Cathie Wood is Doubling Down on These 5 Stocks

4. Honeywell International Inc. (NASDAQ: HON)

Number of Hedge Fund Holders: 57    

Percentage Increase in Stake in Q2: 859%

Honeywell International Inc. (NASDAQ: HON) is a North Carolina-based technology and manufacturing company. It is placed fourth on our list of 10 stocks Cathie Wood is doubling down on. Wood, through her hedge fund, owned 31,092 shares in the firm at the end of the second quarter of 2021, representing 0.01% of the portfolio. These are worth $6.8 million. The hedge fund has increased stakes in the company by 859% compared to the first quarter. 

On July 26, investment advisory Deutsche Bank kept a Buy rating on Honeywell International Inc. (NASDAQ: HON) stock and raised the price target to $251 from $245, appreciating the earnings result of the firm in the second quarter of 2021. 

At the end of the second quarter of 2021, 57 hedge funds in the database of Insider Monkey held stakes worth $1.8 billion in Honeywell International Inc. (NASDAQ: HON), up from 56 the preceding quarter worth $1.7 billion.

In its Q1 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Honeywell International Inc. (NASDAQ: HON) was one of them. Here is what the fund said:

“The portfolio’s quality bias and valuation discipline have generated compelling returns over time with typically strong relative results in more challenging environments as it did through the first three quarters of 2020. However, that same quality bias tends to create a more challenging relative performance environment for the Strategy during periods of sharp economic acceleration, which tend to benefit stocks that are more commodity linked or of lower quality. This has been the case during the vaccine- and stimulus-driven rally experienced late last year and during the most recent quarter. Sectors that lagged in the quarter included industrials, Honeywell also lagged in the quarter after previously generating strong returns over extended periods.”