A critical data-consistency issue frames this week's note on HON: the snapshot captures Honeywell International's TSX-listed shares priced in Canadian dollars at C$12.89, with a reported one-week decline of roughly 50%. That reading almost certainly reflects a thin, secondary listing artefact rather than any real move in the underlying business — Honeywell's primary US listing trades in the $200s. Readers should treat price-level and percentage-change data in this note with caution, and reference the US primary listing for authoritative price action.
With that caveat in hand, the positioning picture on the TSX line is more interesting than the price data suggests. Short interest on this listing is genuinely tiny — roughly 18,500 shares as of June 23, a number that rounds to negligible against any reasonable float estimate. The share count jumped sharply in percentage terms from a prior reading of just 272 shares, but the absolute level is so small that the change is statistical noise. Borrowing cost has fallen sharply to 0.87%, down from over 12% back in early March, and is tracking at its lowest level in six months. That says the lending market is relaxed and there is no meaningful short pressure here.
The more substantive story is what the factor scores and fundamentals say about the underlying company. Honeywell's forward EPS growth ranks in the 86th percentile year-on-year — a standout among industrial conglomerates. Yet EPS momentum over both 30- and 90-day windows ranks in the high 20s, meaning near-term estimate revisions have been running below the broader universe. The dividend score sits in the 96th percentile, consistent with the company's most recent declared payment of $1.19 per share. The short score of 27.5 ranks in the 36th percentile — modestly below mid-range — and has eased from around 30 at the start of June, a direction that suggests short-side conviction on the name is fading rather than building.
Earnings are the next concrete catalyst. Honeywell reports on July 23, and the recent track record is worth noting. The last four prints produced next-day moves of +6.7%, +0.9%, +4.6%, and -3.2%. Three of the four were positive, with five-day follow-through running between 6% and 11% on the upside prints. The one miss produced a muted five-day decline of around 2.5%. That asymmetry — large post-earnings gains, contained post-earnings losses — is the pattern to watch heading into next month's release.
Institutional holders in this TSX listing are a small group of nine named investors, led by Sumitomo Mitsui Trust and the North Carolina Department of State Treasurer, together holding under 0.1% of total shares. The holdings are modest and the ownership list reads more like index-replication mandates than active conviction positions. Schroder and Rakuten both added shares in Q1, while CIBC Private Wealth and Janus Henderson trimmed. No single move is large enough to signal a change in the institutional view on the company itself.
The July 23 earnings print is the one date worth circling — less about whether Honeywell can beat on the headline and more about what management signals on the pace of its ongoing portfolio separation and the trajectory of its automation and aerospace segments into the second half.
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