Is Honeywell Stock A Real Bargain?

Honeywell International (HON) stock has lagged the index over the past year, trading at 8.1 times earnings against 22.7 for the median S&P 500 company. That is either a sound business on sale or a fair price for a company that just spun off its largest unit, Honeywell Aerospace, and now has to widen margins in the automation businesses it kept. So is Honeywell just as cheap on the cash it brings in.