Honeywell Aerospace (NASDAQ:HONA) Sees Significant Decrease in Short Interest

Key Points

• Short interest fell 32.9% to 5.84 million shares as of August 14, representing about 1.8% of HONA’s shares outstanding and a one-day days-to-cover ratio.
• Analyst sentiment remains cautious: the stock has a consensus “Hold” rating and a $224.17 average price target, despite Argus initiating coverage with a Buy rating and a $275 target.
• HONA shares recently traded at $154.24, near their 52-week low of $150.03 and well below the 50-day moving average of $194.29; the company reported $4.35 billion in quarterly revenue.

Honeywell Aerospace (NASDAQ:HONA - Get Free Report) was the recipient of a large drop in short interest in August. As of August 14th, there was short interest totaling 5,842,017 shares, a drop of 32.9% from the July 30th total of 8,708,127 shares. Approximately 1.8% of the shares of the stock are short sold. Based on an average daily volume of 5,721,340 shares, the days-to-cover ratio is currently 1.0 days.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in HONA. Ameliora Wealth Management Ltd. purchased a new stake in shares of Honeywell Aerospace in the 2nd quarter valued at approximately $25,000. Leo H. Evart Inc. acquired a new stake in Honeywell Aerospace during the 2nd quarter valued at $26,000. Outlook Capital Management LLC purchased a new stake in shares of Honeywell Aerospace in the second quarter valued at $26,000. Meeder Asset Management Inc. acquired a new stake in shares of Honeywell Aerospace in the second quarter worth $29,000. Finally, Bell Investment Advisors Inc acquired a new stake in shares of Honeywell Aerospace in the second quarter worth $29,000.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on HONA shares. Argus assumed coverage on Honeywell Aerospace in a research note on Thursday, July 9th. They issued a "buy" rating and a $275.00 price objective on the stock. Wolfe Research began coverage on Honeywell Aerospace in a research note on Monday, June 29th. They set a "hold" rating for the company. Zacks Research raised Honeywell Aerospace to a "hold" rating in a report on Wednesday, July 1st. BNP Paribas Exane dropped their price target on shares of Honeywell Aerospace from $245.00 to $210.00 and set a "neutral" rating on the stock in a research report on Thursday, August 6th. Finally, UBS Group cut their price target on shares of Honeywell Aerospace from $231.00 to $213.00 and set a "neutral" rating for the company in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $224.17.

Honeywell Aerospace Price Performance

Shares of NASDAQ:HONA traded down $3.87 on Tuesday, reaching $154.24. 2,666,947 shares of the company traded hands, compared to its average volume of 3,598,715. The stock has a market cap of $48.89 billion and a PE ratio of 82.48. The firm has a 50 day simple moving average of $194.29. Honeywell Aerospace has a fifty-two week low of $150.03 and a fifty-two week high of $297.50.

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

About Honeywell Aerospace

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source