Boeing Co. (BA) Lowered to “Hold” at Zacks Investment Research
Boeing Co. (NYSE:BA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday.
According to Zacks, “Boeing is the world’s largest aircraft manufacturer 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 $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. However, the company is losing important contracts for aircraft and satellites to overseas rivals due to a stand-off in Congress over the future of the U.S Export-Import (Ex-Im) Bank. 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 and stiff competition.”
Several other analysts have also recently weighed in on BA. Vetr raised Boeing from a “sell” rating to a “hold” rating and set a $129.80 price objective for the company in a report on Monday, July 25th. Canaccord Genuity boosted their price objective on Boeing from $140.00 to $144.00 and gave the stock a “hold” rating in a report on Thursday, July 28th. Deutsche Bank AG reissued a “buy” rating and set a $160.00 price objective on shares of Boeing in a report on Monday, June 20th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $145.00 price objective on shares of Boeing in a report on Sunday, July 31st. Finally, Bank of America Corp. reissued an “underperform” rating and set a $125.00 price objective on shares of Boeing in a report on Wednesday, July 6th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have assigned a buy rating to the stock. Boeing presently has a consensus rating of “Hold” and an average target price of $139.24.
Boeing (NYSE:BA) traded up 0.33% during mid-day trading on Monday, hitting $132.18. 1,157,986 shares of the stock were exchanged. Boeing has a 12-month low of $102.10 and a 12-month high of $150.59. The stock has a market capitalization of $82.46 billion, a P/E ratio of 23.79 and a beta of 1.03. The firm has a 50-day moving average price of $131.52 and a 200-day moving average price of $131.05.
Boeing (NYSE:BA) last released its quarterly earnings results on Wednesday, July 27th. The aircraft producer reported ($0.44) earnings per share (EPS) for the quarter, beating the Zacks’ 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 business earned $24.80 million during the quarter, compared to analysts’ expectations of $23.22 million. During the same period in the previous year, the business posted $1.62 earnings per share. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. Equities analysts predict that Boeing will post $6.29 earnings per share for the current fiscal year.
In other Boeing news, SVP Diana L. Sands sold 14,151 shares of the company’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $133.06, for a total value of $1,882,932.06. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Randall L. Stephenson acquired 1,871 shares of the firm’s stock in a transaction 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 $498,204.69. The disclosure for this purchase can be found here. 0.58% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Arcus Capital Partners LLC raised its position in shares of Boeing by 0.8% in the second quarter. Arcus Capital Partners LLC now owns 1,590 shares of the aircraft producer’s stock worth $207,000 after buying an additional 13 shares in the last quarter. Mycio Wealth Partners LLC raised its stake in Boeing by 0.3% in the second quarter. Mycio Wealth Partners LLC now owns 3,813 shares of the aircraft producer’s stock valued at $495,000 after buying an additional 13 shares during the period. Everett Harris & Co. CA raised its stake in Boeing by 0.4% in the second quarter. Everett Harris & Co. CA now owns 3,902 shares of the aircraft producer’s stock valued at $507,000 after buying an additional 15 shares during the period. Stillwater Investment Management LLC raised its stake in Boeing by 0.8% in the second quarter. Stillwater Investment Management LLC now owns 1,949 shares of the aircraft producer’s stock valued at $253,000 after buying an additional 16 shares during the period. Finally, McNamara Financial Services Inc. raised its stake in Boeing by 0.8% in the second quarter. McNamara Financial Services Inc. now owns 2,162 shares of the aircraft producer’s stock valued at $281,000 after buying an additional 18 shares during the period. 75.46% of the stock is currently owned by hedge funds and other institutional investors.
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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