Honeywell Aerospace (NASDAQ:HONA) Stock Price Up 1.8% on Analyst Upgrade

Shares of Honeywell Aerospace (NASDAQ:HONA) shot up 1.8% during mid-day trading on Thursday after Susquehanna upgraded the stock to a strong-buy rating. The company traded as high as $169.74 and last traded at $167.13. Approximately 7,599,546 shares traded hands during trading, an increase of 109% from the average daily volume of 3,635,116 shares. The stock had previously closed at $164.18.

A number of other equities research analysts also recently weighed in on the company. Wall Street Zen raised Honeywell Aerospace to a “hold” rating in a research report on Sunday, July 12th. BNP Paribas Exane decreased their price objective on Honeywell Aerospace from $245.00 to $210.00 and set a “neutral” rating on the stock in a report on Thursday, August 6th. Argus assumed coverage on Honeywell Aerospace in a research note on Thursday, July 9th. They issued a “buy” rating and a $275.00 target price for the company. Wolfe Research initiated coverage on Honeywell Aerospace in a research report on Monday, June 29th. They issued a “hold” rating for the company. Finally, JPMorgan Chase & Co. initiated coverage on shares of Honeywell Aerospace in a research note on Friday, July 10th. They set a “neutral” rating and a $255.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $219.29.

Trending Headlines about Honeywell Aerospace

Here are the key news stories impacting Honeywell Aerospace this week:

• Positive Sentiment: Susquehanna initiated coverage of Honeywell Aerospace with a positive rating, providing new analyst support for the stock and signaling confidence in its aerospace-market outlook. Susquehanna Initiates Coverage of Honeywell Aerospace at Positive
• Positive Sentiment: A bullish Seeking Alpha analysis argued that Honeywell Aerospace’s current headwinds should be temporary, supporting the case that production growth, demand and longer-term fundamentals could improve. Honeywell Aerospace: Strong Buy As Headwinds Should Be Temporary
• Positive Sentiment: Saudi Arabia’s potential $5.75 billion in arms purchases could benefit aerospace and defense suppliers, including Honeywell Aerospace, although the company’s actual share of any contracts remains uncertain. Saudi Arabia’s $5.75 Billion Potential Arms Sales
• Neutral Sentiment: CEO Jim Currier called GE Aerospace’s planned $11.75 billion acquisition of Consolidated Precision Products positive for the broader industry. However, Honeywell does not directly compete with CPP, and persistent aerospace supply constraints remain a concern. Honeywell CEO Calls GE-CPP Deal Positive Amid Persistent Supply Constraints
• Negative Sentiment: A recent analyst downgrade pressured the shares and likely heightened concerns about valuation, near-term growth or aerospace supply-chain execution. Honeywell Aerospace Stock Price Down After Analyst Downgrade
• Negative Sentiment: Jim Cramer said he could not “counsel owning” Honeywell Aerospace, adding prominent negative commentary and reinforcing short-term investor caution. Jim Cramer Says He Can’t Counsel Owning Honeywell Aerospace

Hedge Funds Weigh In On Honeywell Aerospace

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Honeywell Aerospace in the 2nd quarter valued at $5,253,341,000. Wellington Management Group LLP bought a new position in shares of Honeywell Aerospace in the second quarter valued at about $1,705,882,000. Bank of America Corp DE acquired a new position in Honeywell Aerospace during the 2nd quarter worth about $1,034,187,000. Bank of New York Mellon Corp bought a new position in shares of Honeywell Aerospace in the second quarter worth about $644,412,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Honeywell Aerospace in the second quarter valued at approximately $370,544,000.

Honeywell Aerospace Trading Down 2.1%

The company has a market cap of $51.85 billion and a PE ratio of 87.49. The stock has a 50-day moving average of $178.07.

Honeywell Aerospace (NASDAQ:HONA) last posted 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 during the quarter. Equities research analysts anticipate that Honeywell Aerospace will post 7.75 earnings per share for the current fiscal 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.