JPMorgan Chase & Co. Lowers Price Target for Honeywell International

Honeywell International (NASDAQ:HON) recently saw a revision in its target price set by analysts at JPMorgan Chase & Co. In a report published on Friday, they announced a decrease from $235.00 to $233.00. Despite this adjustment, the brokerage has assigned a "neutral" rating for Honeywell's stock. The new target price suggests a potential upside of approximately 12.20% when compared to the company's current trading value.

In addition to JPMorgan's report, Honeywell International has been the focus of various research reports lately. Bank of America has also reissued a "neutral" rating but has reduced its price target from $250.00 down to $230.00. Similarly, Wells Fargo & Company has raised their target from $207.00 to $215.00 while maintaining an "equal weight" rating on the stock. Just last month, on August 30, StockNews.com downgraded Honeywell shares from a "buy" rating to a "hold" rating.

Moreover, Robert W. Baird adjusted its stance on Honeywell International, downgrading the stock from an "outperform" to a "neutral" rating and setting a new price target of $217.00 down from $223.00. On September 26, the Royal Bank of Canada reaffirmed a "sector perform" rating, assigning a target price of $214.00 as well. Currently, there are nine analysts who rate the stock as a hold, while three have issued buy ratings. According to MarketBeat.com, the average analyst rating is currently set at "Hold" with a consensus price target of $224.09.

Honeywell International's Stock Performance

On Friday, Honeywell International's shares saw a decline of 0.7%, dropping $1.44 during midday trading to reach $207.66. The trading volume stood at 1,952,209 shares, which is below the average volume of 2,888,837 shares. The stock prices have had a 50-day moving average of $207.20 and a 200-day moving average of $205.32. Furthermore, the company’s market capitalization is approximately $135.23 billion, with a price-to-earnings (PE) ratio of 24.11, a price-to-earnings growth (PEG) ratio of 2.45, and a beta value of 1.03. Honeywell International has recorded a 52-week low of $174.88 and a 52-week high of $222.98.

Earnings Report

Honeywell International last disclosed its earnings data on October 24. The conglomerate reported earnings of $2.58 per share, surpassing the consensus estimate by $0.08, which was projected at $2.50. The total revenue reported was $9.73 billion, which fell short of the anticipated $9.90 billion. The company maintained a net profit margin of 15.49%, alongside a robust return on equity of 36.87%. Analysts expect Honeywell to post an earnings per share (EPS) of 10.1 for the current year.

Institutional Investment Movements

Various hedge funds and institutional investors have begun to adjust their positions in Honeywell International. For example, Cypress Wealth Services LLC increased its holdings by 2.5% during the second quarter, now owning 1,952 shares valued at $417,000. Bard Financial Services Inc. also modestly increased its stake by 0.3%, bringing its total shares to 17,594 worth approximately $3.76 million. ZRC Wealth Management LLC raised its holdings by 11.6%, giving them ownership of 480 shares worth around $99,000. Meanwhile, CFM Wealth Partners and Quent Capital each made minor gains to bolster their stakes further. Notably, 75.91% of the company's shares are now held by institutional investors and hedge funds.

About Honeywell International

Honeywell International Inc. is involved in various sectors, including aerospace technologies, building automation, energy solutions, and industrial automation both in the U.S. and on an international level. The aerospace segment offers a comprehensive range of products such as propulsion engines, integrated avionics, communication systems, and thermal management systems.

Honeywell, JPMorgan, Stocks