Citigroup Inc. Cuts Boeing Co. (BA) Price Target to $160.00
Boeing Co. (NYSE:BA) had its price objective reduced by Citigroup Inc. from $168.00 to $160.00 in a research note published on Monday morning. They currently have a buy rating on the aircraft producer’s stock.
Other analysts have also issued reports about the company. Jefferies Group reaffirmed a buy rating on shares of Boeing in a report on Sunday, May 22nd. Deutsche Bank AG reaffirmed a buy rating and set a $160.00 target price on shares of Boeing in a report on Monday, June 20th. Drexel Hamilton reaffirmed a buy rating and set a $158.00 target price on shares of Boeing in a report on Friday, July 15th. Argus reaffirmed a buy rating and set a $155.00 target price on shares of Boeing in a report on Wednesday, August 3rd. Finally, Canaccord Genuity reaffirmed a hold rating and set a $140.00 target price on shares of Boeing in a report on Tuesday, May 31st. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $147.23.
Shares of Boeing (NYSE:BA) opened at 130.56 on Monday. The firm has a 50-day moving average price of $131.65 and a 200-day moving average price of $130.70. Boeing has a 1-year low of $102.10 and a 1-year high of $150.59. The company has a market cap of $81.45 billion, a P/E ratio of 23.50 and a beta of 1.06.
Boeing (NYSE:BA) last announced its quarterly earnings data on Wednesday, July 27th. The aircraft producer reported ($0.44) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.92) by $0.48. The business had revenue of $24.80 million for the quarter, compared to analyst estimates of $23.22 million. Boeing had a return on equity of 82.66% and a net margin of 3.84%. The company’s revenue was up .9% on a year-over-year basis. During the same period in the prior year, the company earned $1.62 earnings per share. On average, equities analysts expect that Boeing will post $6.30 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 2nd. Stockholders of record on Friday, August 12th were paid a $1.09 dividend. The ex-dividend date was Wednesday, August 10th. This represents a $4.36 dividend on an annualized basis and a dividend yield of 3.34%. Boeing’s payout ratio is presently 80.15%.
In related news, Director Randall L. Stephenson bought 1,871 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The stock was purchased at an average cost of $133.89 per share, for a total transaction of $250,508.19. Following the completion of the acquisition, the director now owns 3,721 shares in the company, valued at approximately $498,204.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Diana L. Sands sold 14,151 shares of Boeing stock in a transaction on 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.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Capital World Investors raised its position in Boeing by 8.8% in the second quarter. Capital World Investors now owns 47,676,799 shares of the aircraft producer’s stock worth $6,191,786,000 after buying an additional 3,866,637 shares during the period. Capital Research Global Investors raised its position in Boeing by 15.8% in the second quarter. Capital Research Global Investors now owns 19,728,620 shares of the aircraft producer’s stock worth $2,562,156,000 after buying an additional 2,690,120 shares during the period. Bank of Montreal Can bought a new position in Boeing during the second quarter worth about $316,346,000. Franklin Resources Inc. raised its position in Boeing by 67.9% in the first quarter. Franklin Resources Inc. now owns 4,906,313 shares of the aircraft producer’s stock worth $622,808,000 after buying an additional 1,984,650 shares during the period. Finally, Ameriprise Financial Inc. raised its position in Boeing by 26.0% in the second quarter. Ameriprise Financial Inc. now owns 3,214,195 shares of the aircraft producer’s stock worth $417,213,000 after buying an additional 663,424 shares during the period. Hedge funds and other institutional investors own 75.46% of the company’s stock.
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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