Investors Buy Honeywell International Inc. (HON) on Weakness Following Analyst Downgrade
Investors bought shares of Honeywell International Inc. (NYSE:HON) on weakness during trading hours on Tuesday 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 stocks tracked, Honeywell International had the 6th highest net in-flow for the day. Honeywell International traded down ($0.14) for the day and closed at $106.80
A number of other equities analysts also recently commented on the stock. Zacks Investment Research upgraded shares of Honeywell International from a “hold” rating to a “buy” rating and set a $127.00 target price for the company in a report on Monday, June 27th. Argus boosted their target price on shares of Honeywell International from $125.00 to $130.00 and gave the stock a “buy” rating in a report on Tuesday, July 26th. Stifel Nicolaus reduced their target price on shares of Honeywell International from $129.00 to $125.00 and set a “buy” rating for the company in a report on Monday, July 25th. Bank of America Corp. set a $132.00 target price on shares of Honeywell International and gave the stock a “buy” rating in a report on Monday, July 25th. Finally, Morgan Stanley reiterated a “buy” rating and issued a $126.00 target price on shares of Honeywell International in a report on Thursday, June 30th. Six analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Honeywell International currently has an average rating of “Buy” and a consensus target price of $123.26.
In related news, VP Jennifer H. Mak sold 277 shares of the stock in a transaction on Friday, July 29th. The stock was sold at an average price of $115.54, for a total value of $32,004.58. Following the completion of the transaction, the vice president now directly owns 420 shares of the company’s stock, valued at approximately $48,526.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 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 corporate insiders.
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A number of hedge funds and other institutional investors have recently bought and sold shares of HON. Mn Services Vermogensbeheer B.V. purchased a new position in Honeywell International during the first quarter valued at approximately $1,805,000. Buffington Mohr McNeal increased its position in Honeywell International by 222.1% in the first quarter. Buffington Mohr McNeal now owns 21,210 shares of the company’s stock valued at $2,377,000 after buying an additional 14,626 shares in the last quarter. Virginia Retirement System purchased a new position in Honeywell International during the first quarter valued at approximately $26,754,000. Badgley Phelps & Bell Inc. increased its position in Honeywell International by 3.2% in the first quarter. Badgley Phelps & Bell Inc. now owns 94,444 shares of the company’s stock valued at $10,582,000 after buying an additional 2,967 shares in the last quarter. Finally, IFP Advisors Inc increased its position in Honeywell International by 21.6% in the first quarter. IFP Advisors Inc now owns 24,740 shares of the company’s stock valued at $2,772,000 after buying an additional 4,387 shares in the last quarter. 76.50% of the stock is owned by hedge funds and other institutional investors.
The company’s 50-day moving average is $115.07 and its 200-day moving average is $115.12. The stock has a market capitalization of $80.49 billion, a PE ratio of 16.73 and a beta of 1.05.
Honeywell International (NYSE:HON) last posted its quarterly earnings results on Friday, July 22nd. The company reported $1.66 earnings per share for the quarter, beating the Zacks’ 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 firm had revenue of $9.78 billion for the quarter, compared to the consensus estimate of $10.13 billion. During the same period in the previous year, the business earned $1.51 earnings per share. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. On average, analysts predict that Honeywell International Inc. will post $6.68 earnings per share for the current 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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