Trade Report: The Goldman Sachs Group Inc. Downgrades Honeywell International Inc. (HON) to Buy

The Goldman Sachs Group Inc. Downgrades Honeywell International Inc. (HON) to Buy

Honeywell International Inc. (NYSE:HON) was downgraded by analysts at Goldman Sachs Group Inc. from a “conviction-buy” rating to a “buy” rating in a research report issued on Monday, The Fly reports.

A number of other analysts have also weighed in on HON. Credit Suisse Group AG reiterated a “hold” rating on shares of Honeywell International in a research note on Saturday, July 9th. 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. Stifel Nicolaus dropped their price target on Honeywell International from $129.00 to $125.00 and set a “buy” rating on the stock in a research report on Monday, July 25th. Citigroup Inc. reissued a “buy” rating and set a $132.00 price target on shares of Honeywell International in a research report on Tuesday, July 26th. Finally, Oppenheimer Holdings Inc. reissued an “outperform” rating and set a $128.00 price target on shares of Honeywell International in a research report on Monday, July 25th. Six analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $123.26.

Honeywell International (NYSE:HON) opened at 105.78 on Monday. Honeywell International has a 52-week low of $93.71 and a 52-week high of $120.02. The company has a market capitalization of $80.49 billion, a price-to-earnings ratio of 16.73 and a beta of 1.05. The stock has a 50 day moving average of $114.76 and a 200-day moving average of $115.05.

Honeywell International (NYSE:HON) last released its earnings results on Friday, July 22nd. The company reported $1.66 earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $10.13 billion. During the same quarter last year, the firm posted $1.51 earnings per share. The business’s revenue was up 2.2% compared to the same quarter last year. On average, equities research analysts anticipate that Honeywell International will post $6.68 earnings per share for the current fiscal year.

In other news, CEO David M. Cote sold 534,505 shares of the firm’s stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $116.15, for a total value of $62,082,755.75. Following the completion of the transaction, the chief executive officer now directly owns 700,000 shares in the company, valued at $81,305,000. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Vice Chairman Andreas Kramvis sold 1,850 shares of the firm’s stock in a transaction dated Thursday, July 28th. The stock was 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 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.

Several hedge funds and other institutional investors have recently made changes to their positions in HON. Capstone Asset Management Co. boosted its position in shares of Honeywell International by 5.8% in the second quarter. Capstone Asset Management Co. now owns 129,863 shares of the company’s stock valued at $15,106,000 after buying an additional 7,168 shares during the last quarter. Ferguson Wellman Capital Management Inc. boosted its position in shares of Honeywell International by 7.0% in the second quarter. Ferguson Wellman Capital Management Inc. now owns 145,296 shares of the company’s stock valued at $16,901,000 after buying an additional 9,517 shares during the last quarter. National Pension Service boosted its position in shares of Honeywell International by 4.2% in the first quarter. National Pension Service now owns 383,695 shares of the company’s stock valued at $42,993,000 after buying an additional 15,529 shares during the last quarter. LPL Financial LLC boosted its position in shares of Honeywell International by 52.7% in the first quarter. LPL Financial LLC now owns 416,083 shares of the company’s stock valued at $46,510,000 after buying an additional 143,685 shares during the last quarter. Finally, Panagora Asset Management Inc. boosted its position in shares of Honeywell International by 31.6% in the first quarter. Panagora Asset Management Inc. now owns 317,482 shares of the company’s stock valued at $35,574,000 after buying an additional 76,249 shares during the last quarter. Hedge funds and other 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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