Honeywell Aerospace (NASDAQ:HONA) Shares Down 2.5% - Should You Sell?

Key Points

• Honeywell Aerospace shares fell 2.5% to $151.58 in mid-day trading, with volume below the stock’s average. The price is well below its 50-day moving average of $189.76.
• Wall Street analysts have a consensus “Hold” rating and an average price target of $224.17, implying substantial upside from current levels, though ratings are mixed and several analysts recently lowered their targets.
• The company reported quarterly revenue of $4.35 billion and earnings of $6.34 million, while major institutional investors—including CalSTRS, BlackRock and Wellington—built new positions during the second quarter.

Honeywell Aerospace (NASDAQ:HONA - Get Free Report)'s share price fell 2.5% on Wednesday . The company traded as low as $150.97 and last traded at $151.58. 3,072,402 shares were traded during mid-day trading, a decline of 14% from the average daily volume of 3,590,958 shares. The stock had previously closed at $155.42.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on HONA shares. Evercore set a $210.00 target price on Honeywell Aerospace in a report on Thursday, August 6th. BMO Capital Markets cut their price target on shares of Honeywell Aerospace from $276.00 to $209.00 and set an "outperform" rating for the company in a report on Monday, August 10th. Wall Street Zen upgraded shares of Honeywell Aerospace to a "hold" rating in a research note on Sunday, July 12th. Wells Fargo & Company set a $195.00 target price on shares of Honeywell Aerospace in a research report on Monday, August 10th. Finally, TD Cowen initiated coverage on shares of Honeywell Aerospace in a research report on Monday, June 29th. They set a "hold" rating and a $250.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $224.17.

Honeywell Aerospace Stock Performance

The company has a 50 day simple moving average of $189.76. The stock has a market capitalization of $48.04 billion and a price-to-earnings ratio of 81.06.

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 business had revenue of $4.35 billion for the quarter. Equities research analysts predict that Honeywell Aerospace will post 7.75 earnings per share for the current year.

Hedge Funds Weigh In On Honeywell Aerospace

A number of institutional investors have recently modified their holdings of the company. California State Teachers Retirement System acquired a new stake in Honeywell Aerospace during the second quarter worth approximately $24,053,526,000. BlackRock Inc. purchased a new stake in Honeywell Aerospace in the 2nd quarter worth approximately $5,253,341,000. Wellington Management Group LLP acquired a new position in Honeywell Aerospace in the 2nd quarter valued at $1,705,882,000. Bank of America Corp DE purchased a new position in shares of Honeywell Aerospace during the 2nd quarter worth $1,034,187,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Honeywell Aerospace in the second quarter valued at $644,412,000.

Honeywell Aerospace Company 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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