Marshall Wace LLP has significantly increased its investment in Honeywell International Inc. by 88.1% during the second quarter of 2023. According to the firm’s latest Form 13F filing with the Securities and Exchange Commission, it now holds 802,060 shares of Honeywell’s stock, valued at approximately $186.8 million after acquiring an additional 375,757 shares in that period.
This move reflects a broader trend among institutional investors, as several large firms have also adjusted their positions in Honeywell. For instance, BankPlus Wealth Management LLC increased its stake by 2.2%, resulting in ownership of 1,986 shares worth $463,000. Similarly, Summit Wealth Group LLC lifted its holdings by 4.3%, owning 1,115 shares valued at $260,000 after purchasing an additional 46 shares during the same quarter.
Market Reactions and Analyst Ratings
As of now, institutional investors and hedge funds collectively own 75.91% of Honeywell’s stock. Analysts have been actively evaluating the company, with varied opinions on its market performance. Rothschild & Co Redburn revised its target price for Honeywell from $240.00 to $222.00, assigning a “neutral” rating in a recent report dated October 27, 2023. Conversely, Citigroup raised its price objective from $251.56 to $267.00, maintaining a “buy” rating.
Deutsche Bank Aktiengesellschaft also adjusted its target from $271.00 to $265.00, while HSBC reduced its target from $290.00 to $266.00, both suggesting a “buy” rating. In total, one analyst has given Honeywell a Strong Buy rating, eight a Buy, nine a Hold, and one a Sell. The stock currently holds a consensus rating of “Hold” with an average price target of $236.71, according to data from MarketBeat.
Current Financial Standing and Future Outlook
On October 20, 2023, Honeywell’s stock opened at $192.23. The company has a market capitalization of $122.04 billion and a price-to-earnings (P/E) ratio of 20.26. Over the past year, Honeywell’s stock has fluctuated, with a low of $169.21 and a high of $228.04.
Honeywell is set to announce its earnings results on December 11, 2023, with expectations for earnings per share (EPS) of $2.25 and quarterly revenue of $8.95 billion. The company’s guidance for Q4 2023 suggests an EPS range of $2.530 to $2.630, and for the full fiscal year 2023, it anticipates an EPS range of $9.100 to $9.200. Analysts predict that Honeywell will achieve an EPS of $10.34 for the current fiscal year.
In addition to these developments, Honeywell has announced an increase in its quarterly dividend, which will be paid on December 5, 2023. Shareholders of record on November 14, 2023 will receive a dividend of $1.19 per share. This marks an increase from the previous dividend of $1.13, translating to an annualized dividend of $4.76 and a yield of 2.5%. The current payout ratio stands at 50.16%.
Honeywell International Inc. operates across various sectors, including aerospace technologies, building automation, and industrial automation, serving markets in the United States, Europe, and globally. The company continues to demonstrate resilience and adaptability in a competitive landscape.
