Investors Buy Honeywell International Inc. (HON) on Weakness After 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 equities analysts have also commented on HON. Zacks Investment Research raised Honeywell International from a “hold” rating to a “buy” rating and set a $127.00 price target on the stock in a research note on Monday, June 27th. Sanford C. Bernstein reissued an “outperform” rating on shares of Honeywell International in a research note on Monday, June 27th. Morgan Stanley reissued a “buy” rating and set a $126.00 target price on shares of Honeywell International in a research note on Thursday, June 30th. Credit Suisse Group AG reissued a “hold” rating on shares of Honeywell International in a research note on Saturday, July 9th. Finally, Barclays PLC increased their target price on Honeywell International from $127.00 to $131.00 and gave the stock an “overweight” rating in a research note on Monday, July 25th. Six research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $123.26.
In other news, insider Timothy O. Mahoney sold 600 shares of the firm’s stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $116.29, for a total value of $69,774.00. Following the completion of the sale, the insider now directly owns 68,398 shares of the company’s stock, valued at approximately $7,954,003.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Andreas Kramvis sold 1,850 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now directly 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.
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Several hedge funds have recently bought and sold shares of HON. American National Bank boosted its stake in 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 boosted its stake in 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 acquired a new stake in Honeywell International during the first quarter valued at approximately $122,000. Bruderman Asset Management LLC boosted its stake in 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 boosted its stake in 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 company’s 50 day moving average is $115.07 and its 200-day moving average is $115.12. The firm 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 released its quarterly earnings results on Friday, July 22nd. The company reported $1.66 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.64 by $0.02. Honeywell International had a return on equity of 26.84% and a net margin of 12.60%. 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 earnings per share. The company’s revenue was up 2.2% compared to the same quarter last year. Equities analysts anticipate that Honeywell International Inc. will post $6.68 earnings per share for the current fiscal year.
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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