Honeywell Aerospace (NASDAQ:HONA) Trading Down 3.4% After Analyst Downgrade

Key Points

• Honeywell Aerospace shares fell 3.4% to about $158.50 after Melius Research downgraded the stock from “strong buy” to “hold.” Trading volume was approximately 44% above the average.
• Analyst sentiment is broadly cautious: the stock has a consensus “hold” rating from 16 analysts, with a consensus price target of $221.54. BNP Paribas Exane and UBS recently cut their targets to $210 and $213, respectively.
• Several institutional investors established new positions in Honeywell Aerospace during the second quarter, including Sequoia Financial Advisors, which purchased a stake worth approximately $24.2 million.

Honeywell Aerospace (NASDAQ:HONA - Get Free Report)'s stock price dropped 3.4% during mid-day trading on Tuesday after Melius Research downgraded the stock from a strong-buy rating to a hold rating. The company traded as low as $158.10 and last traded at $158.50. Approximately 5,180,647 shares changed hands during mid-day trading, an increase of 44% from the average daily volume of 3,602,651 shares. The stock had previously closed at $164.08.

Other equities research analysts also recently issued research reports about the company. BNP Paribas Exane reduced their target price on Honeywell Aerospace from $245.00 to $210.00 and set a "neutral" rating on the stock in a report on Thursday, August 6th. Evercore set a $210.00 price objective on Honeywell Aerospace in a research report on Thursday, August 6th. UBS Group reduced their price objective on Honeywell Aerospace from $231.00 to $213.00 and set a "neutral" rating on the stock in a research note on Thursday, August 6th. Wolfe Research initiated coverage on Honeywell Aerospace in a research report on Monday, June 29th. They issued a "hold" rating on the stock. Finally, Zacks Research raised Honeywell Aerospace to a "hold" rating in a research note on Wednesday, July 1st. Five analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Honeywell Aerospace currently has a consensus rating of "Hold" and a consensus target price of $221.54.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Ironvine Capital Partners LLC bought a new position in Honeywell Aerospace in the 2nd quarter valued at about $10,452,000. Sequoia Financial Advisors LLC bought a new stake in Honeywell Aerospace during the 2nd quarter worth approximately $24,175,000. SFE Investment Counsel purchased a new stake in shares of Honeywell Aerospace in the second quarter worth approximately $2,981,000. Werlinich Asset Management LLC purchased a new stake in shares of Honeywell Aerospace in the second quarter worth approximately $1,478,000. Finally, MidFirst Bank bought a new position in shares of Honeywell Aerospace in the second quarter valued at approximately $5,608,000.

Honeywell Aerospace Stock Performance

The company has a market cap of $50.24 billion and a P/E ratio of 84.76. The firm's fifty day moving average is $183.13.

Honeywell Aerospace (NASDAQ:HONA - Get Free Report) last announced its quarterly 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. On average, research analysts predict that Honeywell Aerospace will post 7.75 EPS for the current year.

About Honeywell Aerospace

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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