Steinberg Global Asset Management grew its holdings in Boeing Co (NYSE:BA) by 3.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,419 shares of the aircraft producer’s stock after buying an additional 242 shares during the period. Steinberg Global Asset Management’s holdings in Boeing were worth $1,886,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. Huntington National Bank increased its position in Boeing by 8.3% during the third quarter. Huntington National Bank now owns 68,963 shares of the aircraft producer’s stock worth $17,531,000 after purchasing an additional 5,285 shares during the last quarter. Boston Advisors LLC increased its position in Boeing by 9.2% during the third quarter. Boston Advisors LLC now owns 4,342 shares of the aircraft producer’s stock worth $1,104,000 after purchasing an additional 367 shares during the last quarter. Mizuho Securities USA LLC acquired a new stake in Boeing during the third quarter worth about $3,891,000. Nationwide Fund Advisors increased its position in Boeing by 31.5% during the third quarter. Nationwide Fund Advisors now owns 417,178 shares of the aircraft producer’s stock worth $106,051,000 after purchasing an additional 99,837 shares during the last quarter. Finally, Flagship Harbor Advisors LLC increased its position in Boeing by 6.3% during the third quarter. Flagship Harbor Advisors LLC now owns 5,234 shares of the aircraft producer’s stock worth $1,353,000 after purchasing an additional 310 shares during the last quarter. Institutional investors and hedge funds own 70.84% of the company’s stock.
Several research analysts have weighed in on the stock. Canaccord Genuity increased their target price on shares of Boeing from $245.00 to $250.00 and gave the stock a “hold” rating in a research note on Thursday, October 26th. JPMorgan Chase & Co. set a $325.00 price objective on shares of Boeing and gave the company a “buy” rating in a research note on Tuesday, December 12th. Vetr lowered shares of Boeing from a “hold” rating to a “sell” rating and set a $253.54 price objective for the company. in a research note on Thursday, October 12th. Jefferies Group raised their price objective on shares of Boeing from $275.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, September 22nd. Finally, Cowen reissued a “buy” rating and issued a $320.00 price objective on shares of Boeing in a research note on Monday, December 11th. Eleven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $273.53.
Boeing (NYSE:BA) last announced its earnings results on Wednesday, October 25th. The aircraft producer reported $2.72 EPS for the quarter, beating analysts’ consensus estimates of $2.65 by $0.07. The business had revenue of $24.31 billion for the quarter, compared to analysts’ expectations of $24.09 billion. Boeing had a net margin of 7.33% and a return on equity of 12,064.25%. The company’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period in the previous year, the company posted $3.51 EPS. sell-side analysts expect that Boeing Co will post 10.11 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 2nd. Investors of record on Friday, February 9th will be given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 2.32%. This is a positive change from Boeing’s previous quarterly dividend of $1.42. The ex-dividend date is Thursday, February 8th. Boeing’s dividend payout ratio (DPR) is 52.21%.
Boeing declared that its board has authorized a share repurchase plan on Monday, December 11th that permits the company to repurchase $18.00 billion in outstanding shares. This repurchase authorization permits the aircraft producer to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The Boeing Company is an aerospace company. The Company’s segments include Commercial Airplanes; Defense, Space & Security (BDS), such as Boeing Military Aircraft (BMA), Network & Space Systems (N&SS) and Global Services & Support (GS&S), and Boeing Capital (BCC). The Commercial Airplanes segment develops, produces and markets commercial jet aircraft and provides related support services, to the commercial airline industry.
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