Cullinan opens $961K Honeywell Aerospace stake as stock slides
What's the deal? Cullinan Associates Inc.Dealroom has a profile for this one. Try Dealroom → bought a new position in Honeywell AerospaceDealroom has a profile for this one. Try Dealroom → (NASDAQ: HONA) worth about $961,000, acquiring 4,345 shares during the second quarter, according to its latest 13F filing with the Securities and Exchange Commission.
Who else is buying? Several institutions opened smaller stakes in the same quarter. Meeder Asset ManagementDealroom has a profile for this one. Try Dealroom →, Bell Investment AdvisorsDealroom has a profile for this one. Try Dealroom →, and Strategic Wealth AdvisorsDealroom has a profile for this one. Try Dealroom → each took positions worth roughly $29,000, while Mowery & Schoenfeld Wealth ManagementDealroom has a profile for this one. Try Dealroom → added about $40,000 and Gables Capital ManagementDealroom has a profile for this one. Try Dealroom → around $47,000.
What does the company do? Honeywell Aerospace makes aircraft components, avionics, engines, and systems for commercial, military, business aviation, and space markets.
The numbers: Shares opened at $162.37 on Friday, near the 52-week low of $150.03 and well below the high of $297.50. The company carries a market capitalisation of $51.46 billion and a PE ratio of 86.83, with the stock trading below its 50-day moving average of $195.14.
Honeywell Aerospace last reported earnings on June 15, posting $4.35 billion in quarterly revenue. Analysts expect it to earn 7.75 EPS for the current fiscal year.
What the analysts say: Views are mixed. Morgan StanleyDealroom has a profile for this one. Try Dealroom → raised the stock to "overweight" with a $205 target, and Melius ResearchDealroom has a profile for this one. Try Dealroom → moved it to "strong-buy," while BNP Paribas ExaneDealroom has a profile for this one. Try Dealroom → cut its target to $210. Across the board, one analyst rates it strong buy, five buy, and nine hold, for a consensus "Hold" and an average target of $224.17.
The signal: Cullinan's entry is a bet on a stock trading far below both its yearly high and analyst price targets. With the shares near their 52-week low, the fresh institutional buying suggests some investors see the current level as a discount rather than a warning.
Read more: tickerreport.com
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