Boeing (NYSE:BA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday. The firm currently has a $381.00 price objective on the aircraft producer’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 13.19% from the company’s previous close.
According to Zacks, “Boeing's share price has outperformed the industry's rally over the last year. Notably, Boeing is the largest aircraft manufacturer in the world in terms of revenue, orders and deliveries, and one of the largest aerospace and defense contractors. In this regard, the company’s 20-year market outlook forecasts commercial jetliner demand to increase by 3.6%. Boeing expects single-aisle jets to be the major driver behind this demand growth. Meanwhile, India appears to be another promising market for Boeing as the country is expected to become the world’s fastest growing aviation market. Yet, this aerospace company continues to face challenges from stiff competition as well as falling delivery numbers.”
Other equities analysts also recently issued reports about the stock. Vetr downgraded shares of Boeing from a “buy” rating to a “hold” rating and set a $267.03 price objective for the company. in a research note on Friday, October 6th. Cowen reiterated a “buy” rating and issued a $315.00 target price on shares of Boeing in a research note on Friday, October 6th. Credit Suisse Group reiterated an “outperform” rating and issued a $310.00 target price (up from $300.00) on shares of Boeing in a research note on Tuesday, October 24th. Wells Fargo & Co reiterated a “market perform” rating and issued a $290.00 target price (up from $270.00) on shares of Boeing in a research note on Tuesday, December 12th. Finally, ValuEngine downgraded shares of Boeing from a “buy” rating to a “hold” rating in a research note on Thursday, December 7th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and sixteen have assigned a buy rating to the stock. Boeing has an average rating of “Buy” and a consensus target price of $306.23.
Boeing (NYSE:BA) last posted its quarterly earnings data on Wednesday, October 25th. The aircraft producer reported $2.72 EPS for the quarter, topping the Zacks’ consensus estimate of $2.65 by $0.07. Boeing had a net margin of 7.33% and a return on equity of 12,064.25%. The company had revenue of $24.31 billion during the quarter, compared to the consensus estimate of $24.09 billion. During the same period in the prior year, the business posted $3.51 EPS. The company’s quarterly revenue was up 1.7% on a year-over-year basis. analysts expect that Boeing will post 10.17 earnings per share for the current year.
Boeing declared that its board has authorized a stock buyback plan on Monday, December 11th that authorizes the company to repurchase $18.00 billion in outstanding shares. This repurchase authorization authorizes the aircraft producer to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
A number of institutional investors have recently added to or reduced their stakes in the business. Stonehearth Capital Management LLC bought a new position in shares of Boeing during the fourth quarter worth approximately $105,000. Solaris Asset Management LLC bought a new position in shares of Boeing during the fourth quarter worth approximately $111,000. Lipe & Dalton bought a new position in shares of Boeing during the third quarter worth approximately $100,000. Burt Wealth Advisors bought a new position in shares of Boeing during the third quarter worth approximately $100,000. Finally, Clear Perspective Advisors LLC increased its holdings in shares of 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 purchasing an additional 135 shares during the period. 70.76% of the stock is currently owned by hedge funds and other institutional investors.
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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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