Honeywell (HON) to Boost Product Portfolio With CAES Buyout

21.06.24 18:48 Uhr

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Honeywell International Inc. HON has inked a deal to acquire CAES Systems Holdings LLC (“CAES”) from private equity firm Advent International for about $1.9 billion in cash. The transaction will augment HON's defense technology offerings across various domains, including land, sea, air and space.Based in Arlington, VA, CAES is engaged in offering RF, microwave and millimeter wave solutions for missile defense radars, missile seekers and electronic warfare systems. The company has 13 facilities in North America.Acquisition RationaleThe latest buyout is in sync with Honeywell’s policy of acquiring businesses to expand its market share and customer base. The inclusion of CAES’ expertise in scalable solutions with the company’s defense and space portfolio will enable HON to boost its established production. It will also help Honeywell expand its positions in critical platforms like F-35, EA-18G, AMRAAM and GMLRS as well as new technologies such as Navy Radar (SPY-6), unmanned aerial systems (“UAS”) and counter-UAS technologies. The acquisition will expand the company’s aerospace business.Subject to regulatory approvals and customary closing conditions, the acquisition is expected to close by the second half of 2024. This transaction is not subject to any financing conditions. The company expects the buyout to be cash-earnings per share accretive in the first full year of possession.Acquisitions are an essential aspect of Honeywell's growth strategy. In June 2024, the company acquired Carrier’s Global Access Solutions business for an all-cash deal of $4.95 billion. The inclusion of Global Access Solutions’ expertise in advanced access and security solutions, coupled with its impressive growth and margin profile, will enable Honeywell to expand its security products portfolio and boost its building automation segment.The acquisition of SCADAfence, in August 2023, expanded the company’s OT cybersecurity portfolio in Tel Aviv, Israel, while simultaneously fortifying its existing capabilities in cybersecurity. SCADAfence has been integrated into the Honeywell Forge Cybersecurity+ suite within Honeywell Connected Enterprise.Zacks Rank and Price PerformanceHoneywell currently carries a Zacks Rank #2 (Buy). The stock has risen 6.9% in the past year compared with the industry’s 15.2% growth.Image Source: Zacks Investment ResearchStrength in the commercial aviation, building automation and UOP businesses augurs well for Honeywell. A strong commercial aftermarket and solid commercial aviation demand led by strength in the air transport aftermarket are aiding the Aerospace segment.Other Stocks to ConsiderSome other top-ranked companies from the Conglomerates sector are discussed below:Carlisle Companies Incorporated CSL presently sports a Zacks Rank #1 (Strong Buy). It has a trailing four-quarter average earnings surprise of 17%. You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for CSL’s 2024 earnings has increased 6.5% in the past 60 days. Shares of Carlisle have gained 74.4% in the past year.Griffon Corporation GFF presently sports a Zacks Rank of 1. It delivered a trailing four-quarter average earnings surprise of 33.5%, on average.In the past 60 days, the Zacks Consensus Estimate for GFF’s 2024 earnings has increased 10.6%. The stock has risen 71.4% in the past year.ITT Inc. ITT currently carries a Zacks Rank of 2. It delivered a trailing four-quarter average earnings surprise of 6.5%.In the past 60 days, the consensus estimate for ITT’s 2024 earnings has inched up 0.9%. Shares of ITT have gained 48.8% in the past year.Buy 5 Stocks BEFORE Election DayBiden or Trump? Zacks is releasing a FREE Special Report, Profit from the 2024 Presidential Election (no matter who wins).Since 1950, presidential election years have been strong for the market. This report names 5 timely stocks to ride the wave of electoral excitement.They include a medical manufacturer that gained +11,000% in the last 15 years… a rental company absolutely crushing its sector… an energy powerhouse planning to grow its already large dividend by 25%... an aerospace and defense standout that just landed a potentially $80 billion contract… and a giant chipmaker building huge plants in the U.S. Don’t Wait. Download FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Honeywell International Inc. (HON): Free Stock Analysis Report ITT Inc. (ITT): Free Stock Analysis Report Carlisle Companies Incorporated (CSL): Free Stock Analysis Report Griffon Corporation (GFF): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks

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Analysen zu Honeywell

DatumRatingAnalyst
08.01.2019Honeywell International PerformOppenheimer & Co. Inc.
15.02.2018Honeywell International OverweightBarclays Capital
03.01.2018Honeywell International Sector PerformRBC Capital Markets
14.12.2017Honeywell International BuyStifel, Nicolaus & Co., Inc.
23.10.2017Honeywell International OutperformRBC Capital Markets
DatumRatingAnalyst
15.02.2018Honeywell International OverweightBarclays Capital
14.12.2017Honeywell International BuyStifel, Nicolaus & Co., Inc.
23.10.2017Honeywell International OutperformRBC Capital Markets
24.07.2017Honeywell International OutperformRBC Capital Markets
24.04.2017Honeywell International OutperformRBC Capital Markets
DatumRatingAnalyst
08.01.2019Honeywell International PerformOppenheimer & Co. Inc.
03.01.2018Honeywell International Sector PerformRBC Capital Markets
22.01.2015Honeywell International NeutralUBS AG
19.07.2012Honeywell International neutralUBS AG
09.07.2012Honeywell International neutralUBS AG
DatumRatingAnalyst
27.04.2006Honeywell DowngradeJP Morgan
27.04.2006Update Honeywell International Inc.: UnderweightJP Morgan

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