The stock of Honeywell International Inc. (NYSE:HON) is now priced at $164.53 and the shares are 5.16 points up or 3.24% higher compared to its previous closing price of $159.37. HON shares have a float of 701 million and although its performance was 4.54% over the week, it’s one to watch. Analysts have given the HON stock a yearly average price target of $157.85 per share. It means the stock’s downside potential is -4.06% with the HON share price recently placing at $163.52 to $166.999. However, some brokerage firms have priced the stock below the average, including one that has called $144.
The shorts are running away from the Honeywell International Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the HON shares have declined. Short interest in the stock represents just 0.78% of its float, but the volume has dropped by 0.
In the last trading session, Honeywell International Inc. (NYSE:HON) raised by $7.15 over the week and gained $12.52 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $184.06. The stock recorded its established 52-week high on 01/17/20.
Since 03/23/20, the stock has traded to a low of $101.08 at 62.77%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.03. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Honeywell International Inc.’s two-week RSI is 70.48. This suggests that the stock is oversold at the moment and that HON shares’ price movement remains not stable. The stochastic readings are equally revealing at 75.01% meaning the HON share price is currently in oversold territory.
The technical chart shows that the HON stock will likely settle at between $166.51 and $168.5 per share. However, if the stock dips below $163.03, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $161.54.
Currently, the stock is trading in the green of MACD, with a reading of 1.6. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at RBC Capital Mkts cut their recommendation for HON from Outperform to Sector Perform in August 11 review while maintai their target price of $166 to $158. HSBC Securities analysts upgraded their recommendation of the stock from Hold to Buy while keeping its target price at $158 in a flash note released to investors on May 21. Deutsche Bank seeing the stock struggling downgraded it from Buy to Hold on May 04 placing it at $165 to $149.
The average rating for the HON equity is 1.92 and is currently gathering a bullish momentum. Of 25 analysts tracking Honeywell International Inc. polled by Reuters, 7 rated HON as a hold. The remaining 18 analysts were split evenly. However, the split wasn’t equal as a majority (18) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the HON stock price is 21.01X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 20.2 below the group’s average of 32.4. Honeywell International Inc. has its P/E ratio at 6.4, which means that the stock is currently trading at a premium relative to the 4.6 industry average.