Zacks Investment Research upgraded shares of Boeing Co. (NYSE:BA) from a hold rating to a buy rating in a research report released on Wednesday. The brokerage currently has $147.00 price target on the aircraft producer’s stock.
According to Zacks, “Boeing is the largest aircraft manufacturer in the world in terms of revenues, orders and deliveries, and is one of the largest defense contractors. Boeing’s recently released China Current Market Outlook estimates a $1.03 trillion market in the country for new commercial airplanes over the next 20 years. Further Boeing sold 28 wide-body jets to Saudi Arabian Airlines, for a total deal value of $8 billion. These developments reflect this company’s latest expansion in the international front, apart from the strong foray it already enjoys in the domestic aviation market. Meanwhile, defense budget request for fiscal 2017 includes major programs that will aid Boeing in registering higher top-line growth. That said, it continues to face challenges such as declining backlog, uncertainty surrounding high-cost programs, lower delivery numbers, risks related to key project executions, order cancellations as well as stiff competition.”
Several other equities analysts also recently weighed in on the company. Credit Suisse Group AG restated a neutral rating and issued a $148.00 target price on shares of Boeing in a research report on Friday, September 23rd. Jefferies Group restated a buy rating and issued a $165.00 target price on shares of Boeing in a research report on Thursday, September 22nd. Citigroup Inc. decreased their target price on Boeing from $168.00 to $160.00 and set a buy rating on the stock in a research report on Monday, September 19th. Vetr upgraded Boeing from a sell rating to a hold rating and set a $126.07 target price on the stock in a research report on Wednesday, August 31st. Finally, Goldman Sachs Group Inc. set a $107.00 target price on Boeing and gave the company a sell rating in a research report on Tuesday, August 30th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the stock. Boeing has a consensus rating of Hold and an average price target of $139.24.
Boeing (NYSE:BA) opened at 131.74 on Wednesday. Boeing has a 12 month low of $102.10 and a 12 month high of $150.59. The firm has a 50-day moving average price of $131.52 and a 200 day moving average price of $131.05. The company has a market cap of $82.18 billion, a P/E ratio of 23.72 and a beta of 1.03.
Boeing (NYSE:BA) last issued its quarterly earnings data on Wednesday, July 27th. The aircraft producer reported ($0.44) EPS for the quarter, beating the consensus estimate of ($0.92) by $0.48. Boeing had a return on equity of 82.66% and a net margin of 3.84%. The company had revenue of $24.80 million for the quarter, compared to analyst estimates of $23.22 million. During the same period last year, the company earned $1.62 earnings per share. Boeing’s quarterly revenue was up .9% compared to the same quarter last year. Equities research analysts predict that Boeing will post $6.29 EPS for the current year.
In other news, Director Randall L. Stephenson bought 1,871 shares of Boeing stock in a transaction dated Monday, August 1st. The stock was acquired at an average cost of $133.89 per share, with a total value of $250,508.19. Following the acquisition, the director now owns 3,721 shares of the company’s stock, valued at $498,204.69. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Diana L. Sands sold 14,151 shares of the business’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $133.06, for a total value of $1,882,932.06. The disclosure for this sale can be found here. 0.58% of the stock is owned by insiders.
Several hedge funds have recently bought and sold shares of BA. Raymond James Trust N.A. increased its stake in Boeing by 44.1% in the first quarter. Raymond James Trust N.A. now owns 21,857 shares of the aircraft producer’s stock valued at $2,775,000 after buying an additional 6,686 shares during the last quarter. Tompkins Financial Corp increased its stake in Boeing by 9.1% in the first quarter. Tompkins Financial Corp now owns 4,658 shares of the aircraft producer’s stock valued at $591,000 after buying an additional 388 shares during the last quarter. Carroll Financial Associates Inc. increased its stake in Boeing by 33.6% in the first quarter. Carroll Financial Associates Inc. now owns 3,183 shares of the aircraft producer’s stock valued at $404,000 after buying an additional 800 shares during the last quarter. HHG & Company LLC purchased a new stake in Boeing during the first quarter valued at $1,347,000. Finally, FirstMerit Bank N A Trustee increased its stake in Boeing by 8.0% in the first quarter. FirstMerit Bank N A Trustee now owns 16,522 shares of the aircraft producer’s stock valued at $2,097,000 after buying an additional 1,226 shares during the last quarter. 75.46% of the stock is owned by institutional investors and hedge funds.
Boeing Company Profile
The Boeing Company is an aerospace firm. The Company operates in five segments: Commercial airplanes; Defense, Space & Security (BDS) business, such as Boeing Military Aircraft (BMA), Network & Space Systems (N&SS) and Global Services & Support (GS&S), and Boeing Capital (BCC). Its Commercial Airplanes segment develops, produces and markets commercial jet aircraft, which provides related support services to the commercial airline industry.
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