First Financial Bankshares Inc has increased its stake in Honeywell International Inc (NASDAQ: HON) by 0.7% during the third quarter, according to a recent filing with the Securities and Exchange Commission (SEC). The institutional investor now holds 356,894 shares of the multinational conglomerate, having acquired an additional 2,358 shares during the quarter. Honeywell International accounts for approximately 1.5% of First Financial’s total holdings, making it the bank’s 21st largest investment, valued at around $75.13 million.
Several other institutional investors have also adjusted their positions in Honeywell International. For instance, Howard Hughes Medical Institute acquired a new position valued at approximately $33,000 in the second quarter. Barnes Dennig Private Wealth Management LLC significantly increased its stake by 491.7%, now owning 142 shares worth $30,000 after acquiring an additional 118 shares. Cedar Mountain Advisors LLC also boosted its position by 116.7%, holding 156 shares valued at $33,000. Similarly, SJS Investment Consulting Inc. increased its stake by an impressive 833.3%, now owning 168 shares valued at $35,000. Cloud Capital Management LLC entered the market with a new position worth $35,000 during the same quarter. Overall, institutional investors hold 75.91% of Honeywell’s stock.
Analysts Optimistic About Honeywell’s Growth
Honeywell International has recently attracted attention from various Wall Street analysts, who have issued positive forecasts for the company. On January 30, 2024, JPMorgan Chase & Co. raised its price target on Honeywell shares from $255.00 to $260.00 and maintained an “overweight” rating. Argus also increased its price target significantly from $250.00 to $290.00 with a “buy” recommendation. Royal Bank of Canada and Deutsche Bank Aktiengesellschaft similarly adjusted their price objectives to $268.00 and $273.00, respectively, both assigning “outperform” and “buy” ratings.
In total, eleven analysts have given Honeywell a Buy rating, while eight rated it as a Hold and one issued a Sell rating. According to data from MarketBeat, the average rating for Honeywell International stands at “Moderate Buy,” with an average price target of $247.50.
Recent Insider Activity and Financial Performance
In a separate development, insider trading activity has been notable at Honeywell International. On February 19, 2024, Director D. Scott Davis sold 2,367 shares at an average price of $240.00, totaling $568,080.00. Following this transaction, Davis retained 31,081 shares valued at approximately $7.46 million. This sale represents a 7.08% decrease in his position.
Additionally, Vice President Robert D. Mailloux sold 5,274 shares on February 6, 2024, at an average price of $239.00, amounting to $1,260,486.00. After this sale, Mailloux owns 4,803 shares, valued at $1.15 million. Over the past three months, insiders have sold a total of 18,190 shares worth $4.24 million, with insiders currently holding 0.41% of the stock.
Honeywell’s stock opened at $243.06 on Tuesday. The company has a market capitalization of $154.51 billion, a debt-to-equity ratio of 1.81, and a price-to-earnings (P/E) ratio of 30.42. The firm reported a net margin of 12.74% and a return on equity of 40.64% in its latest earnings report. For the quarter ending January 29, 2024, Honeywell reported earnings per share (EPS) of $2.59, exceeding expectations of $2.54. The company’s revenue reached $10.07 billion, surpassing the consensus estimate of $9.60 billion.
On the dividend front, Honeywell announced a quarterly dividend of $1.19, scheduled for payment on March 13, 2024, to shareholders recorded by February 27, 2024. This dividend represents an annualized amount of $4.76 and a yield of 2.0%, with a current dividend payout ratio of 59.57%.
Honeywell International Inc., a diversified multinational conglomerate, operates through major business sectors, including Aerospace, Building Technologies, Performance Materials and Technologies, and Safety and Productivity Solutions. The company designs and manufactures a wide array of products and services that span avionics, building controls, industrial automation software, and personal protective equipment.
