Canaccord Genuity Drops Coverage on Boeing (NYSE:BA)

Stock analysts at Canaccord Genuity dropped coverage on shares of Boeing (NYSE:BA) in a research report issued on Friday, TipRanks reports. Canaccord Genuity’s price objective would suggest a potential upside of 10.47% from the company’s previous close.

A number of other research firms have also issued reports on BA. UBS Group set a $470.00 target price on Boeing and gave the company a “buy” rating in a research note on Tuesday, September 24th. ValuEngine lowered Boeing from a “buy” rating to a “hold” rating in a research note on Friday, October 11th. Credit Suisse Group reissued a “buy” rating and set a $425.00 price target on shares of Boeing in a research note on Thursday, July 25th. Cowen set a $460.00 price target on Boeing and gave the stock a “buy” rating in a research note on Friday, October 11th. Finally, Bank of America reduced their price target on Boeing from $415.00 to $400.00 and set a “neutral” rating on the stock in a research note on Friday. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and thirteen have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $402.42.

Shares of BA traded down $25.06 on Friday, reaching $344.00. The stock had a trading volume of 13,344,760 shares, compared to its average volume of 3,240,648. The firm has a market capitalization of $207.67 billion, a PE ratio of 21.49, a PEG ratio of 12.51 and a beta of 1.25. The company has a quick ratio of 0.29, a current ratio of 1.03 and a debt-to-equity ratio of 48.98. The firm has a 50-day moving average of $373.16 and a 200 day moving average of $362.44. Boeing has a twelve month low of $292.47 and a twelve month high of $446.01.

Boeing (NYSE:BA) last released its quarterly earnings results on Wednesday, July 24th. The aircraft producer reported $2.92 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $1.07. The business had revenue of $15.75 billion for the quarter, compared to analysts’ expectations of $15.05 billion. Boeing had a negative return on equity of 632.24% and a net margin of 5.42%. The company’s revenue was down 35.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.33 EPS. On average, sell-side analysts anticipate that Boeing will post 3.26 earnings per share for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in BA. Nordea Investment Management AB increased its stake in Boeing by 128.1% in the 1st quarter. Nordea Investment Management AB now owns 73 shares of the aircraft producer’s stock worth $28,000 after acquiring an additional 41 shares during the last quarter. Thomasville National Bank increased its stake in Boeing by 10.6% in the 2nd quarter. Thomasville National Bank now owns 9,650 shares of the aircraft producer’s stock worth $3,512,000 after acquiring an additional 927 shares during the last quarter. Private Asset Management Inc. increased its stake in Boeing by 369.3% in the 2nd quarter. Private Asset Management Inc. now owns 10,321 shares of the aircraft producer’s stock worth $3,757,000 after acquiring an additional 8,122 shares during the last quarter. Fulton Bank N.A. increased its stake in Boeing by 18.4% in the 2nd quarter. Fulton Bank N.A. now owns 13,504 shares of the aircraft producer’s stock worth $4,916,000 after acquiring an additional 2,101 shares during the last quarter. Finally, Verde Servicos Internacionais S.A. increased its stake in Boeing by 44.3% in the 2nd quarter. Verde Servicos Internacionais S.A. now owns 14,462 shares of the aircraft producer’s stock worth $5,264,000 after acquiring an additional 4,438 shares during the last quarter. Institutional investors and hedge funds own 67.88% of the company’s stock.

About Boeing

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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