Smith Chas P & Associates PA Cpas Reduces Position in Boeing Co (NYSE:BA)
Smith Chas P & Associates PA Cpas cut its holdings in shares of Boeing Co (NYSE:BA) by 15.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,034 shares of the aircraft producer’s stock after selling 192 shares during the quarter. Smith Chas P & Associates PA Cpas’ holdings in Boeing were worth $393,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. NuWave Investment Management LLC lifted its holdings in shares of Boeing by 554.5% in the second quarter. NuWave Investment Management LLC now owns 72 shares of the aircraft producer’s stock worth $26,000 after buying an additional 61 shares in the last quarter. Guidant Wealth Advisors purchased a new stake in shares of Boeing in the second quarter worth about $28,000. 1 North Wealth Services LLC purchased a new stake in shares of Boeing in the third quarter worth about $32,000. Atwater Malick LLC purchased a new stake in shares of Boeing in the third quarter worth about $39,000. Finally, Veritas Investment Management LLP purchased a new stake in shares of Boeing in the third quarter worth about $40,000. 67.72% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. lowered their price target on shares of Boeing from $430.00 to $425.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th. Credit Suisse Group downgraded shares of Boeing from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $416.00 to $323.00 in a report on Monday, October 21st. Deutsche Bank reissued a “buy” rating on shares of Boeing in a report on Friday. Robert W. Baird downgraded shares of Boeing from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $445.00 to $342.00 in a report on Monday, October 21st. Finally, Canaccord Genuity lowered their price target on shares of Boeing from $380.00 to $370.00 and set a “hold” rating on the stock in a report on Thursday, October 24th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $379.30.
Boeing (NYSE:BA) last announced its earnings results on Wednesday, October 23rd. The aircraft producer reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $2.04 by ($0.59). The company had revenue of $19.98 billion during the quarter, compared to analysts’ expectations of $20 billion. Boeing had a net margin of 4.37% and a negative return on equity of 367.68%. The company’s revenue for the quarter was down 20.5% compared to the same quarter last year. During the same period in the prior year, the business earned $3.58 earnings per share. As a group, equities research analysts predict that Boeing Co will post 1.02 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 8th will be paid a $2.055 dividend. This represents a $8.22 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date is Thursday, November 7th. Boeing’s dividend payout ratio is currently 51.34%.
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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