Honeywell International Inc. (HON - Free Report) highlighted its increased participation in the fight against the coronavirus pandemic. Yesterday, the company’s share price gained 4.1% to eventually close at $127.05.
Inside the Headlines
The company decided to come up with a new production line at its Newhouse site based in Scotland for the production of disposable face masks. It is important to note that its decision came in response to the U.K. government’s order of 70 million locally-produced Honeywell SuperOne disposable respirator masks.
Notably, the new production line will have the production capacity of up to 4.5 million of FFP2 and FFP3 face masks on a monthly basis. With production likely to commence in July, Honeywell expects to deliver 70 million of these face masks over a year-and-a-half timeframe. This initiative will support the U.K. government’s efforts to protect people with the use of personal protective equipment. Notably, the addition of the Newhouse mask production line will help generate around 450 new jobs.
Earlier in April 2020, Honeywell started the production of N95 face masks at its Smithfield, RI site to back the U.S. government’s ongoing combat against the pandemic. In addition, it worked on enhancing its manufacturing capacities at the Phoenix site to produce N95 face masks.
Zacks Rank, Price Performance and Estimate Trend
The company with an $89.2-billion market capitalization currently carries a Zacks Rank #4 (Sell).
Over the past six months, its share price has decreased 29.3% compared with the industry’s decline of 24.1%.
In the past 30 days, the Zacks Consensus Estimate for the company’s earnings has declined 11.7% to $6.95 for 2020.
Stocks to Consider
Some better-ranked stocks are Intellicheck, Inc. (IDN - Free Report) , Graphic Packaging Holding Company (GPK - Free Report) and Broadwind Energy, Inc. (BWEN - Free Report) , all stocks currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Intellicheck delivered a positive earnings surprise of 70.24%, on average, in the trailing four quarters.
Graphic Packaging delivered a positive earnings surprise of 9.59%, on average, in the trailing four quarters.
Broadwind Energy delivered a positive earnings surprise of 50.00%, on average, in the trailing four quarters.
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