Logan Capital Management Inc. cut its holdings in shares of Boeing Co (NYSE:BA) by 1.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,614 shares of the aircraft producer’s stock after selling 334 shares during the period. Logan Capital Management Inc.’s holdings in Boeing were worth $6,922,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BA. CSat Investment Advisory L.P. purchased a new position in Boeing in the 2nd quarter worth $101,000. Rational Advisors LLC raised its position in Boeing by 159.5% in the 3rd quarter. Rational Advisors LLC now owns 327 shares of the aircraft producer’s stock worth $122,000 after purchasing an additional 201 shares during the period. Icon Wealth Partners LLC bought a new stake in Boeing in the 2nd quarter worth $125,000. Avestar Capital LLC grew its holdings in Boeing by 544.7% in the 2nd quarter. Avestar Capital LLC now owns 490 shares of the aircraft producer’s stock worth $161,000 after acquiring an additional 414 shares during the last quarter. Finally, Mainstay Capital Management LLC ADV grew its holdings in Boeing by 22,056.9% in the 2nd quarter. Mainstay Capital Management LLC ADV now owns 43,649 shares of the aircraft producer’s stock worth $169,000 after acquiring an additional 43,452 shares during the last quarter. Institutional investors and hedge funds own 69.61% of the company’s stock.
A number of brokerages have weighed in on BA. Jefferies Financial Group set a $420.00 price objective on shares of Boeing and gave the stock a “buy” rating in a report on Tuesday, November 13th. Morgan Stanley upgraded shares of Boeing from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $400.00 to $450.00 in a report on Wednesday, January 9th. Argus restated a “fair value” rating and issued a $395.00 price objective on shares of Boeing in a report on Thursday, October 25th. Cowen reiterated a “buy” rating and issued a $445.00 target price on shares of Boeing in a research note on Tuesday, December 18th. Finally, ValuEngine upgraded shares of Boeing from a “hold” rating to a “buy” rating in a research note on Wednesday, September 19th. Seven research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. Boeing presently has a consensus rating of “Buy” and a consensus price target of $411.36.
Boeing (NYSE:BA) last posted its earnings results on Wednesday, October 24th. The aircraft producer reported $3.58 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $3.47 by $0.11. The company had revenue of $25.15 billion during the quarter, compared to analysts’ expectations of $23.84 billion. Boeing had a net margin of 10.36% and a negative return on equity of 4,176.41%. Boeing’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period last year, the company posted $2.72 earnings per share. As a group, research analysts anticipate that Boeing Co will post 15.05 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Friday, February 8th will be issued a dividend of $2.055 per share. This is a positive change from Boeing’s previous quarterly dividend of $1.71. The ex-dividend date of this dividend is Thursday, February 7th. This represents a $8.22 dividend on an annualized basis and a yield of 2.33%. Boeing’s dividend payout ratio (DPR) is presently 56.81%.
Boeing announced that its Board of Directors has approved a stock repurchase program on Monday, December 17th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the aircraft producer to buy up to 11.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.
In other Boeing news, SVP Jenette E. Ramos sold 1,640 shares of the business’s stock in a transaction that occurred on Friday, November 9th. The shares were sold at an average price of $367.52, for a total transaction of $602,732.80. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Diana L. Sands sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, October 29th. The stock was sold at an average price of $350.07, for a total transaction of $1,750,350.00. The disclosure for this sale can be found here. Company insiders own 0.24% of the company’s stock.
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Boeing Company Profile
The Boeing Company, together with its subsidiaries, designs, develops, manufactures, sales, services, and supports commercial jetliners, military aircraft, satellites, missile defense, human space flight, and launch systems and services worldwide. The company operates in four segments: Commercial Airplanes; Defense, Space & Security; Global Services; and Boeing Capital.
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