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Honeywell Snaps Up Rocky Research To Boost Aerospace Business

support@smarteranalyst.com (Ben Mahaney)
·2 min read

Honeywell International is buying privately-held Rocky Research in a move to expand its existing capabilities within the aerospace business. Financial terms of the deal weren't disclosed.

Following the acquisition, Nevada-based Rocky Research will become a wholly-owned subsidiary of the software-industrial company and will be integrated into its aerospace business, to focus on power and thermal research and development.

Honeywell (HON) said that “the acquisition of Rocky Research positions Honeywell with an advanced capability in the fast-growing power and thermal management market. The combined, differentiated capabilities of Rocky Research and Honeywell will help reduce the size, weight, power and cost of thermal and power management and hardware systems.”

On Sept. 25, Honeywell announced its 11th consecutive annual dividend hike of 3.3% to $3.72 per share from $3.60. The new quarterly dividend of $0.93 per share will be payable on Dec. 4 to shareholders of record on Dec. 13. (See HON stock analysis on TipRanks)

On Sept. 30, Jefferies analyst Sheila Kahyaoglu maintained a Buy rating with a price target of $190 (10.8% upside potential) on the stock. The analyst believes that Honeywell’s Aerospace and PMT (Performance Materials & Technologies) businesses can recover EBIT to 5% below 2019 peak by 2022.

Currently, the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 9 Buys and 4 Holds. The average price target of $169.18 implies downside potential of about 1.4% to current levels. Shares are down by about 3.1% year-to-date.

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