Honeywell International will split into three separate companies
Honeywell International Inc (NASDAQ:HON) announced plans to split into three independent companies following pressure from activist investor Elliott Management. The multinational conglomerate intends to separate its aerospace unit from its automation business and move forward with spinning off its advanced materials division.
Additionally, the blue-chip firm provided a lighter-than-expected 2025 forecast, projecting adjusted earnings between $10.10 and $10.50 per share, falling short of the FactSet consensus estimate of $10.92.
In response to the flurry of updates, HON was last seen 4.4% lower at $212.65, marking its lowest level since early November. The equity recently pulled back to its 200-day moving average, which previously contained a sharp late-October selloff near the $203 level. Honeywell International stock now carries a 5.7% year-to-date deficit.
The stock's typically quiet options pits are buzzing with activity today. So far, 11,000 calls and 2,966 puts have traded hands -- 5 times the average intraday volume -- with the March 240 call seeing the most action.