Boeing (BA) Stock Rating Lowered by Zacks Investment Research
Zacks Investment Research downgraded shares of Boeing (NYSE:BA) from a buy rating to a hold rating in a research note released on Wednesday, January 3rd.
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. Moreover, deferred production cost for its 787 Dreamliner's remains a cause of concern for Boeing.”
BA has been the subject of several other research reports. Vetr raised Boeing from a sell rating to a hold rating and set a $288.75 price objective for the company in a report on Monday, December 11th. Cowen reissued a buy rating and issued a $315.00 price objective on shares of Boeing in a report on Thursday, October 26th. Buckingham Research reaffirmed a hold rating and issued a $203.00 price target on shares of Boeing in a report on Friday, December 22nd. Nord/LB set a $250.00 price target on Boeing and gave the stock a neutral rating in a report on Thursday, November 2nd. Finally, Sanford C. Bernstein upped their price target on Boeing from $303.00 to $310.00 and gave the stock an outperform rating in a report on Monday, October 30th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and sixteen have issued a buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $315.52.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 2nd. Shareholders of record on Friday, February 9th will be paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 2.01%. This is a boost from Boeing’s previous quarterly dividend of $1.42. The ex-dividend date of this dividend is Thursday, February 8th. Boeing’s dividend payout ratio is 52.21%.
Boeing declared that its board has approved a share repurchase 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 purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Lipe & Dalton purchased a new position in shares of Boeing during the third quarter worth about $100,000. Burt Wealth Advisors purchased a new position in shares of Boeing during the third quarter worth about $100,000. Stonehearth Capital Management LLC purchased a new position in shares of Boeing during the fourth quarter worth about $105,000. Solaris Asset Management LLC purchased a new position in shares of Boeing during the fourth quarter worth about $111,000. Finally, Clear Perspective Advisors LLC grew 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 last quarter. Institutional investors and hedge funds own 70.81% of the company’s stock.
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Boeing Company Profile
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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