Honeywell Aerospace (NASDAQ:HONA) Shares Down 5.9% Following Weak Earnings

Honeywell Aerospace (NASDAQ:HONA)’s share price dropped 5.9% during trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $203.64 and last traded at $203.64. 4,255,228 shares changed hands during mid-day trading, an increase of 48% from the average daily volume of 2,871,077 shares. The stock had previously closed at $216.48.

The company reported $6,340,000.00 earnings per share (EPS) for the quarter. The firm had revenue of $4.35 billion for the quarter.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Vertical Research began coverage on shares of Honeywell Aerospace in a report on Wednesday, July 1st. They issued a “hold” rating and a $243.00 price target for the company. UBS Group assumed coverage on Honeywell Aerospace in a research note on Monday, July 20th. They issued a “neutral” rating and a $231.00 target price for the company. Zacks Research upgraded Honeywell Aerospace to a “hold” rating in a research report on Wednesday, July 1st. Wolfe Research began coverage on Honeywell Aerospace in a research report on Monday, June 29th. They set a “hold” rating on the stock. Finally, BNP Paribas Exane started coverage on Honeywell Aerospace in a report on Tuesday, June 30th. They issued a “neutral” rating and a $245.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $253.75.

Institutional Trading of Honeywell Aerospace

A number of large investors have recently modified their holdings of the company. Oppenheimer Asset Management Inc. bought a new stake in Honeywell Aerospace in the 2nd quarter valued at about $8,809,000. Bryn Mawr Trust Advisors LLC bought a new position in Honeywell Aerospace in the 2nd quarter worth about $1,301,000. Hardy Reed LLC bought a new position in Honeywell Aerospace in the 2nd quarter worth about $1,151,000. BIP Wealth LLC acquired a new stake in shares of Honeywell Aerospace in the second quarter valued at approximately $713,000. Finally, Everett Harris & Co. CA acquired a new stake in shares of Honeywell Aerospace in the second quarter valued at approximately $699,000.

Honeywell Aerospace Price Performance

Honeywell Aerospace Company Profile

Honeywell Aerospace Inc manufactures and supplies aircraft components, avionics, engines, and systems for airframe manufacturing, commercial airline, military and defense, business aviation, and space markets, as well as other markets in the aerospace industry. The company offers actuation products, air and thermal management products, auxiliary power units, cabin management and entertainment products, cockpit systems and displays, electric power products, engines, health and usage monitoring products, lighting products, microelectronics, navigation products and radios, recorders and transmitters, satellite communications, sensors, space products, terrain and traffic awareness, vehicle turbochargers, weather radars, and wheels and braking systems.