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Honeywell International Inc. HON recently announced its partnership with SAMSUNG E&A to mutually market a solution designed for minimizing carbon emissions in the power plant sector throughout the world. The collaboration is in line with Honeywell’s commitment to expanding its portfolio to keep up with the energy transition megatrend.
HON’s share price inched down 0.2% yesterday, eventually closing the session at $204.24.
More on HON’s Partnership
The collaboration will involve SAMSUNG E&A leveraging Honeywell's advanced solvent carbon capture technology to enable power plants to meet environmental regulatory compliances. The deployment of HON’s carbon capture technologies will enable SAMSUNG E&A to offer a viable and sustainable solution for reducing greenhouse gas emissions.
Honeywell’s carbon capture, utilization and storage (CCUS) technologies help users to minimize carbon dioxide emissions during the transition from fossil fuels to lower-carbon energy sources. Between 2023 and 2030, HON expects its CCUS technologies to mitigate 320 million metric tons of carbon dioxide on a global basis.
HON’s Zacks Rank & Price Performance
Honeywell, with approximately $131.5 billion market capitalization, currently carries a Zacks Rank #3 (Hold). The company is set to gain from strength in its commercial aviation aftermarket and original equipment. However, softness in its Industrial Automation segment remains a concern.
In the past six months, the company’s shares have gained 2.6% against the industry’s 4.5% decline.
The Zacks Consensus Estimate for earnings is pegged at $10.14 per share for 2024, indicating a decrease of a penny from the 30-day-ago figure.
Stocks to Consider
Some better-ranked companies from the same space are discussed below.
Federal Signal Corporation FSS currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Federal Signal delivered a trailing four-quarter average earnings surprise of 12.3%. In the past 60 days, the Zacks Consensus Estimate for FSS’ 2024 earnings has increased 5.2%.
Vector Group Ltd. VGR presently carries a Zacks Rank of 2. The company delivered a trailing four-quarter average earnings surprise of 15.4%.
In the past 60 days, the Zacks Consensus Estimate for VGR’s 2024 earnings has increased 5.2%.
Parker-Hannifin Corporation PH currently carries a Zacks Rank of 2. PH delivered a trailing four-quarter average earnings surprise of 11.2%.
In the past 60 days, the consensus estimate for Parker-Hannifin’s fiscal 2025 earnings has increased 1.3%.
Zacks Investment Research
DUBAI, United Arab Emirates – Honeywell announced today a collaborative endeavor with SAMSUNG E&A to jointly market solutions aimed at the hard-to-abate power plant sector globally. The initiative seeks to reduce carbon emissions and contribute to the fight against climate change. It also supports Honeywell’s alignment of its portfolio to three powerful megatrends, including the energy transition.
SAMSUNG E&A, a total solutions provider for the global energy industry, will leverage Honeywell’s industry-leading carbon capture technologies to help power plants reduce carbon emissions and meet environmental goals. Together, the companies will offer customers access to a carbon capture solution by jointly marketing Honeywell’s advanced solvent carbon capture (ASCC) technology.
“As two carbon capture leaders, our collaboration highlights the importance of cooperative approaches in reducing greenhouse gas emissions,” said Hong Namkoong, president and CEO of SAMSUNG E&A. “Deploying Honeywell’s carbon capture technologies allows SAMSUNG E&A to offer viable, more sustainable solutions for global clients during this energy transition.”
Carbon capture, utilization, and storage (CCUS) can significantly reduce carbon dioxide (CO2) emissions, acting as a crucial stopgap during the expected transition from fossil fuels to lower-carbon energy sources. These technologies help to mitigate the environmental impact of various industries responsible for greenhouse gas emissions.
"Honeywell has long been a global leader in carbon capture technologies and our collaboration with SAMSUNG E&A only further highlights our commitment to reducing emissions and tackling climate challenges,” said Ken West, president and CEO of Honeywell Energy and Sustainability Solutions. “With decades of experience and a broad portfolio of carbon capture solutions, we are ready to help businesses meet growing carbon mitigation expectations and increasingly stringent environment goals by abating emissions from existing sources."
Honeywell’s CCUS technologies have been developed and deployed in numerous applications globally. Between 2023 and 2030, Honeywell estimates that the company’s CCUS technologies will have a cumulative impact of mitigating 320 million metric tons of CO2e.
For more information on Honeywell’s CCUS technologies, visit https://uop.honeywell.com/en/energy-transition/carbon-capture.
About Honeywell
Honeywell is an integrated operating company serving a broad range of industries and geographies around the world. Our business is aligned with three powerful megatrends – automation, the future of aviation and energy transition – underpinned by our Honeywell Accelerator operating system and Honeywell Forge IoT platform. As a trusted partner, we help organizations solve the world's toughest, most complex challenges, providing actionable solutions and innovations through our Aerospace Technologies, Industrial Automation, Building Automation and Energy and Sustainability Solutions business segments that help make the world smarter, safer and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.
About SAMSUNG E&A
SAMSUNG E&A is a total solutions provider, offers comprehensive solutions in areas ranging from project development, engineering, procurement, construction and commissioning to O&M, taking the lead in the global energy industry such as energy transition, oil-gas processing, refinery, petrochemical, environmental, industrial and bio. SAMSUNG E&A has delivered exceptional customer-oriented services, completing over 1,500 projects worldwide in regions such as the Middle East, Asia, Americas and Europe. For more news and information on SAMSUNG E&A, please visit https://www.samsungena.com/en/index.
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In the latest market close, Honeywell International Inc. (HON) reached $204.24, with a -0.21% movement compared to the previous day. The stock fell short of the S&P 500, which registered a gain of 0.03% for the day. At the same time, the Dow lost 0.04%, and the tech-heavy Nasdaq gained 0.2%.
The the stock of company has risen by 2.83% in the past month, leading the Conglomerates sector's loss of 8.79% and the S&P 500's gain of 1.54%.
The upcoming earnings release of Honeywell International Inc. will be of great interest to investors. On that day, Honeywell International Inc. is projected to report earnings of $2.52 per share, which would represent year-over-year growth of 11.01%. In the meantime, our current consensus estimate forecasts the revenue to be $9.9 billion, indicating a 7.51% growth compared to the corresponding quarter of the prior year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $10.14 per share and revenue of $39.11 billion. These totals would mark changes of +10.7% and +6.69%, respectively, from last year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Honeywell International Inc. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.14% decrease. Honeywell International Inc. presently features a Zacks Rank of #3 (Hold).
Looking at valuation, Honeywell International Inc. is presently trading at a Forward P/E ratio of 20.19. This expresses a premium compared to the average Forward P/E of 18.69 of its industry.
We can also see that HON currently has a PEG ratio of 2.33. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Diversified Operations industry had an average PEG ratio of 1.76 as trading concluded yesterday.
The Diversified Operations industry is part of the Conglomerates sector. This group has a Zacks Industry Rank of 40, putting it in the top 16% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
Shares of 3M Company MMM are showing impressive gains of late, trading close to its 52-week high of $135.28. The stock closed at $134.61 (on Monday), just 0.5% below the highest point. In the past three months, the conglomerate giant’s shares have surged 33.5%, outpacing the Zacks Diversified Operations industry’s decline of 8.2% and the S&P 500’s growth of 2.2%. The company has also outperformed other industry players like Danaher Corporation DHR and ITT Inc. ITT, which have returned 7.2% and 3.6%, respectively, over the said time frame.
MMM Outperforms Industry, Sector & S&P 500
The stock is also trading above both its 50-day and 200-day moving averages, indicating solid upward momentum and price stability. This reflects a positive market sentiment and confidence in the company's financial health and long-term prospects.
3M Shares Trade Above 50-Day and 200-Day SMA
Factors Favoring the Company
3M has been benefiting from persistent strength in the Transportation and Electronics segment, driven by solid momentum in electronics, automotive and aerospace, commercial branding and transportation end markets. Continued channel inventory normalization, supported by strong growth in electronics demand, is aiding the segment’s performance.
Solid demand environment in the automotive electrification market and growth in auto OEM (original equipment manufacturer) build rates are expected to augur well for the Transportation and Electronics segment in the quarters ahead. Organic revenues grew 3.3% year over year in the second quarter of 2024.
The company’s Safety and Industrial segment has also been benefiting from a recovery in demand across most of the end markets. This improvement is primarily pronounced in businesses like industrial adhesives & tapes, personal safety and automotive aftermarket. The segment’s organic revenues improved 1.1% year over year in the second quarter of 2024, following declines in the previous two quarters.
3M has been undertaking structural reorganization actions to reduce operational costs and improve margins and cash flow in the long term. These include streamlining geographic footprint, simplifying supply chain and optimizing manufacturing roles to align with production volumes.
The company expects these actions to be completed by 2025 and yield annual pre-tax savings. In the second quarter of 2024, these restructuring actions, along with strong organic volume, raised 3M’s adjusted operating margin by 440 basis points year over year to 21.6%.
The company also remains committed to increasing shareholders’ value through dividend payouts and share repurchases. For instance, in the first six months of 2024, it paid dividends worth $1.2 billion and repurchased shares for $421 million. Exiting the second quarter, the company had $3.8 billion remaining under the share repurchase program. Also, it hiked its quarterly dividend by 1% in February 2024.
Better-Than-Industry Returns
MMM’s trailing 12-month return on equity (ROE) is indicative of its growth potential. ROE for the trailing 12 months is 112.92%, much higher than the industry’s 31.32%. This reflects the company’s efficient usage of shareholder funds.
Earnings Estimate Revision
Earnings estimates for 3M have moved north over the past 60 days, reflecting analysts’ optimism.
The Zacks Consensus Estimate for 2024 earnings is pegged at $7.22 per share, suggesting year-over-year growth of 0.7%. The consensus mark for 2025 earnings is pinned at $7.84 per share, indicating a year-over-year increase of 0.5%. As earnings estimates increase, the stock is likely to follow suit.
What’s Hurting the Stock?
Despite the positives, the company has been experiencing weakness in the consumer retail end markets, owing to a decrease in consumer discretionary spending. This is reflected in the Consumer segment’s revenues, which declined 2.4% in the second quarter.
There was a particular weakness in packaging and expression as well as home and auto care businesses. 3M expects consumer retail discretionary spending on hardline goods to remain muted for the rest of the year, which is likely to hurt its overall performance.
High debt levels have also been concerning. 3M exited the second quarter with a long-term debt of $11.8 billion, while its short-term borrowings and current portion of long-term debt totaled $1.3 billion.
Also, interest expenses in the second quarter remained high at $322 million, reflecting an increase of 123.6% on a year-over-year basis. It’s worth noting that 3M’s long-term debt-to-capital ratio is 74.7%, much higher than the industry’s 26.6%.
Stock Valuation
MMM’s lofty valuation remains a concern. The stock trades at a forward 12-month price-to-earnings (P/E) ratio of 17.57X, higher than the S&P 500’s average of 15.02X. This elevated valuation could make the stock vulnerable to further pullbacks if market sentiment sours. However, the stock is cheap compared with its peer, Honeywell International Inc. HON, which is trading at 18.83X.
Our Final Take
Given the promising long-term prospects and solid return on equity, maintaining a position in 3M appears prudent at present. This stance reflects confidence in MMM's growth trajectory and its potential to deliver sustained value to investors over time. 3M carries a Zacks Rank #3 (Hold) at present.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
Markel Group Inc. MKL shares have gained 11% in the year-to-date period against the industry’s decline of 8.8%. Currently priced at $1,574.83, the stock is below its 52-week high of $1,670.24. This proximity underscores investor confidence and market optimism about this insurance company’s prospects.
MKL Outperforms Industry
Earnings of Markel Group grew 46.2% in the last five years, better than the industry average of 14.4%. MKL has a solid surprise history. It surpassed earnings estimates in two of the last four quarters while missing in the other two, the average being 35.4%.
MKL Trading Above 50-Day Moving Average
The stock is trading above its 50-day and 200-day simple moving average (SMA) of $1,564.30 and $1,512.55, respectively, indicating solid upward momentum. SMA is a widely used technical analysis tool to predict future price trends by analyzing historical price data.
Mixed Analyst Sentiment for MKL
Three of the five analysts covering the stock have raised estimates for 2024 and one of the six analysts has raised estimates for 2024 over the past 30 days. Two analysts have lowered estimates for 2025.
The consensus estimate for 2024 and 2025 earnings indicates an improvement of 3.6% and 0.1%, respectively.
While the consensus estimate for 2024 indicates a 39.3% decline from the year-ago reported figure, the consensus estimate for 2025 indicates an increase of 12.4%.
Markel Group’s Favorable Return on Capital
MKL’s return on invested capital (ROIC) has increased every year. This reflects MKL’s efficiency in utilizing funds to generate income. ROIC in the trailing 12 months was 7.7%, higher than the industry average of 3.6%.
Factors Benefiting MKL Stock
MKL has been generating improved premiums. An improvement in new business volume, strong retention levels, continued increases in rates and expanded product offerings should help the insurer retain the momentum.
Investment income should continue to benefit from an improving rate environment, higher interest income on cash equivalents, fixed maturity securities and short-term investments due to higher yields.
Markel Group considers strategic buyouts a prudent approach to ramp up its growth profile. Acquisitions have helped the company enhance its surety capabilities, ramp up Markel Ventures’ revenues and expand its reinsurance product offerings. The insurer has been pursuing acquisitions to achieve profitable growth in insurance operations and create additional value on a diversified basis in Markel Ventures’ operations.
Higher revenues at construction services and transportation-related businesses due to a combination of increased demand, higher prices and growth, as well as a rise in production at one of the equipment manufacturing businesses, are expected to boost operating revenues. The increase also reflected a full-year contribution from Metromont.
Distribution of Wealth
Banking on a strong capital position, the company engages in share buybacks, a prudent way to distribute wealth to its shareholders. However, it presently prefers to invest in organic growth initiatives for its Insurance business. The company has a share repurchase program authorized by the board to buy back up to $750 million of shares. As of June 30, 2024, $456.2 million remained available for repurchases under the program. Also, given its solid cash position of $3.5 billion, the company should not face any difficulty in meeting short-term obligations.
Risks for Markel Group
However, Markel Group is exposed to catastrophe loss, inducing volatility in underwriting results. Exposure to cat loss always remains a concern, given its unprecedented nature. Also, the company has been experiencing an increase in operating expenses due to higher losses and loss adjustment expenses, underwriting, acquisition and insurance expenses. MKL should strive to ensure that growth in total revenues outpaces the rise in expenses. Otherwise, the operating margin is likely to suffer.
MKL Shares Are Affordable
Markel Group is trading at a discount compared with the industry average. It presents a compelling investment opportunity with its attractive forward 12-month price-to-book ratio of 1.33X, lower than the industry average of 4.19X. Also, it has a Value Score of A.
However, shares of other players from the same space, such as 3M Company MMM, Honeywell International Inc. HON and Griffon Corporation GFF, are trading at a premium compared with the industry’s average.
Final Take on MKL
Given the company's strong stock performance, solid retention levels, an improving rate environment, favorable growth estimates and solid capital position, current shareholders may find it wise to hold onto MKL shares. Markel Group's new business volume, prudent capital deployment and affordability of the stock present significant growth opportunities. Markel Group currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
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