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Wire

Honeywell's Financial Targets in Line With Expectations, RBC Capital Markets Says

Honeywell International's (HON) three-year financial goals are mostly in line with expectations, including 4% to 6% organic growth, about 400 basis points of margin expansion, and more than 10% of earnings per share growth, RBC Capital Markets said in a note Friday.The company's "margin expansion looks largely de-risked through structural actions" and Honeywell Chief Financial Officer Mike Stepniak described the about $6 EPS goal as "table stakes" with growth front-loaded," RBC said.The investment firm highlighted the 2 percentage points growth contingency embedded across the targets, leaving room for potential upside.Management has made a "compelling" case for hitting or exceeding its targets based on factors like accelerating services and software mix, and growth in software annual recurring revenue, according to the note.The investment firm said it likes Honeywell's setup ahead of the June 29 spin-off of its Aerospace division.RBC has an outperform rating on Honeywell and $275 price target.Shares of Honeywell were up more than 2% in Friday trading.Price: $224.04, Change: $+4.91, Percent Change: +2.24%

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Research

Bernstein Initiates Honeywell International at Market Perform With $233 Price Target

Honeywell International (HON) has an average rating of overweight and mean price target of $253.04, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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Wire

Honeywell Expected to Outline Growth, Margin Expansion Opportunities at Investor Day, RBC Says

Honeywell International (HON) is expected to outline a mid-single-digit organic growth framework, a stronger margin expansion story and additional value-creation opportunities tied to its planned breakup at its June 11 investor day, RBC Capital Markets said.The brokerage said Honeywell is positioned for mid-single-digit organic growth, supported by demand from buildings, energy facilities and industrial facilities. The firm sees potential for double-digit earnings per share growth during the first two to three years after the separation, driven by revenue growth, annual margin expansion and lower stranded costs.Industrial Automation could drive much of the margin improvement, with management likely to outline a path toward more than 20% earnings before interest, taxes, and amortization margins, according to the note.Honeywell's Forge software platform could become a bigger growth driver as AI use expands, customer deployments rise, and more recurring software revenue develops, while the company will likely focus first on reducing debt after the separation, then move toward smaller acquisitions, mainly in sensing and measurement, the investment firm said.RBC raised its price target for Honeywell to $275 from $268 and kept its outperform rating.Price: $217.44, Change: $-0.20, Percent Change: -0.09%

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Wire

Honeywell Aerospace Spin-Off Seen Supporting Growth, Margins on Standalone Focus, RBC Says

Honeywell International's (HON) planned spin-off of its aerospace business, Honeywell Aerospace, could support revenue and margin growth through a renewed standalone focus, RBC Capital Markets said.The firm said in a Wednesday note that Honeywell Aerospace outlined organic growth targets of 7% to 9% for 2026 and adjusted EBIT of $4.65 billion to $4.75 billion. It also set 2030 targets of 6% to 8% compound annual organic growth and adjusted EBIT above $6.5 billion, according to analyst meetings held in Phoenix earlier this month.RBC said key growth drivers include about $90 billion in new wins, supply chain improvements and strong industry fundamentals. Management also highlighted improved execution and a new operating system designed to drive continuous improvement, integrate supply chains and improve productivity.The company expects low maintenance capital expenditure of around 1% to 2% of sales and plans to balance capital allocation across organic investment, dividends, bolt-on acquisitions, and share buybacks. RBC said adjusted EBIT is expected to grow faster than revenue through 2030.RBC has an outperform rating on the stock with a price target of $268.Price: $220.67, Change: $-2.59, Percent Change: -1.16%

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Sectors

Sector Update: Tech Stocks Gain Late Afternoon

Tech stocks were higher late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.7% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing up 4.8%. The Philadelphia Semiconductor index popped 5.6%.In corporate news, Micron Technology's (MU) market capitalization touched $1 trillion for the first time following several bullish analyst reports. Its shares surged 20%.Qualcomm (QCOM) is set to supply ByteDance with millions of chips for AI data centers to support the TikTok owner's AI agent software, Bloomberg reported. Qualcomm shares climbed 4.8%.Elbit Systems (ESLT) reported higher Q1 results and said its order backlog topped $30 billion, lifted by surging demand from Israel's Ministry of Defense amid ongoing regional conflicts. Its shares rose past 9%.Quantinuum, a quantum computing platform controlled by Honeywell International (HON), is seeking to raise up to $1.21 billion through an initial public offering, according to a filing on Tuesday. Honeywell shares rose 1.7%.

$ESLT$HON$MU$QCOM
Sectors

Sector Update: Tech

Tech stocks were higher late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.7% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing 4.8%.The Philadelphia Semiconductor index popped 5.6%.In corporate news, Quantinuum, a quantum computing platform controlled by Honeywell International (HON), is seeking to raise up to $1.21 billion through an initial public offering, according to a filing on Tuesday. Honeywell shares rose 1.6%.

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Honeywell-Controlled Quantinuum Looking to Raise Up to $1.21 Billion in IPO
US Markets

Honeywell-Controlled Quantinuum Looking to Raise Up to $1.21 Billion in IPO

Quantinuum, a quantum computing platform controlled by Honeywell International (HON), is seeking to raise up to $1.21 billion through an initial public offering, according to a filing on Tuesday.The company plans to offer about 21.1 million class A shares at an estimated price range of $45 to $50 per share, according to a preliminary prospectus filed with the US Securities and Exchange Commission. Underwriters will have a 30-day option to purchase about 3.2 million additional shares.Based on the top-end of the expected price range, the share sale will raise up to $1.21 billion, assuming the over-allotment option is exercised in full' calculations showed.Quantinuum is looking to list its class A shares on the Nasdaq Global Market under the symbol "QNT," according to the filing. It intends to have a dual-class stock structure, with each class A and B share entitling the holder to a single vote.Following the IPO, Honeywell entities are expected to beneficially own about 49.1% of the combined voting power of Quantinuum's class A and B shares, or 48.5% if the underwriters fully exercise their over-allotment option, according to the filing.Quantinuum has customers across pharmaceuticals, materials science, financial services, government and industrial markets, the filing showed.The company reported a net loss of $192.6 million and net revenue of $30.9 million for 2025, compared with a $144.1 million loss and revenue of $23 million for the prior year. For the first quarter of 2026, it reported a net loss of $136.6 million and net revenue of $5.2 million, compared with a loss of $30.5 million and sales of $19.1 million a year earlier.Quantinuum had cash and cash equivalents of $677 million at the end of March, compared with $762.6 million at the end of 2025, according to the filing.The company recently entered into a letter of intent with the US Department of Commerce under the CHIPS Act of 2022, covering an award of up to $100 million, the filing showed.Shares of Honeywell were up 1.8% intraday Tuesday."For (Honeywell) shareholders, the IPO crystallizes the value of a previously embedded asset ahead of the June 29 aerospace separation, which remains the primary near-term catalyst," Wedbush Securities analyst Michael Piccolo said in a note, referring to the spin-off of the unit into a pure-play aerospace and defense company.Price: $231.78, Change: $+3.86, Percent Change: +1.69%

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Wire

Market Chatter: Dell Added 1,000 AI Factory Customers Last Quarter

Dell Technologies' (DELL) AI Factory added 1,00 customers in the past quarter, bringing the total to 5,000 for its product line of servers used to power artificial intelligence work with Nvidia's (NVDA) chips, software and services, Bloomberg reported Monday, citing an interview with Chief Executive Michael Dell.Eli Lilly (LLY), Honeywell International (HON) and Samsung are among its customers, the report said. Dell had about 4,000 clients when it reported its quarterly results in February.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $239.90, Change: $-2.09, Percent Change: -0.87%

$DELL$HON$LLY$NVDA
Wire

Deutsche Bank Adjusts Honeywell International Price Target to $250 From $255, Maintains Buy Rating

Honeywell International (HON) has an average rating of overweight and mean price target of $250.22, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $218.39, Change: $+0.43, Percent Change: +0.20%

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Wire

Honeywell International Sets June 29 Target for Aerospace Spin-Off Completion

Honeywell International (HON) said Tuesday that it expects to complete the spin-off of its aerospace business on June 29 and has named the incoming board for the standalone Honeywell Aerospace.The spin-off will create one of the largest publicly listed pure-play aerospace and defense companies, with Honeywell aiming to unlock value and sharpen its strategic focus, it said.Honeywell's new 11-member board will be led by former Eaton (ETN) chief executive officer Craig Arnold as independent chair, with Honeywell Aerospace CEO Jim Currier also joining the board alongside other industry leaders, the company added.Price: $212.91, Change: $+0.86, Percent Change: +0.41%

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Research

Research Alert: CFRA Maintains Buy View On Shares Of Honeywell International Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We trim our 12-month target to $250 from $260 following a mixed Q1 print, valuing shares at 21.5x our 2027 EPS outlook of $11.65 (lowered from $11.75; 2026 EPS estimate raised by $0.02 to $10.60). HON delivered mixed top-line results in Q1 2026, with overall organic sales growing 2% as strong 8% growth in Building Automation was offset by headwinds elsewhere. Specifically, Aerospace growth was held to just 3% by temporary supply chain constraints, while Process Automation & Technology sales declined 6% due to project timing. In contrast to modest sales growth, profitability was broadly positive, with segment margin expanding 90 bps to 23.3%, supported by strong pricing, productivity gains, and removal of stranded costs. Regarding its portfolio transformation, the company announced it is tracking ahead of schedule, setting a completion date of June 29, 2026, for the upcoming Aerospace spin-off and confirming that financing and leadership teams for both companies are in place.

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Wire

Honeywell International Keeps Quarterly Dividend at $1.19 a Share, Payable June 5 to Holders of Record May 15

Honeywell International Keeps Quarterly Dividend at $1.19 a Share, Payable June 5 to Holders of Record May 15

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Wire

Honeywell Q1 Impacted by Temporary Aerospace Disruption, Transformation Story Intact, RBC Says

Honeywell International (HON) delivered a mixed Q1 operating beat and reiterated 2026 guidance, despite navigating portfolio transformation, geopolitical disruption and supply chain headwinds, RBC Capital Markets said.Aerospace faced an acute supply chain disruption in January and February, concentrated in mechanical products within engines and power systems, which ended a 14-quarter streak of double-digit output growth but recovered sharply by March, the strongest revenue month of the quarter, according to the note Friday.Honeywell expects its short-cycle businesses to grow mid-to-high single digits in Q2. Building Automation is expected to sustain high-single-digit growth, supported by data center and healthcare demand, while Industrial Automation short-cycle should benefit from continued recovery in China and Europe.Process Automation and Technology faces near-term headwinds from Middle East disruptions but is expected to normalize in the second half of the year as higher oil prices support services and catalyst demand, according to the note.Honeywell expects Q2 adjusted earnings per share of $2.35 to $2.45, below the $2.56 consensus and RBC's $2.50 estimate, reflecting a higher tax rate and between $100 million and $150 million headwind from the Middle East conflict.RBC maintained an outperform rating on Honeywell with a price target of $268.Price: $212.12, Change: $-1.04, Percent Change: -0.49%

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US Markets

Honeywell Misses First-Quarter Sales Views, Maintains Full-Year Outlook

Honeywell International (HON) reported mixed first-quarter results on Thursday, with revenue falling short of Wall Street's estimates, while the industrial conglomerate affirmed its full-year outlook.Sales were up 2% year-on-year to $9.14 billion in the March quarter, but missed the FactSet-polled consensus of $9.3 billion. The company's adjusted earnings rose to $2.45 a share from $2.21 the year before, topping the Street's $2.32 view.Honeywell's stock fell 2.2% in Thursday trade, reducing its year-to-date gain to about 10%."Honeywell delivered a strong start to the year while navigating a challenging geopolitical environment," Chief Executive Vimal Kapur said in a statement.The group continues to project adjusted EPS between $10.35 and $10.65 on revenue of $38.8 billion to $39.8 billion for 2026. The Street is looking for non-GAAP EPS of $10.52 and sales of $39.55 billion for the year.Sales in the aerospace technologies business advanced 4% to $4.32 billion in the first quarter. Industrial automation revenue dropped 11% to $1.42 billion, while building automation rose to $1.88 billion from $1.69 billion. The process automation and technology segment saw sales move 5% higher.For the ongoing three-month period, the company anticipates adjusted EPS of $2.35 to $2.45 and sales between $9.4 billion and $9.6 billion, according to an earnings presentation. The average analyst estimate on FactSet is for non-GAAP EPS of $2.56 and sales of $9.74 billion.Honeywell agreed to sell its warehouse and workflow solutions business to private equity firm American Industrial Partners. The deal, financial terms of which weren't disclosed, is expected to complete in the second half. The business generated about $935 million in revenue in 2025, according to the group.Earlier in the week, the company agreed to sell its productivity solutions and services business to Brady (BRC) for $1.4 billion."We took the final steps to conclude our multi-year portfolio transformation with our announcements to sell productivity solutions and services and warehouse and workflow solutions," Kapur said. "Further, the Honeywell aerospace spin-off is now expected to be completed in the third quarter on June 29."Honeywell disclosed plans in February 2025 to split into three publicly listed entities. The separation of its advanced materials business unit was completed in October.Price: $214.31, Change: $-5.66, Percent Change: -2.58%

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Research

Research Alert: Honeywell Prints Q1 Beat; Break-up Nears

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:HON delivered a Q1 beat with adjusted EPS of $2.45 versus the consensus of $2.32, with margins expanding 90 bps to 23.3% as productivity actions offset input cost inflation. We attribute the beat to successful cost management and earlier-than-expected removal of stranded costs from the aerospace separation. We continue to see the multi-year portfolio transformation unlocking value despite near-term impairment charges and separation costs. The aerospace spin-off timeline has been accelerated to June 2026. Building Automation led segment growth at 8% organically, with fire business delivering double-digit growth and data center orders up 9%. Process Automation declined 6% organically due to Iranian conflict impacts on shipments, though LNG projects showed double-digit growth. The announced Warehouse and Workflow Solutions sale to American Industrial Partners complements the previously disclosed Productivity Solutions divestiture.

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US Markets

Stocks Fall Pre-Bell as US-Iran Peace Talks Stall; Traders Parse Tesla's Results

US equity futures were tracking in the red on Thursday, with no apparent signs of progress in peace talks between the US and Iran, while traders digest Tesla's (TSLA) latest financial results.The S&P 500 and the Nasdaq declined 0.6% each in premarket activity, while the Dow Jones Industrial Average was off 0.7%. The indexes finished Wednesday trading in the green, with the S&P 500 and the Nasdaq hitting record highs after a two-day losing streak.Washington and Tehran have so far failed to meet for a reported fresh round of negotiations this week, with Iran continuing its blockade of the Strait of Hormuz. US Vice President JD Vance called off his trip to Pakistan for the talks after Iran reportedly declined to participate.President Donald Trump extended a ceasefire with Iran earlier in the week, though he said the naval blockade of Iranian ports would continue. Iran's Islamic Revolutionary Guard Corps on Wednesday reportedly announced the seizure of two tankers attempting to cross the Strait of Hormuz.West Texas Intermediate crude oil rose 1.8% to $94.60 a barrel before the open, while Brent gained 1.7% to $103.59."Oil prices continue to whipsaw as traders respond to a confusing and often contradictory flow of headlines, underscoring the deep mistrust between Tehran and Washington," Saxo Bank Head of Commodity Strategy Ole Hansen said in a report on Wednesday.Shares of Tesla (TSLA) decreased 3.3% pre-bell even though the electric vehicle manufacturer reported stronger-than-expected first-quarter results. The company expects capital expenditures of more than $25 billion for 2026, resulting in negative free cash flow for the rest of the year, Chief Financial Officer Vaibhav Taneja said during a late Wednesday conference call, according to a FactSet transcript."Tesla is morphing into a physical (artificial intelligence) stalwart," Wedbush Securities said in a Thursday client note. "The path is here and it requires more (capital expenditure)."ServiceNow (NOW) dropped 13% while International Business Machines (IBM) fell 7.1% following their latest quarterly results. Taiwan Semiconductor Manufacturing's (TSM) US-listed stock was down 1.4%.American Express (AXP), Thermo Fisher Scientific (TMO), Union Pacific (UNP), Honeywell International (HON), Lockheed Martin (LMT), Comcast (CMCSA), Infosys (INFY) and Keurig Dr Pepper (KDP) report their earnings before the bell, among others. Intel (INTC) is scheduled to release its results after the markets close.Thursday's economic calendar has the weekly jobless claims bulletin at 8:30 am ET, along with the Chicago Fed national activity index for March. The S&P Global's (SPGI) flash purchasing managers' index for April is out at 9:45 am, followed by the Kansas City Fed manufacturing index for the same month at 11 am.Treasury yields were moving upwards in premarket action, with the two-year rate advancing 2.5 basis points to 3.82% and the 10-year rate adding 2.7 basis points to 4.32%.Gold declined 1% to $4,707 per troy ounce, while bitcoin retreated 1.8% to $77,473.

Dow JonesNasdaq CompositeS&P 500$AXP$CMCSA$HON$IBM$INFY$INTC$KDP$LMT$NOW$SPGI$TMO$TSLA$UNP
Wire

Top Midday Stories: QXO to Acquire TopBuild for $17 Billion; Eli Lilly to Buy Kelonia for Up to $7 Billion

All three major US stock indexes fell in late-morning trading Monday as tensions between the US and Iran escalated over the weekend.In company news, QXO (QXO) agreed to acquire TopBuild (BLD) for $17 billion. TopBuild shareholders can elect $505 a share in cash or 20.2 QXO common shares for each TopBuild share they own, subject to a cap that limits cash to 45% of the total consideration. The deal is expected to close in Q3. QXO shares fell 7.2% around midday, and TopBuild rose 17%.Eli Lilly (LLY) agreed to acquire Kelonia Therapeutics for up to $7 billion in cash, including an upfront payment of $3.25 billion and subsequent payouts based on certain clinical, regulatory and commercial milestones. The deal is expected to close in H2. Eli Lilly shares rose 0.2%.Alphabet's (GOOG, GOOGL) Google is in talks with Marvell Technology (MRVL) to develop two new processors optimized for AI inference tasks, The Information reported Sunday, citing two people with knowledge of the discussions. Alphabet shares fell 0.9%, and Marvell rose 4.1%.American Airlines Group (AAL) said late Friday it was not engaged with or interested in talks about a merger with United Airlines Holdings (UAL). American shares fell 4.4%, and United dropped 2.3%.Brady (BRC) agreed to acquire Honeywell International's (HON) productivity solutions and services business for $1.4 billion in cash. Brady shares eased 0.1%, and Honeywell fell 1.2%.Price: $23.19, Change: $-1.81, Percent Change: -7.24%

$AAL$BLD$BRC$GOOG$GOOGL$HON$LLY$MRVL$QXO$UAL
Commodities

Honeywell to Supply LNG Tech for NextDecade's Rio Grande Project

Honeywell (HON) said on Tuesday it will provide liquefaction technology and equipment for two additional processing trains at NextDecade's (NEXT) Rio Grande LNG facility in Brownsville, boosting the project's overall production capacity.The deal will see Honeywell deploy its coil-wound heat exchanger equipment and C3MR liquefaction process for Trains 4 and 5 of the project.The expansion is expected to increase Rio Grande LNG's capacity by over 66%, from 18 million tonnes per annum to 30 MTPA. The five trains at the facility are projected to be operational by mid-2031.Honeywell said its technology is already being used in the first three liquefaction trains at the site."As the demand for energy increases, LNG will continue to play a significant role in meeting this demand and supporting global energy security," said Christina Andersen, president of Honeywell's Gas & LNG business.The company said its liquefaction systems improve efficiency, optimize production, and reduce operating costs. Its coil-wound heat exchangers maximize throughput while ensuring safe and reliable operations, Honeywell said in a statement.Honeywell also said its modular LNG solutions can help shorten construction timelines by allowing components to be built off-site and transported to export facilities.Price: $233.67, Change: $+0.03, Percent Change: +0.01%

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Commodities

Honeywell to Supply Ethanol-to-Jet Tech For Petrobras SAF Project

Brazilian state-run oil giant Petrobras (PBR) has selected Honeywell's (HON) ethanol-to-jet technology for a proposed plant in Sao Paulo, the first large-scale sustainable aviation fuel project in Latin America, the companies said on Tuesday.The project, which will be located at the REPLAN refinery in Paulinia and is subject to final approval, is designed to produce up to 10,000 barrels per day of SAF.The ETJ process, developed by Honeywell, converts ethanol into jet fuel, offering refiners a way to scale up lower-carbon aviation fuel using widely available renewable feedstocks.The project is seen as a cost-effective route to expanding SAF output in Brazil, where ethanol production is well established."Brazil has the scale, feedstock and technology partners needed to become a global powerhouse in sustainable aviation fuel," said Jose Fernandes, president of Honeywell Latin America.The demand for SAF is forecast to increase as airlines face increasing pressure to cut emissions. The aviation sector has been seeking scalable solutions to reduce its carbon footprint, with governments and industry bodies setting targets to boost the use of cleaner fuels.The REPLAN project is expected to serve both domestic and international airlines while broadening access to renewable jet fuel.Price: $233.79, Change: $+0.15, Percent Change: +0.06%

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