Honeywell's stock has underperformed the broader market over the last year, but I believe that HON shares are a great long-term buy at today's price.

Additionally, the recent spinoffs have the potential to be a major catalyst for Honeywell's stock over the next 12-18 months.

I am long Honeywell, and I have plans to grow my position in 2019.

This idea was discussed in more depth with members of my private investing community, Going Long With W.G.. Start your free trial today »

Honeywell (HON) is a core holding in the R.I.P. portfolio, and the stock has performed well over the last 3 plus years. More recently, however, HON shares have underperformed the broader market by over 6 percentage points.

HON data by YCharts

The recent underperformance for HON shares has created a long-term buying opportunity because, in my opinion, this industrial conglomerate is well-positioned for 2019 and beyond. Moreover, the recent spins could potentially be a major catalyst for the HON shares in the current year.

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