Covington Investment Advisors Inc. Makes New $3.81 Million Investment in Honeywell Aerospace $HONA

Key Points

• Covington Investment Advisors initiated a $3.81 million position in Honeywell Aerospace during the second quarter by purchasing 17,236 shares. Several other institutional investors also opened new positions.
• Analyst sentiment is mixed, with Morgan Stanley upgrading the stock to “overweight” while others maintain buy or hold ratings. The consensus rating is “Hold”, with an average price target of $224.17.
• HONA opened at $164.73, with a market capitalization of $52.21 billion and a one-year trading range of $150.03 to $297.50. Honeywell Aerospace reported $4.35 billion in quarterly revenue, and analysts expect fiscal-year EPS of $7.75.

Covington Investment Advisors Inc. purchased a new position in Honeywell Aerospace (NASDAQ:HONA - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 17,236 shares of the company's stock, valued at approximately $3,811,000.

Other institutional investors also recently modified their holdings of the company. Bell Investment Advisors Inc bought a new position in Honeywell Aerospace during the second quarter worth $29,000. Strategic Wealth Advisors LLC acquired a new stake in Honeywell Aerospace during the 2nd quarter worth about $29,000. Meeder Asset Management Inc. bought a new position in shares of Honeywell Aerospace in the 2nd quarter worth about $29,000. Mowery & Schoenfeld Wealth Management LLC bought a new position in shares of Honeywell Aerospace in the 2nd quarter worth about $40,000. Finally, Gables Capital Management Inc. acquired a new position in shares of Honeywell Aerospace in the 2nd quarter valued at about $47,000.

Wall Street Analyst Weigh In

Several brokerages recently commented on HONA. Wolfe Research began coverage on Honeywell Aerospace in a research report on Monday, June 29th. They set a "hold" rating on the stock. Morgan Stanley upgraded Honeywell Aerospace from an "equal weight" rating to an "overweight" rating and set a $205.00 price target on the stock in a report on Wednesday. Royal Bank Of Canada reduced their price objective on shares of Honeywell Aerospace from $300.00 to $250.00 and set an "outperform" rating for the company in a research report on Thursday, August 6th. Evercore set a $210.00 price objective on shares of Honeywell Aerospace in a research note on Thursday, August 6th. Finally, Argus began coverage on shares of Honeywell Aerospace in a research note on Thursday, July 9th. They set a "buy" rating and a $275.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $224.17.

Honeywell Aerospace Price Performance

Shares of NASDAQ HONA opened at $164.73 on Monday. The stock has a market cap of $52.21 billion and a PE ratio of 88.09. Honeywell Aerospace has a 1 year low of $150.03 and a 1 year high of $297.50.

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

Honeywell Aerospace Profile

Honeywell Aerospace Inc manufactures and supplies aircraft components, avionics, engines, and systems for airframe manufacturing, commercial airline, military and defense, business aviation, and space markets, as well as other markets in the aerospace industry. The company offers actuation products, air and thermal management products, auxiliary power units, cabin management and entertainment products, cockpit systems and displays, electric power products, engines, health and usage monitoring products, lighting products, microelectronics, navigation products and radios, recorders and transmitters, satellite communications, sensors, space products, terrain and traffic awareness, vehicle turbochargers, weather radars, and wheels and braking systems.

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