Honeywell International Inc. (HON) Stock Dips While Market Gains: Key Facts
The latest trading session saw Honeywell International Inc. (HON) ending at $199.87, denoting a -1.51% adjustment from its last day's close. The stock fell short of the S&P 500, which registered a gain of 0.08% for the day. Elsewhere, the Dow saw a downswing of 0.26%, while the tech-heavy Nasdaq appreciated by 0.36%.
The the stock of company has fallen by 2.45% in the past month, leading the Conglomerates sector's loss of 5.42% and undershooting the S&P 500's gain of 2.4%.
Investors will be eagerly watching for the performance of Honeywell International Inc. in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on February 1, 2024. The company's earnings per share (EPS) are projected to be $2.59, reflecting a 2.78% increase from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $9.7 billion, up 5.63% from the year-ago period.
It is also important to note the recent changes to analyst estimates for Honeywell International Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.08% decrease. Honeywell International Inc. is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Honeywell International Inc. is currently trading at a Forward P/E ratio of 20.37. This signifies a premium in comparison to the average Forward P/E of 15.82 for its industry.
We can additionally observe that HON currently boasts a PEG ratio of 2.38. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The average PEG ratio for the Diversified Operations industry stood at 2.27 at the close of the market yesterday.
The Diversified Operations industry is part of the Conglomerates sector. At present, this industry carries a Zacks Industry Rank of 56, placing it within the top 23% of over 250 industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Honeywell International Inc. (HON) : Free Stock Analysis Report
