Maryland Retirement System Boosts Stake in Honeywell International

The Maryland State Retirement & Pension System has increased its investment in Honeywell International Inc. by 2.7% during the second quarter of 2023. According to the latest 13F filing with the Securities and Exchange Commission, the retirement fund now owns 31,289 shares of Honeywell, having acquired an additional 815 shares during this period. The total value of these holdings stands at approximately $7.29 million.

Other institutional investors have also adjusted their positions in Honeywell. For instance, Red Door Wealth Management LLC raised its stake by 2.6% in the first quarter, owning 29,090 shares valued at $6.16 million after purchasing an additional 736 shares. Similarly, Amundi expanded its holdings significantly, increasing its shares by 30.2%, bringing its total to 519,882 shares worth around $107.45 million.

Additionally, Spinnaker Trust increased its stake by 2.4%, now holding 11,598 shares valued at $2.46 million, while Integrated Wealth Concepts LLC lifted its holdings by 11.4%. WIM INVESTMENT MANAGEMENT Ltd. also made a notable increase of 40.5%, resulting in ownership of 28,800 shares worth $6.10 million. Notably, institutional investors collectively hold approximately 75.91% of Honeywell’s stock.

Analysts Adjust Forecasts for Honeywell

In recent evaluations, analysts have raised their price targets for Honeywell’s stock. Morgan Stanley increased its target from $225.00 to $245.00 while maintaining an “equal weight” rating. Barclays also lifted its target to $265.00 with an “overweight” rating. On the other hand, Royal Bank of Canada slightly reduced its target from $254.00 to $253.00.

As of now, Honeywell has received a mix of ratings; one analyst has given a “Strong Buy” designation, nine analysts have issued a “Buy” rating, and eight have assigned a “Hold” rating. According to data from MarketBeat.com, the company holds an average rating of “Moderate Buy” with a consensus price target of $251.80.

Insider Trading and Recent Performance

In other developments, Lucian Boldea, the CEO of Honeywell, sold 42,149 shares on August 27, 2023, at an average price of $221.58, amounting to approximately $9.34 million. Following this transaction, Boldea retains ownership of 10,334 shares, valued at around $2.29 million. This sale represents an 80.31% reduction in his holdings, and only 0.20% of Honeywell’s stock is currently owned by insiders.

On the trading front, Honeywell’s stock opened at $209.85 on Thursday. The company’s 50-day moving average stands at $214.81, while the 200-day moving average is $217.33. Honeywell’s financial ratios include a quick ratio of 0.97, a current ratio of 1.29, and a debt-to-equity ratio of 1.81. The stock has a 52-week range, with a low of $179.36 and a high of $242.77. Its market capitalization is approximately $133.23 billion, with a price-to-earnings (P/E) ratio of 23.87.

Honeywell reported its quarterly earnings on July 24, 2023. The conglomerate posted earnings per share (EPS) of $2.75, exceeding analysts’ expectations of $2.66 by $0.09. The company achieved a net margin of 14.30% and a return on equity of 37.37%, with revenues of $10.35 billion compared to the consensus estimate of $10.01 billion. This marks an 8.1% increase in revenue year-over-year.

Additionally, Honeywell announced a quarterly dividend of $1.19 per share, set to be paid on December 5, 2023. Shareholders of record on November 14, 2023, will receive this dividend, reflecting an annualized dividend of $4.76 and a yield of 2.3%. This dividend marks an increase from the previous quarterly payout of $1.13, with a payout ratio currently at 54.15%.

Honeywell International Inc. is engaged in multiple sectors, including aerospace technologies, building automation, energy solutions, and industrial automation, operating across the United States, Europe, and beyond.