Marshall Wace LLP has significantly increased its stake in Honeywell International Inc. (NASDAQ: HON), acquiring an additional 375,757 shares during the second quarter of 2023. This move raised the firm’s total ownership in the conglomerate to 802,060 shares, reflecting an impressive increase of 88.1%. As of the latest filing with the Securities and Exchange Commission, Marshall Wace’s holdings are valued at approximately $186.8 million, making up about 0.13% of Honeywell’s total shares.
A number of other institutional investors have also adjusted their positions in Honeywell. BankPlus Wealth Management LLC raised its stake by 2.2%, now owning 1,986 shares worth $463,000. Similarly, Summit Wealth Group LLC increased its investment by 4.3%, holding 1,115 shares valued at $260,000. Other notable investors include Maia Wealth LLC, which boosted its holdings by 4.1%, and Capital Advisors Ltd. LLC, which grew its position by 1.8% during the same period.
As it stands, institutional investors and hedge funds collectively own 75.91% of Honeywell’s stock, indicating strong confidence in the company’s future growth.
Analysts Adjust Ratings for Honeywell
Recent evaluations from various research firms have influenced the market’s perception of Honeywell. On October 27, 2023, Rothschild & Co Redburn downgraded its target price from $240.00 to $222.00, assigning a “neutral” rating. Conversely, Citigroup raised its price target from $251.56 to $267.00, maintaining a “buy” rating on November 4, 2023. Additionally, Deutsche Bank Aktiengesellschaft lowered its target price to $265.00 while retaining a “buy” rating.
Analysts have varied opinions on the stock, with one rating it as a Strong Buy, eight as Buy, nine as Hold, and one as Sell. The consensus rating stands at “Hold” with an average price target of $236.71, according to data from MarketBeat.
Honeywell’s Stock Performance and Dividend Announcement
As of the latest trading session, Honeywell’s stock opened at $192.23, reflecting a decline of 0.6%. The company has experienced a market capitalization of $122.04 billion and maintains a P/E ratio of 20.26. Over the past year, Honeywell’s stock has seen a low of $169.21 and a high of $228.04.
In a positive development for shareholders, Honeywell announced a quarterly dividend of $1.19 per share, set to be paid on December 5, 2023. This marks an increase from the previous quarterly dividend of $1.13, with the annualized dividend amounting to $4.76 and a yield of 2.5%. The ex-dividend date for this payment is November 14, 2023, and the company’s payout ratio currently stands at 50.16%.
Honeywell International Inc. continues to engage in various sectors, including aerospace technologies, building automation, energy solutions, and industrial automation. The company is noted for its diverse offerings, which include advanced avionics, environmental control systems, and integrated software applications.
The company’s ongoing performance and strategic decisions in the market will be closely monitored by investors as Honeywell seeks to enhance its position across global markets.
