Norway Savings Bank Trims Stake in Boeing Co (BA)
Norway Savings Bank cut its stake in shares of Boeing Co (NYSE:BA) by 6.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,604 shares of the aircraft producer’s stock after selling 250 shares during the quarter. Norway Savings Bank’s holdings in Boeing were worth $916,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of BA. Vanguard Group Inc. boosted its stake in Boeing by 1.0% in the second quarter. Vanguard Group Inc. now owns 40,412,706 shares of the aircraft producer’s stock valued at $7,991,613,000 after acquiring an additional 407,511 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Boeing by 7,215.0% in the second quarter. Janus Henderson Group PLC now owns 4,919,937 shares of the aircraft producer’s stock valued at $972,919,000 after acquiring an additional 4,852,679 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in Boeing by 4.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 3,066,519 shares of the aircraft producer’s stock valued at $606,405,000 after acquiring an additional 123,420 shares in the last quarter. LSV Asset Management boosted its stake in Boeing by 0.7% in the second quarter. LSV Asset Management now owns 3,006,858 shares of the aircraft producer’s stock valued at $594,606,000 after acquiring an additional 21,804 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in Boeing by 9.3% in the second quarter. Legal & General Group Plc now owns 2,906,822 shares of the aircraft producer’s stock valued at $574,841,000 after acquiring an additional 246,578 shares in the last quarter. 70.97% of the stock is currently owned by institutional investors and hedge funds.
Boeing Co (NYSE:BA) opened at $293.94 on Monday. The stock has a market cap of $175,040.97, a price-to-earnings ratio of 30.14, a price-to-earnings-growth ratio of 2.24 and a beta of 1.24. Boeing Co has a fifty-two week low of $153.14 and a fifty-two week high of $297.37. The company has a quick ratio of 0.39, a current ratio of 1.18 and a debt-to-equity ratio of 8.54.
Boeing declared that its Board of Directors has initiated a stock buyback program on Monday, December 11th that allows the company to buyback $18.00 billion in shares. This buyback authorization allows the aircraft producer to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 2nd. Investors of record on Friday, February 9th will be issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend is Thursday, February 8th. This is a boost from Boeing’s previous quarterly dividend of $1.42. Boeing’s dividend payout ratio (DPR) is 52.21%.
BA has been the subject of several recent analyst reports. Zacks Investment Research upgraded shares of Boeing from a “hold” rating to a “strong-buy” rating and set a $271.00 target price for the company in a research note on Tuesday, August 22nd. ValuEngine upgraded shares of Boeing from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Cowen restated a “buy” rating and issued a $300.00 target price on shares of Boeing in a research note on Tuesday, September 12th. Vetr downgraded shares of Boeing from a “strong-buy” rating to a “buy” rating and set a $269.69 target price for the company. in a research note on Wednesday, September 13th. Finally, Deutsche Bank raised their target price on shares of Boeing to $300.00 and gave the company a “buy” rating in a research note on Thursday, September 14th. Eleven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Boeing has an average rating of “Buy” and an average price target of $266.73.
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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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