Honeywell International (HON) to Repurchase $6.50 billion in Stock
Honeywell International (NYSE:HON) declared that its Board of Directors has initiated a stock buyback program, which authorizes the company to buyback $6.50 billion in shares on Friday, December 8th, EventVestor reports. This buyback authorization authorizes the conglomerate to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Shares of Honeywell International (NYSE HON) traded up $0.38 on Monday, reaching $153.66. The company’s stock had a trading volume of 1,482,400 shares, compared to its average volume of 2,704,930. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.35 and a quick ratio of 1.09. The firm has a market cap of $117,061.69, a P/E ratio of 22.11, a PEG ratio of 2.36 and a beta of 0.99. Honeywell International has a 52 week low of $113.60 and a 52 week high of $156.70.
Honeywell International (NYSE:HON) last issued its quarterly earnings results on Friday, October 20th. The conglomerate reported $1.75 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.75. The company had revenue of $10.12 billion during the quarter, compared to the consensus estimate of $10.05 billion. Honeywell International had a return on equity of 26.26% and a net margin of 12.85%. Honeywell International’s revenue was up 3.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.60 EPS. research analysts anticipate that Honeywell International will post 7.06 earnings per share for the current year.
Several research analysts recently issued reports on the company. Zacks Investment Research downgraded Honeywell International from a “buy” rating to a “hold” rating in a research report on Thursday, November 30th. Deutsche Bank restated a “buy” rating and set a $171.00 price objective on shares of Honeywell International in a research report on Tuesday, November 28th. Royal Bank Of Canada lifted their price objective on Honeywell International from $148.00 to $156.00 and gave the stock an “outperform” rating in a research report on Monday, October 23rd. Credit Suisse Group restated a “neutral” rating and set a $150.00 price objective (up from $141.00) on shares of Honeywell International in a research report on Monday, October 23rd. Finally, Citigroup lifted their price objective on Honeywell International from $155.00 to $170.00 and gave the stock a “buy” rating in a research report on Monday, October 9th. Two research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $154.00.
In other Honeywell International news, VP Krishna Mikkilineni sold 13,074 shares of the business’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $145.12, for a total value of $1,897,298.88. Following the completion of the transaction, the vice president now directly owns 104,998 shares in the company, valued at approximately $15,237,309.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bradley T. Sheares sold 1,328 shares of the business’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $146.41, for a total value of $194,432.48. Following the completion of the transaction, the director now owns 4,002 shares of the company’s stock, valued at $585,932.82. The disclosure for this sale can be found here. Insiders own 1.56% of the company’s stock.
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Honeywell International Company Profile
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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