Riggs Asset Managment Co. Inc. decreased its position in Boeing Co (NYSE:BA) by 32.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 36,994 shares of the aircraft producer’s stock after selling 17,800 shares during the period. Boeing accounts for about 4.2% of Riggs Asset Managment Co. Inc.’s investment portfolio, making the stock its 3rd biggest position. Riggs Asset Managment Co. Inc.’s holdings in Boeing were worth $9,404,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Clear Perspective Advisors LLC lifted its holdings in Boeing by 31.0% during the second quarter. Clear Perspective Advisors LLC now owns 571 shares of the aircraft producer’s stock worth $113,000 after buying an additional 135 shares during the period. CWH Capital Management Inc. purchased a new stake in Boeing during the second quarter worth $134,000. Catamount Wealth Management purchased a new stake in Boeing during the second quarter worth $138,000. Herndon Capital Management LLC lifted its holdings in Boeing by 29.7% during the second quarter. Herndon Capital Management LLC now owns 720 shares of the aircraft producer’s stock worth $142,000 after buying an additional 165 shares during the period. Finally, Acrospire Investment Management LLC increased its position in shares of Boeing by 14.3% during the second quarter. Acrospire Investment Management LLC now owns 800 shares of the aircraft producer’s stock worth $158,000 after purchasing an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 70.84% of the company’s stock.
BA has been the topic of a number of recent analyst reports. Zacks Investment Research raised Boeing from a “hold” rating to a “buy” rating and set a $330.00 price target on the stock in a research report on Tuesday. Canaccord Genuity upped their price target on Boeing from $245.00 to $250.00 and gave the stock a “hold” rating in a research report on Thursday, October 26th. JPMorgan Chase & Co. set a $325.00 price target on Boeing and gave the stock a “buy” rating in a research report on Tuesday, December 12th. Vetr downgraded Boeing from a “hold” rating to a “sell” rating and set a $253.54 price target on the stock. in a research report on Thursday, October 12th. Finally, Jefferies Group upped their price target on Boeing from $275.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, September 22nd. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twelve have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $274.67.
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, beating the consensus estimate of $2.65 by $0.07. The firm had revenue of $24.31 billion for the quarter, compared to the consensus estimate of $24.09 billion. Boeing had a return on equity of 12,064.25% and a net margin of 7.33%. The firm’s revenue was up 1.7% on a year-over-year basis. During the same period in the prior year, the firm earned $3.51 EPS. research analysts predict that Boeing Co will post 10.11 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 2nd. Shareholders of record on Friday, February 9th will be given a dividend of $1.71 per share. This is an increase from Boeing’s previous quarterly dividend of $1.42. This represents a $6.84 annualized dividend and a yield of 2.31%. The ex-dividend date is Thursday, February 8th. Boeing’s dividend payout ratio (DPR) is currently 52.25%.
Boeing announced that its Board of Directors has authorized a stock repurchase program on Monday, December 11th that authorizes the company to buyback $18.00 billion in outstanding shares. This buyback authorization authorizes the aircraft producer to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
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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