Honeywell: Under-The-Radar Dividend Growth

Honeywell International is a global industrial conglomerate that has a major presence in the aerospace and defense industry.
The company is raising the dividend at a good clip. The dividend is seemingly very safe with good coverage ratios.
The balance sheet is conservative and debt is not an issue from the perspective of dividend safety.
The dividend has been raised for nine straight years.
Introduction and Thesis
At the request of one of my readers I am analyzing Honeywell International Inc (HON). For most dividend growth investors, the company is probably under the radar since it has only been raising the dividend for nine consecutive years. But the stock has a respectable yield, the dividend is seemingly safe, and the company is positioned in several growing market segments such as aerospace and defense and performance materials, and margins have been trending up for years. This combination from this industrial powerhouse is desirable from the perspective of a dividend growth investor. On the con side, the company did suffer during the Great Recession and the dividend was frozen so there is some risk here when the economy goes bad at some point in the future. However, the stock price recovered after the Great Recession and has been trending up as the US economy bounced back. At the right price Honeywell could be a good addition to a dividend growth portfolio but investors should wait for a better entry point at this juncture.
Source: Honeywell
Overview of Honeywell
Honeywell is a global industrial conglomerate that traces its modern structure back to 1985. The company operates four business segments: Aerospace, Honeywell Building Technologies, Performance Materials and Technologies, and Safety and Productivity Solutions. This gives the company exposure to the aerospace and defense markets, construction, the oil & gas industries, as well as others. Honeywell spun off Garrett Motion (GTX), which manufactures turbochargers for cars, in 2018.... Read more