Shares of Honeywell International, one of the few remaining conglomerates, continue to climb after the company on Monday confirmed it's mulling a breakup.
The move would come after the former General Electric spun off its energy and other business units to focus on its aerospace business, now named GE Aerospace.
Honeywell Stock Upgraded As It Hits Record High
On Tuesday, Honeywell stock got an upgrade to its IBD Relative Strength (RS) Rating, from 69 to 75. The upgraded RS Rating means that Honeywell's stock beat 75% of all stocks, regardless of industry, this past year.
The market's biggest winners often have an RS Rating over 80 as they begin their largest price moves. See if Honeywell can continue to climb and clear that threshold.
Meanwhile, HON stock jumped nearly 4% on Nov. 12 to an all-time high at 242.77. The rise came after activist firm Elliot Investment Management revealed it has taken a stake in Honeywell. Elliot also advised splitting Honeywell into two companies.
Honeywell stock shot up another 3.7% on Monday after the company confirmed it's considering separating its aerospace business from the rest of the company.
Honeywell stock has a 75 EPS Rating out of 99, and a 75 Composite Rating, showing that it also tops 75% of all stocks overall.
Big Funds Are Eagerly Buying Honeywell Shares
Although those are good ratings, where it shines is its B+ Accumulation/Distribution Rating. That metric that shows how many shares big funds are buying or selling. Honeywell's B+ rating shows that mutual funds, ETFs and the like are eager buyers of its stock.
Can You Really Time The Stock Market?
Honeywell International stock is now considered extended and out of buy range after clearing a 220.79 buy point in a first-stage cup without handle. See if the stock forms a new pattern or follow-on buying opportunity like a three-weeks tight or pullback to the 50-day or 10-week moving average.
Among Top 5 In Its Industry
Earnings for the Charlotte, N.C.-based company rose 8% last quarter to $2.58 per share. Revenue increased 6% to $9.73 billion. On Tuesday its stock was down in sync with the market.
Additionally, Honeywell earns the No. 5 rank among its peers in the 20-stock Diversified Operations industry group. Emerson Electric is the No. 1-ranked stock in the group.
IBD's proprietary Relative Strength Rating identifies market leadership by showing how a stock's price action over the last 52 weeks measures up against that of the other stocks in our database.
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