Bank of Nova Scotia Sells 500,583 Shares of Honeywell International Inc. (NASDAQ:HON)

Key Points

• Bank of Nova Scotia reduced its holdings in Honeywell International Inc. by 62.8%, now owning 296,597 shares valued at approximately $62.8 million.
• Honeywell's quarterly earnings exceeded expectations, reporting $2.75 EPS and $10.35 billion in revenue, marking an 8.1% increase compared to the same period last year.
• The company declared a quarterly dividend of $1.13 per share, representing a 2.1% dividend yield with a payout ratio of 51.42%.

Bank of Nova Scotia trimmed its stake in Honeywell International Inc. (NASDAQ:HON - Free Report) by 62.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 296,597 shares of the conglomerate's stock after selling 500,583 shares during the quarter. Bank of Nova Scotia's holdings in Honeywell International were worth $62,803,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of HON. Capital World Investors purchased a new position in shares of Honeywell International during the fourth quarter valued at $1,594,216,000. GAMMA Investing LLC grew its holdings in shares of Honeywell International by 20,894.0% during the first quarter. GAMMA Investing LLC now owns 1,326,614 shares of the conglomerate's stock valued at $2,809,110,000 after buying an additional 1,320,295 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its holdings in shares of Honeywell International by 592.0% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 867,665 shares of the conglomerate's stock valued at $183,728,000 after buying an additional 742,281 shares in the last quarter. Demars Financial Group LLC purchased a new position in shares of Honeywell International during the fourth quarter valued at $155,407,000. Finally, Leigh Baldwin & CO. LLC purchased a new position in shares of Honeywell International during the fourth quarter valued at $123,294,000. 75.91% of the stock is currently owned by institutional investors and hedge funds.

Honeywell International Stock Performance

Shares of NASDAQ HON traded down $0.93 during trading hours on Tuesday, hitting $219.86. 290,079 shares of the company's stock were exchanged, compared to its average volume of 4,116,268. Honeywell International Inc. has a 1-year low of $179.36 and a 1-year high of $242.77. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.29 and a quick ratio of 0.97. The stock has a market capitalization of $139.59 billion, a price-to-earnings ratio of 25.01, a PEG ratio of 2.46 and a beta of 1.08. The company's 50-day moving average price is $229.22 and its 200-day moving average price is $217.01.

Honeywell International (NASDAQ:HON - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The conglomerate reported $2.75 earnings per share for the quarter, topping the consensus estimate of $2.66 by $0.09. Honeywell International had a return on equity of 37.37% and a net margin of 14.30%. The business had revenue of $10.35 billion during the quarter, compared to analysts' expectations of $10.01 billion. During the same quarter in the previous year, the firm earned $2.49 EPS. The firm's revenue was up 8.1% compared to the same quarter last year. On average, sell-side analysts expect that Honeywell International Inc. will post 10.34 earnings per share for the current fiscal year.

Honeywell International Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be given a dividend of $1.13 per share. This represents a $4.52 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, August 15th. Honeywell International's payout ratio is currently 51.42%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on HON shares. Mizuho lifted their price target on Honeywell International from $235.00 to $250.00 and gave the company an "outperform" rating in a report on Friday, May 16th. JPMorgan Chase & Co. boosted their target price on Honeywell International from $182.00 to $217.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Wall Street Zen upgraded Honeywell International from a "hold" rating to a "buy" rating in a research note on Thursday, May 15th. Citigroup boosted their target price on Honeywell International from $242.00 to $265.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. Finally, Morgan Stanley boosted their target price on Honeywell International from $225.00 to $245.00 and gave the company an "equal weight" rating in a research note on Monday, July 28th. Eight investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Honeywell International presently has a consensus rating of "Moderate Buy" and an average target price of $254.00.

About Honeywell International

Honeywell International Inc engages in the aerospace technologies, building automation, energy and sustainable solutions, and industrial automation businesses in the United States, Europe, and internationally. The company's Aerospace segment offers auxiliary power units, propulsion engines, integrated avionics, environmental control and electric power systems, engine controls, flight safety, communications, navigation hardware, data and software applications, radar and surveillance systems, aircraft lighting, advanced systems and instruments, satellite and space components, and aircraft wheels and brakes; spare parts; repair, overhaul, and maintenance services; and thermal systems, as well as wireless connectivity services.