3. Honeywell International Inc. (NASDAQ:HON)
Number of Hedge Fund Holders: 53
Honeywell International Inc. (NASDAQ:HON) operates as a diversified technology and manufacturing company worldwide. The company’s Aerospace segment offers auxiliary power units, propulsion engines, integrated avionics, environmental control and electric power systems, engine controls, flight safety, navigation hardware, satellite and space components, aircraft wheels and brakes, and maintenance services. Honeywell International Inc. (NASDAQ:HON) is one of the best aerospace stocks to consider.
On December 1, Honeywell International Inc. (NASDAQ:HON) announced that it is expanding its partnership with Nexceris, a manufacturer of Li-ion Tamer lithium-ion gas detection solutions, to improve safety of electric vehicle batteries. The companies will collaborate with top global auto manufacturers to provide superior gas detection solutions in EV battery packs which would allow for early intervention and make electric vehicles safer.
Citi analyst Andrew Kaplowitz on December 9 raised the price target on Honeywell International Inc. (NASDAQ:HON) to $248 from $213 and reiterated a Buy rating on the shares. The analyst noted that megatrends and “still emerging fiscal tailwinds” should help moderate potential downside for industrials in a weak macroeconomic backdrop.
According to Insider Monkey’s data, 53 hedge funds were long Honeywell International Inc. (NASDAQ:HON) at the end of Q3 2022, compared to 42 funds in the prior quarter. Ric Dillon’s Diamond Hill Capital is a significant position holder in the company, with 1.13 million shares worth $190.2 million.
Here is what ClearBridge Investments has to say about Honeywell International Inc. (NASDAQ:HON) in its Q1 2021 investor letter:
“The portfolio’s quality bias and valuation discipline have generated compelling returns over time with typically strong relative results in more challenging environments as it did through the first three quarters of 2020. However, that same quality bias tends to create a more challenging relative performance environment for the Strategy during periods of sharp economic acceleration, which tend to benefit stocks that are more commodity linked or of lower quality. This has been the case during the vaccine- and stimulus-driven rally experienced late last year and during the most recent quarter. Sectors that lagged in the quarter included industrials, Honeywell also lagged in the quarter after previously generating strong returns over extended periods.”
