Bank of America Corp DE Takes $1.03 Billion Position in Honeywell Aerospace $HONA

Key Points

• Bank of America acquired a new $1.03 billion stake in Honeywell Aerospace during the second quarter, purchasing 4.68 million shares and owning approximately 1.48% of the company.
• Several other institutional investors also initiated positions, including HSBC Holdings, which bought a stake valued at approximately $157.2 million.
• Analysts maintain a largely cautious outlook: Honeywell Aerospace has a consensus “Hold” rating and an average price target of $221.54, while the stock recently opened at $164.08.

Bank of America Corp DE purchased a new stake in Honeywell Aerospace (NASDAQ:HONA - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 4,677,887 shares of the company's stock, valued at approximately $1,034,187,000. Bank of America Corp DE owned approximately 1.48% of Honeywell Aerospace as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. SFE Investment Counsel acquired a new stake in shares of Honeywell Aerospace in the second quarter worth $2,981,000. MidFirst Bank bought a new stake in shares of Honeywell Aerospace during the 2nd quarter worth $5,608,000. IMC Chicago LLC acquired a new position in Honeywell Aerospace in the 2nd quarter valued at $10,508,000. Oppenheimer Asset Management Inc. acquired a new position in Honeywell Aerospace in the 2nd quarter valued at $8,809,000. Finally, Hsbc Holdings PLC bought a new position in Honeywell Aerospace in the 2nd quarter worth $157,189,000.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on HONA shares. JPMorgan Chase & Co. started coverage on shares of Honeywell Aerospace in a research report on Friday, July 10th. They set a "neutral" rating and a $255.00 target price for the company. Wall Street Zen upgraded Honeywell Aerospace to a "hold" rating in a research note on Sunday, July 12th. Jefferies Financial Group set a $175.00 price objective on Honeywell Aerospace in a research note on Sunday, August 9th. Wells Fargo & Company set a $195.00 price objective on Honeywell Aerospace in a research report on Monday, August 10th. Finally, Zacks Research upgraded Honeywell Aerospace to a "hold" rating in a research note on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $221.54.

Honeywell Aerospace Stock Performance

NASDAQ:HONA opened at $164.08 on Tuesday. The stock's 50-day moving average is $183.13. Honeywell Aerospace has a 52-week low of $149.19 and a 52-week high of $297.50. The company has a market cap of $52.01 billion and a P/E ratio of 87.74.

Honeywell Aerospace (NASDAQ:HONA - Get Free Report) last released its earnings results on Monday, June 15th. The company reported $6,340,000.00 earnings per share for the quarter. The company had revenue of $4.35 billion during the quarter. As a group, research analysts forecast that Honeywell Aerospace will post 7.75 EPS for the current fiscal year.

Honeywell Aerospace Profile

Honeywell Aerospace is an aerospace technology company that develops and supplies systems, components and services for commercial aviation, business and general aviation, defense and space markets. Its portfolio includes aircraft engines, auxiliary power units, avionics, flight controls, navigation and communication systems, thermal management equipment, wheels and brakes, and other propulsion and safety technologies.

The company serves aircraft manufacturers, airlines, business aviation operators, military customers and aftermarket service providers around the world.

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