December 15th, 2015

Company Update (NYSE:HON): Honeywell Announces Plan To Spin Off Resins And Chemicals Business To Shareowners

[PR Newswire] – MORRIS PLAINS, N.J., May 12, 2016 /PRNewswire/ — Honeywell (HON) announced today its intention to spin off its Resins and Chemicals business into a standalone, publicly-traded company named AdvanSix Inc. Honeywell will file a Form 10 relating to the transaction with the Securities and Exchange Commission shortly. Completion of the transaction is expected to occur by early 2017 and is subject to certain customary conditions, including, among others, assurance that the spin-off of AdvanSix will be tax-free to Honeywell shareowners, the effectiveness of appropriate filings with the U.S. Securities and Exchange Commission, and final approval by Honeywell’s Board of Directors. “Our $1.3 billion Resins and Chemicals business enjoys a leading position in the industries it serves and a global cost advantage. Read more on this. Honeywell International Inc. (HON) , valued at $86.90B, began trading this morning at $114.54. Shares have traded today between $113.90 and $114.79 per share with its 52-week range being $87.00 to $116.56. HON shares are currently priced at 17.13x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 15.97x forward p/e ratio. The company pays shareholders $2.38 per share annually in dividends, yielding 2.09%. According to a consensus of 19 analysts, the earnings estimate of $1.64 per share would be $0.13 better than the year-ago quarter and a $0.00 sequential decrease. The full-year EPS estimate is $6.66, which would be a $0.56 better than last year. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $10.13 Billion. If realized, that would be a 3.58% increase over the year-ago quarter. In terms of ratings, UBS Initiated HON at Neutral (Jan 22, 2015). Previously, Stifel Nicolaus Initiated HON at to Buy. The average price target for HON shares by the analysts covering it is $124.84, which is 8.99% above where the stock opened. See more in (NYSE:HON) Similar Articles: Market Update: Honeywell International Inc (NYSE:HON) – Honeywell Completes Acquisition Of COM DEV International’s Space Hardware And Systems Business Stock Update: Honeywell International Inc (NYSE:HON) – Honeywell to Present at Cowen and Company Aerospace/Defense Conference & Transport One-on-One Forum Market Update: Honeywell International Inc (NYSE:HON) – Honeywell Completes Acquisition of Research Chemicals Business from Sigma-Aldrich
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