First Citizens Bank & Trust Co. Trims Holdings in Honeywell International Inc. $HON

Key Points

• First Citizens Bank & Trust Co. reduced its stake in Honeywell International by 11.9% in Q2, owning 20,439 shares worth $4,760,000 after selling 2,765 shares.
• Honeywell International recently increased its quarterly dividend to $1.19 per share, representing an annualized dividend yield of 2.2%, up from $1.13.
• Analysts have a Moderate Buy rating for Honeywell International, with a target price range between $250.00 and $271.00, reflecting positive sentiment towards the company’s stock performance.

First Citizens Bank & Trust Co. reduced its stake in shares of Honeywell International Inc. (NASDAQ:HON - Free Report) by 11.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,439 shares of the conglomerate's stock after selling 2,765 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in Honeywell International were worth $4,760,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Red Door Wealth Management LLC boosted its position in Honeywell International by 2.6% in the 1st quarter. Red Door Wealth Management LLC now owns 29,090 shares of the conglomerate's stock valued at $6,160,000 after buying an additional 736 shares during the period. Amundi boosted its holdings in shares of Honeywell International by 30.2% in the first quarter. Amundi now owns 519,882 shares of the conglomerate's stock valued at $107,450,000 after purchasing an additional 120,706 shares during the period. Spinnaker Trust boosted its holdings in shares of Honeywell International by 2.4% in the first quarter. Spinnaker Trust now owns 11,598 shares of the conglomerate's stock valued at $2,456,000 after purchasing an additional 276 shares during the period. Triton Financial Group Inc bought a new position in Honeywell International in the second quarter worth approximately $1,001,000. Finally, Baxter Bros Inc. increased its holdings in Honeywell International by 14.6% during the 2nd quarter. Baxter Bros Inc. now owns 35,733 shares of the conglomerate's stock worth $8,321,000 after purchasing an additional 4,543 shares during the period. 75.91% of the stock is currently owned by institutional investors.

Honeywell International Stock Performance

Shares of HON stock opened at $215.62 on Thursday. Honeywell International Inc. has a 12-month low of $179.36 and a 12-month high of $242.77. The business's fifty day simple moving average is $212.00 and its 200-day simple moving average is $216.96. The company has a current ratio of 1.29, a quick ratio of 0.97 and a debt-to-equity ratio of 1.81. The company has a market cap of $136.90 billion, a PE ratio of 24.53, a PEG ratio of 2.59 and a beta of 1.06.

Honeywell International (NASDAQ:HON - Get Free Report) last released its earnings results on Monday, December 11th. The conglomerate reported $2.25 EPS for the quarter. The company had revenue of $8.95 billion during the quarter. Honeywell International had a net margin of 14.30% and a return on equity of 37.37%. Honeywell International has set its Q4 2023 guidance at 2.530-2.630 EPS. FY 2023 guidance at 9.100-9.200 EPS. Analysts expect that Honeywell International Inc. will post 10.34 earnings per share for the current fiscal year.

Honeywell International Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Friday, November 14th will be issued a dividend of $1.19 per share. This represents a $4.76 dividend on an annualized basis and a dividend yield of 2.2%. This is a boost from Honeywell International's previous quarterly dividend of $1.13. The ex-dividend date of this dividend is Friday, November 14th. Honeywell International's dividend payout ratio is presently 51.42%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft upped their target price on Honeywell International from $268.00 to $271.00 and gave the stock a "buy" rating in a report on Thursday, October 2nd. Barclays upped their price objective on shares of Honeywell International from $258.00 to $265.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 9th. Morgan Stanley raised their target price on shares of Honeywell International from $225.00 to $245.00 and gave the company an "equal weight" rating in a research report on Monday, July 28th. Weiss Ratings restated a "buy (b-)" rating on shares of Honeywell International in a report on Wednesday, October 8th. Finally, TD Cowen lowered their price target on shares of Honeywell International from $260.00 to $250.00 in a research report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $251.67.

Insider Activity

In related news, CEO Lucian Boldea sold 42,149 shares of the company's stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $221.58, for a total value of $9,339,375.42. Following the transaction, the chief executive officer directly owned 10,334 shares of the company's stock, valued at $2,289,807.72. This represents a 80.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.20% of the stock is currently owned by insiders.

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.

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