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Honeywell's (HON) Electrigrip Boots Offer Electric Shock Protection

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Honeywell International Inc. HON, on Jun 23, unveiled Electrigrip dielectric boots that are designed to protect from electric shocks. With the addition of the Electrigrip boots to its offerings, the company has extended its rubber boot portfolio.

The company’s shares gained 1% in the past couple of days to eventually close the trading session at $217.69 on Thursday.

Inside the Headlines

Honeywell’s Salisbury Electrigrip boots incorporate normal protective features that include a protective toe cap, impact and compression resistance as well as a puncture resistant sole. Capable of offering electrical shock protection for voltages of 20kV, the Electrigrip boots also carry added features like replaceable insoles for providing both cushioning and stability and an ergonomic fit with a locking ankle to avoid heel slip.

The company’s Electrigrip boots are available in standard and thermal models. Notably, the thermal model features an exclusive outsole that helps in offering a safe grip on wet metal surfaces. Also, its thick lining enables users to keep their feet safe and warm in cold weather.

Honeywell remains focused on investing in product innovation and growth opportunities across its businesses. Earlier this month, it unveiled an offering for its innovative JetWave product suite of broadband satcom solutions — JetWave MCX. The solution is developed for governmental and military aircraft. Also, in May 2021, it introduced a cloud-based solution, Honeywell Forge Real Estate Operations, for building owners and managers. The solution helps in streamlining and combining operational and business data to better support the decision-making process and boost operational efficiencies. Further, in April 2021, it launched its gas cloud imaging system in Europe.

Zacks Rank, Price Performance and Estimate Trend

Honeywell, with a $151.2-billion market capitalization, currently carries a Zacks Rank #3 (Hold). The company has been gaining from strength in its defense and space business, solid demand for personal protective equipment and a strong backlog in the quarters ahead. For 2021, it anticipates overall revenues to lie in the range of $34-$34.8 billion, with organic revenues expected to be up 3-5% on a year-over-year basis. However, weakness across the commercial aerospace end market might adversely impact its near-term performance.

In the past three months, the company’s shares have gained 1.8% compared with the industry’s growth of 7.2%.

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In the past 60 days, the Zacks Consensus Estimate for the company’s earnings has moved up 0.8% to $8.01 for 2021, while the same for 2022 has been raised 0.9% to $9.12.

Stocks to Consider

Some better-ranked stocks from the same space are Griffon Corporation GFF, Crane Co. CR and ITT Inc. ITT, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Griffon delivered an earnings surprise of 50.00% in the last reported quarter.

Crane delivered an earnings surprise of 26.72% in the last reported quarter.

ITT delivered an earnings surprise of 21.84% in the last reported quarter.

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