Convergence Investment Partners LLC Lowers Stake in Boeing Co (BA)

Convergence Investment Partners LLC trimmed its holdings in shares of Boeing Co (NYSE:BA) by 6.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 52,476 shares of the aircraft producer’s stock after selling 3,493 shares during the period. Boeing makes up approximately 1.9% of Convergence Investment Partners LLC’s investment portfolio, making the stock its largest holding. Convergence Investment Partners LLC’s holdings in Boeing were worth $13,340,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of BA. Bluestein R H & Co. acquired a new position in Boeing during the third quarter worth about $39,528,000. Private Advisor Group LLC grew its holdings in Boeing by 3.8% during the third quarter. Private Advisor Group LLC now owns 47,968 shares of the aircraft producer’s stock worth $12,389,000 after acquiring an additional 1,737 shares during the period. BB&T Investment Services Inc. grew its holdings in Boeing by 21.4% during the third quarter. BB&T Investment Services Inc. now owns 2,871 shares of the aircraft producer’s stock worth $727,000 after acquiring an additional 507 shares during the period. Mackenzie Financial Corp grew its holdings in Boeing by 74.9% during the third quarter. Mackenzie Financial Corp now owns 120,888 shares of the aircraft producer’s stock worth $30,731,000 after acquiring an additional 51,760 shares during the period. Finally, Stifel Financial Corp grew its holdings in Boeing by 19,958.0% during the third quarter. Stifel Financial Corp now owns 833,410 shares of the aircraft producer’s stock worth $212,108,000 after acquiring an additional 829,255 shares during the period. 70.45% of the stock is currently owned by institutional investors.

Boeing Co (NYSE:BA) opened at $343.16 on Wednesday. The company has a quick ratio of 0.37, a current ratio of 1.16 and a debt-to-equity ratio of 23.74. Boeing Co has a one year low of $167.22 and a one year high of $361.45. The firm has a market capitalization of $202,322.95, a P/E ratio of 28.46, a P/E/G ratio of 1.88 and a beta of 1.44.

Boeing (NYSE:BA) last issued its quarterly earnings data on Wednesday, January 31st. The aircraft producer reported $4.80 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.91 by $1.89. Boeing had a negative return on equity of 11,050.62% and a net margin of 8.78%. The business had revenue of $25.37 billion for the quarter, compared to the consensus estimate of $24.78 billion. During the same period last year, the business earned $2.47 EPS. The firm’s revenue was up 8.9% compared to the same quarter last year. research analysts predict that Boeing Co will post 14.03 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 2nd. Investors of record on Friday, February 9th will be paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.99%. This is an increase 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 (DPR) is presently 50.78%.

Boeing declared that its Board of Directors has approved a stock buyback program on Monday, December 11th that allows the company to repurchase $18.00 billion in outstanding shares. This repurchase authorization allows the aircraft producer to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

A number of research analysts recently issued reports on BA shares. Buckingham Research set a $289.00 target price on Boeing and gave the stock a “hold” rating in a report on Thursday, February 8th. Zacks Investment Research upgraded Boeing from a “hold” rating to a “buy” rating and set a $330.00 price target for the company in a research report on Tuesday, January 2nd. Canaccord Genuity reiterated a “hold” rating and issued a $345.00 price target (up previously from $290.00) on shares of Boeing in a research report on Thursday, February 1st. Robert W. Baird set a $433.00 price target on Boeing and gave the company a “buy” rating in a research report on Tuesday, January 16th. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. set a $325.00 price target on Boeing and gave the company a “buy” rating in a research report on Tuesday, December 12th. Ten analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $353.24.

In other Boeing news, CFO Gregory D. Smith sold 36,079 shares of Boeing stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $337.43, for a total value of $12,174,136.97. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.28% of the company’s stock.

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Boeing 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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Institutional Ownership by Quarter for Boeing (NYSE:BA)

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