Goldman Sachs Group Inc. Downgrades Honeywell International Inc. (HON) to Buy
Honeywell International Inc. (NYSE:HON) was downgraded by equities researchers at Goldman Sachs Group Inc. from a “conviction-buy” rating to a “buy” rating in a report issued on Monday, The Fly reports.
Several other brokerages have also issued reports on HON. Credit Suisse Group AG reiterated a “hold” rating on shares of Honeywell International in a research report on Saturday, July 9th. Deutsche Bank AG reiterated a “buy” rating and issued a $113.00 target price on shares of Honeywell International in a research report on Thursday, August 25th. Morgan Stanley set a $130.00 price target on shares of Honeywell International and gave the stock a “buy” rating in a research note on Monday, August 22nd. Citigroup Inc. reissued a “buy” rating and issued a $132.00 price target on shares of Honeywell International in a research note on Thursday, June 30th. Finally, Zacks Investment Research downgraded shares of Honeywell International from a “buy” rating to a “hold” rating in a research note on Wednesday, July 27th. Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Honeywell International currently has a consensus rating of “Buy” and an average target price of $123.14.
Shares of Honeywell International (NYSE:HON) opened at 106.94 on Monday. The firm has a market capitalization of $81.37 billion, a P/E ratio of 16.92 and a beta of 1.05. The firm’s 50-day moving average price is $115.34 and its 200-day moving average price is $115.12. Honeywell International has a one year low of $93.71 and a one year high of $120.02.
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Honeywell International (NYSE:HON) last announced its earnings results on Friday, July 22nd. The company reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.64 by $0.02. Honeywell International had a net margin of 12.60% and a return on equity of 26.84%. The company earned $9.78 billion during the quarter, compared to analyst estimates of $10.13 billion. During the same period in the previous year, the business earned $1.51 earnings per share. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. On average, equities analysts forecast that Honeywell International will post $6.68 earnings per share for the current year.
In related news, insider Timothy O. Mahoney sold 600 shares of the stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $116.29, for a total transaction of $69,774.00. Following the transaction, the insider now owns 68,398 shares in the company, valued at $7,954,003.42. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Katherine L. Adams sold 108,712 shares of the stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $116.13, for a total transaction of $12,624,724.56. Following the transaction, the senior vice president now owns 224,530 shares in the company, valued at approximately $26,074,668.90. The disclosure for this sale can be found here. Insiders own 1.83% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Mn Services Vermogensbeheer B.V. bought a new position in shares of Honeywell International during the first quarter worth $1,805,000. Buffington Mohr McNeal increased its position in shares of Honeywell International by 222.1% in the first quarter. Buffington Mohr McNeal now owns 21,210 shares of the company’s stock worth $2,377,000 after buying an additional 14,626 shares during the period. Virginia Retirement System bought a new position in shares of Honeywell International during the first quarter worth $26,754,000. Badgley Phelps & Bell Inc. increased its position in shares of Honeywell International by 3.2% in the first quarter. Badgley Phelps & Bell Inc. now owns 94,444 shares of the company’s stock worth $10,582,000 after buying an additional 2,967 shares during the period. Finally, IFP Advisors Inc increased its position in shares of Honeywell International by 21.6% in the first quarter. IFP Advisors Inc now owns 24,740 shares of the company’s stock worth $2,772,000 after buying an additional 4,387 shares during the period. Institutional investors own 76.50% of the company’s stock.
About Honeywell International
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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