Honeywell International Inc. (HON) Stock Slides as Market Rises: Facts to Know Before You Trade
Honeywell International Inc. (HON) closed the most recent trading day at $201.10, moving -0.28% from the previous trading session. This move lagged the S&P 500's daily gain of 0.08%. At the same time, the Dow lost 0.31%, and the tech-heavy Nasdaq gained 0.02%.
Shares of the company witnessed a loss of 0.86% over the previous month, beating the performance of the Conglomerates sector with its loss of 1.33% and underperforming the S&P 500's gain of 3.52%.
Market participants will be closely following the financial results of Honeywell International Inc. in its upcoming release. The company plans to announce its earnings on February 1, 2024. The company's upcoming EPS is projected at $2.59, signifying a 2.78% increase compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $9.7 billion, indicating a 5.63% growth compared to the corresponding quarter of the prior year.
Investors should also pay attention to any latest changes in 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. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.14% lower. As of now, Honeywell International Inc. holds a Zacks Rank of #3 (Hold).
In terms of valuation, Honeywell International Inc. is presently being traded at a Forward P/E ratio of 20.25. This represents a premium compared to its industry's average Forward P/E of 15.43.
Also, we should mention that HON has a PEG ratio of 2.37. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. 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. This industry currently has a Zacks Industry Rank of 53, which puts it in the top 22% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Honeywell International Inc. (HON) : Free Stock Analysis Report
