and a 12 month high of $140.21.
Honeywell International (NYSE:HON) last posted its quarterly earnings results on Friday, July 21st. The conglomerate reported $1.80 EPS for the quarter, beating the Zacks’ consensus estimate of $1.78 by $0.02. Honeywell International had a net margin of 12.68% and a return on equity of 26.60%. The firm had revenue of $10.08 billion for the quarter, compared to analysts’ expectations of $9.89 billion. During the same quarter in the prior year, the company posted $1.70 earnings per share. The business’s revenue for the quarter was up .9% on a year-over-year basis. On average, equities research analysts predict that Honeywell International will post $7.09 earnings per share for the current year.
In other news, VP Jennifer H. Mak sold 420 shares of the firm’s stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $136.66, for a total transaction of $57,397.20. Following the sale, the vice president now directly owns 1,363 shares in the company, valued at approximately $186,267.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas A. Szlosek sold 803 shares of the firm’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $137.02, for a total transaction of $110,027.06. Following the sale, the chief financial officer now owns 5,702 shares in the company, valued at $781,288.04. The disclosure for this sale can be found here. Insiders have sold a total of 354,108 shares of company stock worth $48,886,463 in the last quarter. Corporate insiders own 1.56% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Janus Henderson Group PLC increased its stake in shares of Honeywell International by 4,986.7% in the second quarter. Janus Henderson Group PLC now owns 4,395,092 shares of the conglomerate’s stock valued at $585,822,000 after buying an additional 4,308,688 shares during the last quarter. Ameriprise Financial Inc. increased its stake in shares of Honeywell International by 38.9% in the second quarter. Ameriprise Financial Inc. now owns 13,323,259 shares of the conglomerate’s stock valued at $1,776,394,000 after buying an additional 3,728,533 shares during the last quarter. Clearbridge Investments LLC increased its stake in shares of Honeywell International by 69.2% in the first quarter. Clearbridge Investments LLC now owns 5,171,598 shares of the conglomerate’s stock valued at $645,777,000 after buying an additional 2,114,627 shares during the last quarter. Harbour Capital Advisors LLC increased its stake in shares of Honeywell International by 13,551.7% in the second quarter. Harbour Capital Advisors LLC now owns 1,804,613 shares of the conglomerate’s stock valued at $13,539,000 after buying an additional 1,791,394 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Honeywell International by 2.5% in the second quarter. Vanguard Group Inc. now owns 49,713,013 shares of the conglomerate’s stock valued at $6,626,247,000 after buying an additional 1,234,672 shares during the last quarter. Hedge funds and other institutional investors own 76.49% of the company’s stock.
About Honeywell International
Honeywell International Inc is a technology and manufacturing company. The Company operates through four segments: Aerospace, Home and Building Technologies, Performance Materials and Technologies, and Safety and Productivity Solutions. The Company’s Aerospace segment supplies products, software and services for aircraft and vehicles that it sells to original equipment manufacturers (OEMs) and other customers.
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