Birinyi Associates Inc. Increases Holdings in Boeing Co (BA)
Birinyi Associates Inc. raised its stake in Boeing Co (NYSE:BA) by 28.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 14,550 shares of the aircraft producer’s stock after acquiring an additional 3,250 shares during the period. Boeing makes up 2.3% of Birinyi Associates Inc.’s portfolio, making the stock its 11th largest holding. Birinyi Associates Inc.’s holdings in Boeing were worth $4,692,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently made changes to their positions in BA. Ironwood Financial llc bought a new stake in shares of Boeing in the 4th quarter worth about $32,000. Proffitt & Goodson Inc. increased its holdings in shares of Boeing by 1,371.4% in the 4th quarter. Proffitt & Goodson Inc. now owns 103 shares of the aircraft producer’s stock worth $33,000 after buying an additional 96 shares during the last quarter. 1 North Wealth Services LLC bought a new stake in shares of Boeing in the 4th quarter worth about $40,000. Contravisory Investment Management Inc. increased its holdings in shares of Boeing by 159.3% in the 4th quarter. Contravisory Investment Management Inc. now owns 140 shares of the aircraft producer’s stock worth $45,000 after buying an additional 86 shares during the last quarter. Finally, Financial Gravity Companies Inc. bought a new stake in shares of Boeing in the 4th quarter worth about $60,000. Institutional investors own 69.77% of the company’s stock.
A number of research firms have recently weighed in on BA. Morgan Stanley upgraded shares of Boeing from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $400.00 to $450.00 in a report on Wednesday, January 9th. DZ Bank restated a “sell” rating on shares of Boeing in a report on Monday, March 11th. Cowen restated a “buy” rating and issued a $445.00 target price on shares of Boeing in a report on Tuesday, December 18th. UBS Group set a $525.00 target price on shares of Boeing and gave the stock a “buy” rating in a report on Friday, March 8th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Boeing to $450.00 and gave the stock an “overweight” rating in a report on Monday, February 11th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have assigned a buy rating to the company. Boeing currently has a consensus rating of “Hold” and a consensus target price of $409.61.
Boeing (NYSE:BA) last released its quarterly earnings results on Wednesday, January 30th. The aircraft producer reported $5.48 EPS for the quarter, topping analysts’ consensus estimates of $4.52 by $0.96. Boeing had a net margin of 10.34% and a negative return on equity of 4,286.60%. The firm had revenue of $28.34 billion during the quarter, compared to analysts’ expectations of $26.76 billion. During the same period in the previous year, the company earned $3.04 EPS. The firm’s revenue for the quarter was up 14.4% compared to the same quarter last year. As a group, research analysts expect that Boeing Co will post 20.11 earnings per share for the current year.
Boeing announced that its board has initiated a stock repurchase plan on Monday, December 17th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the aircraft producer to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
In other Boeing news, SVP Theodore Colbert III sold 2,137 shares of the business’s stock in a transaction dated Monday, February 11th. The shares were sold at an average price of $408.85, for a total value of $873,712.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Heidi B. Capozzi sold 2,916 shares of the business’s stock in a transaction dated Wednesday, February 13th. The shares were sold at an average price of $410.84, for a total transaction of $1,198,009.44. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 72,247 shares of company stock valued at $28,922,977. 0.23% of the stock is owned by corporate insiders.
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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