Honeywell International (NASDAQ: HON) replaced Raytheon Technologies, now RTX Corporation, in the Dow Jones Industrial Average in 2020. Unlike Raytheon, which is more of a pure-play defense contractor, Honeywell is a diversified industrial with exposure to commercial aviation, building technologies, utilities, healthcare, oil and gas, consumer products, and a slew of other industries that traverse pretty much every sector of the economy.

However, Honeywell stock is down over the last two years and is down 8.9% year to date despite a 7% gain for the Dow. This begs the question, is Honeywell an underrated dividend stock that's worth a look, or is its underperformance justified?

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Source Fool.com