Covington Capital Management lowered its stake in Boeing Co (NYSE:BA) by 2.7% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 61,127 shares of the aircraft producer’s stock after selling 1,705 shares during the period. Boeing accounts for about 1.3% of Covington Capital Management’s holdings, making the stock its 17th largest holding. Covington Capital Management’s holdings in Boeing were worth $23,257,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. NuWave Investment Management LLC boosted its stake in Boeing by 554.5% during the 2nd quarter. NuWave Investment Management LLC now owns 72 shares of the aircraft producer’s stock valued at $26,000 after purchasing an additional 61 shares during the last quarter. Guidant Wealth Advisors purchased a new stake in Boeing during the 2nd quarter valued at $28,000. 1 North Wealth Services LLC bought a new position in shares of Boeing during the 3rd quarter valued at $32,000. Atwater Malick LLC bought a new position in shares of Boeing during the 3rd quarter valued at $39,000. Finally, Transamerica Financial Advisors Inc. bought a new position in shares of Boeing during the 2nd quarter valued at $40,000. Institutional investors own 68.64% of the company’s stock.
Several equities analysts have recently weighed in on BA shares. Jefferies Financial Group set a $420.00 price target on Boeing and gave the company a “buy” rating in a report on Monday, October 28th. Deutsche Bank reissued a “buy” rating on shares of Boeing in a report on Friday, November 8th. Morgan Stanley lowered their price target on Boeing from $500.00 to $450.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Credit Suisse Group cut Boeing from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $416.00 to $323.00 in a report on Monday, October 21st. Finally, Buckingham Research reissued a “hold” rating and set a $365.00 price target (down from $395.00) on shares of Boeing in a report on Tuesday, October 29th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $379.30.
Shares of Boeing stock opened at $368.00 on Thursday. Boeing Co has a one year low of $292.47 and a one year high of $446.01. The stock’s fifty day moving average is $358.82 and its 200 day moving average is $357.99. The stock has a market cap of $209.99 billion, a P/E ratio of 22.99, a P/E/G ratio of 43.32 and a beta of 1.24. The company has a debt-to-equity ratio of 48.98, a quick ratio of 0.31 and a current ratio of 1.11.
Boeing (NYSE:BA) last announced its earnings results on Wednesday, October 23rd. The aircraft producer reported $1.45 EPS for the quarter, missing the Zacks’ consensus estimate of $2.04 by ($0.59). Boeing had a negative return on equity of 367.68% and a net margin of 4.37%. The company had revenue of $19.98 billion during the quarter, compared to the consensus estimate of $20 billion. During the same period in the prior year, the business posted $3.58 earnings per share. Boeing’s revenue for the quarter was down 20.5% compared to the same quarter last year. Analysts predict that Boeing Co will post 1.05 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 8th will be issued a $2.055 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $8.22 dividend on an annualized basis and a yield of 2.23%. Boeing’s dividend payout ratio is currently 51.34%.
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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