Investors focused on the Conglomerates space have likely heard of Honeywell International (HON), but is the stock performing well in comparison to the rest of its sector peers? One simple way to answer this question is to take a look at the year-to-date performance of HON and the rest of the Conglomerates group's stocks.
Honeywell International is a member of our Conglomerates group, which includes 22 different companies and currently sits at #8 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. HON is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for HON's full-year earnings has moved 2.32% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Our latest available data shows that HON has returned about 31.35% since the start of the calendar year. At the same time, Conglomerates stocks have gained an average of 26.06%. This means that Honeywell International is performing better than its sector in terms of year-to-date returns.
Looking more specifically, HON belongs to the Diversified Operations industry, which includes 22 individual stocks and currently sits at #100 in the Zacks Industry Rank. On average, this group has gained an average of 26.06% so far this year, meaning that HON is performing better in terms of year-to-date returns.
Investors in the Conglomerates sector will want to keep a close eye on HON as it attempts to continue its solid performance.
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