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Honeywell (HON) Stock Jumps 3.1%: Will It Continue to Soar?
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Honeywell International Inc. (HON - Free Report) shares ended the last trading session 3.1% higher at $231.27. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 0.6% gain over the past four weeks.
Honeywell’s rally is largely driven by optimism over the company’s solid momentum across its businesses amid strong recovery in end markets. Solid product offerings, strong demand for warehouse automation products as well as growing opportunities within the unmanned aerial systems and urban air mobility markets are likely to support its performance in the quarters ahead. For 2021, the company currently expects overall revenues to lie in the range of $34-$34.8 billion, with organic revenues likely to be up 3-5% on a year-over-year basis.
Price and Consensus
This company is expected to post quarterly earnings of $1.91 per share in its upcoming report, which represents a year-over-year change of +51.6%. Revenues are expected to be $8.6 billion, up 15.1% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Honeywell International Inc., the consensus EPS estimate for the quarter has been revised 2.7% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on HON going forward to see if this recent jump can turn into more strength down the road.
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Honeywell (HON) Stock Jumps 3.1%: Will It Continue to Soar?
Honeywell International Inc. (HON - Free Report) shares ended the last trading session 3.1% higher at $231.27. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 0.6% gain over the past four weeks.
Honeywell’s rally is largely driven by optimism over the company’s solid momentum across its businesses amid strong recovery in end markets. Solid product offerings, strong demand for warehouse automation products as well as growing opportunities within the unmanned aerial systems and urban air mobility markets are likely to support its performance in the quarters ahead. For 2021, the company currently expects overall revenues to lie in the range of $34-$34.8 billion, with organic revenues likely to be up 3-5% on a year-over-year basis.
Price and Consensus
This company is expected to post quarterly earnings of $1.91 per share in its upcoming report, which represents a year-over-year change of +51.6%. Revenues are expected to be $8.6 billion, up 15.1% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Honeywell International Inc., the consensus EPS estimate for the quarter has been revised 2.7% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on HON going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>