Honeywell International Inc. (HON) Downgraded to Hold at Zacks Investment Research
Zacks Investment Research cut shares of Honeywell International Inc. (NYSE:HON) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning.
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. In addition, Honeywell is yet to witness signs of stabilization in some of its major end markets and expects a tepid demand pattern for its business jets and mobile scanners in 2017.”
Several other analysts also recently issued reports on the stock. Royal Bank Of Canada set a $148.00 price objective on shares of Honeywell International and gave the stock a buy rating in a research note on Sunday. Jefferies Group LLC reissued a buy rating and issued a $155.00 price objective on shares of Honeywell International in a research note on Tuesday, August 22nd. Morgan Stanley raised their price objective on shares of Honeywell International from $141.00 to $145.00 and gave the stock an overweight rating in a research note on Wednesday, August 16th. Cowen and Company reissued an outperform rating and issued a $150.00 price objective (up previously from $140.00) on shares of Honeywell International in a research note on Tuesday, August 8th. Finally, BidaskClub raised shares of Honeywell International from a hold rating to a buy rating in a research note on Sunday, August 6th. Two equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Honeywell International currently has an average rating of Buy and an average target price of $141.18.
Honeywell International (NYSE HON) opened at 138.04 on Wednesday. Honeywell International has a 52-week low of $105.25 and a 52-week high of $140.21. The company has a market capitalization of $104.99 billion, a P/E ratio of 21.40 and a beta of 0.94. The firm has a 50-day moving average price of $136.74 and a 200 day moving average price of $130.72.
Honeywell International (NYSE:HON) last announced its quarterly earnings data on Friday, July 21st. The conglomerate reported $1.80 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.78 by $0.02. The business had revenue of $10.08 billion during the quarter, compared to the consensus estimate of $9.89 billion. Honeywell International had a net margin of 12.68% and a return on equity of 26.60%. The firm’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.70 earnings per share. On average, analysts predict that Honeywell International will post $7.09 earnings per share for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 18th will be issued a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a yield of 1.93%. The ex-dividend date is Wednesday, August 16th. Honeywell International’s payout ratio is 41.24%.
In related news, CFO Thomas A. Szlosek sold 803 shares of Honeywell International stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 5,702 shares of the company’s stock, valued at $781,288.04. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Jennifer H. Mak sold 420 shares of Honeywell International stock in a transaction that occurred 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 transaction, the vice president now directly owns 1,363 shares in the company, valued at $186,267.58. The disclosure for this sale can be found here. Over the last three months, insiders have sold 354,108 shares of company stock worth $48,886,463. 1.56% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently modified their holdings of the stock. FTB Advisors Inc. raised its position in shares of Honeywell International by 24.9% in the first quarter. FTB Advisors Inc. now owns 2,122 shares of the conglomerate’s stock valued at $272,000 after buying an additional 423 shares during the last quarter. Swiss National Bank raised its position in shares of Honeywell International by 27.4% in the first quarter. Swiss National Bank now owns 2,565,473 shares of the conglomerate’s stock valued at $320,351,000 after buying an additional 552,100 shares during the last quarter. Public Employees Retirement Association of Colorado raised its position in shares of Honeywell International by 5.7% in the first quarter. Public Employees Retirement Association of Colorado now owns 1,380,644 shares of the conglomerate’s stock valued at $172,401,000 after buying an additional 74,611 shares during the last quarter. Korea Investment CORP raised its position in shares of Honeywell International by 50.1% in the first quarter. Korea Investment CORP now owns 533,768 shares of the conglomerate’s stock valued at $66,652,000 after buying an additional 178,120 shares during the last quarter. Finally, Mycio Wealth Partners LLC raised its position in shares of Honeywell International by 88.6% in the first quarter. Mycio Wealth Partners LLC now owns 3,964 shares of the conglomerate’s stock valued at $495,000 after buying an additional 1,862 shares during the last quarter. 75.89% of the stock is currently owned by institutional investors.
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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