Wells Fargo & Company Reiterates Market Perform Rating for Boeing (BA)
Boeing (NYSE:BA)‘s stock had its “market perform” rating restated by equities researchers at Wells Fargo & Company in a research note issued to investors on Tuesday. They presently have a $290.00 price target on the aircraft producer’s stock, up from their prior price target of $270.00. Wells Fargo & Company’s price target indicates a potential downside of 1.33% from the stock’s previous close.
Other analysts have also issued research reports about the company. Zacks Investment Research lowered Boeing from a “buy” rating to a “hold” rating in a report on Tuesday, September 19th. Vetr lowered Boeing from a “strong-buy” rating to a “buy” rating and set a $266.88 target price on the stock. in a report on Wednesday, August 16th. Sanford C. Bernstein reiterated an “outperform” rating and set a $303.00 target price (up previously from $274.00) on shares of Boeing in a report on Wednesday, September 20th. They noted that the move was a valuation call. Credit Suisse Group reiterated an “outperform” rating and set a $310.00 target price (up previously from $300.00) on shares of Boeing in a report on Tuesday, October 24th. Finally, Cowen restated a “buy” rating and issued a $315.00 price objective on shares of Boeing in a research note on Friday, October 6th. Eleven investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Boeing has an average rating of “Buy” and an average target price of $266.73.
Shares of Boeing (BA) opened at $293.90 on Tuesday. Boeing has a twelve month low of $153.06 and a twelve month high of $295.85. The stock has a market capitalization of $172,619.48, a PE ratio of 29.73, a P/E/G ratio of 2.21 and a beta of 1.24. The company has a current ratio of 1.18, a quick ratio of 0.39 and a debt-to-equity ratio of 8.54.
Boeing (NYSE:BA) last released its earnings results on Wednesday, October 25th. The aircraft producer reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.65 by $0.07. Boeing had a return on equity of 12,064.25% and a net margin of 7.33%. The business had revenue of $24.31 billion for the quarter, compared to analyst estimates of $24.09 billion. During the same quarter in the prior year, the company posted $3.51 earnings per share. Boeing’s revenue was up 1.7% on a year-over-year basis. analysts expect that Boeing will post 10.1 EPS for the current fiscal year.
Boeing declared that its Board of Directors has authorized a share buyback program on Monday, December 11th that permits the company to buyback $18.00 billion in outstanding shares. This buyback authorization permits the aircraft producer to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
Several hedge funds and other institutional investors have recently made changes to their positions in BA. Buckingham Asset Management LLC increased its stake in shares of Boeing by 0.5% during the first quarter. Buckingham Asset Management LLC now owns 13,965 shares of the aircraft producer’s stock worth $2,470,000 after purchasing an additional 65 shares during the period. Heritage Trust Co acquired a new stake in Boeing during the first quarter worth approximately $361,000. Outfitter Advisors LTD. grew its position in Boeing by 20.9% during the first quarter. Outfitter Advisors LTD. now owns 4,052 shares of the aircraft producer’s stock worth $717,000 after buying an additional 700 shares in the last quarter. Pitcairn Co. grew its position in Boeing by 93.9% during the first quarter. Pitcairn Co. now owns 7,048 shares of the aircraft producer’s stock worth $1,246,000 after buying an additional 3,413 shares in the last quarter. Finally, Ffcm LLC grew its position in Boeing by 6.9% during the first quarter. Ffcm LLC now owns 38,380 shares of the aircraft producer’s stock worth $6,788,000 after buying an additional 2,490 shares in the last quarter. Institutional investors own 70.97% of the company’s stock.
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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