Griffin Asset Management Inc. Invests $6.20 Million in Boeing Co (BA) Stock

Griffin Asset Management Inc. purchased a new stake in shares of Boeing Co (NYSE:BA) in the second quarter, according to the company in its most recent filing with the SEC. The fund purchased 31,341 shares of the aircraft producer’s stock, valued at approximately $6,198,000. Boeing comprises 1.7% of Griffin Asset Management Inc.’s investment portfolio, making the stock its 19th largest position.

A number of other hedge funds also recently added to or reduced their stakes in BA. Gs Investments Inc. purchased a new position in shares of Boeing in the 2nd quarter worth approximately $2,408,000. Lord Abbett & CO. LLC purchased a new position in shares of Boeing in the 2nd quarter worth approximately $17,402,000. Navellier & Associates Inc boosted its stake in shares of Boeing by 373.8% in the 2nd quarter. Navellier & Associates Inc now owns 14,346 shares of the aircraft producer’s stock worth $2,837,000 after buying an additional 11,318 shares during the last quarter. Toronto Dominion Bank boosted its stake in shares of Boeing by 20.9% in the 2nd quarter. Toronto Dominion Bank now owns 204,047 shares of the aircraft producer’s stock worth $40,346,000 after buying an additional 35,214 shares during the last quarter. Finally, Cookson Peirce & Co. Inc. boosted its stake in shares of Boeing by 4.8% in the 2nd quarter. Cookson Peirce & Co. Inc. now owns 3,480 shares of the aircraft producer’s stock worth $688,000 after buying an additional 160 shares during the last quarter. Institutional investors and hedge funds own 70.97% of the company’s stock.

Shares of Boeing Co (BA) opened at $293.94 on Friday. The company has a current ratio of 1.18, a quick ratio of 0.39 and a debt-to-equity ratio of 8.54. Boeing Co has a 1-year low of $153.14 and a 1-year high of $297.37. The stock has a market cap of $175,028.61, a price-to-earnings ratio of 30.14, a price-to-earnings-growth ratio of 2.24 and a beta of 1.24.

Boeing (NYSE:BA) last issued its earnings results on Wednesday, October 25th. The aircraft producer reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.65 by $0.07. Boeing had a net margin of 7.33% and a return on equity of 12,064.25%. The business had revenue of $24.31 billion for the quarter, compared to analysts’ expectations of $24.09 billion. During the same quarter in the previous year, the firm posted $3.51 EPS. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year. equities research analysts forecast that Boeing Co will post 10.1 earnings per share for the current fiscal year.

Boeing announced that its Board of Directors has initiated a share repurchase plan on Monday, December 11th that allows the company to buyback $18.00 billion in outstanding shares. This buyback authorization allows the aircraft producer to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 2nd. Shareholders of record on Friday, February 9th will be issued a dividend of $1.71 per share. This is a boost from Boeing’s previous quarterly dividend of $1.42. The ex-dividend date is Thursday, February 8th. This represents a $6.84 dividend on an annualized basis and a yield of 2.33%. Boeing’s payout ratio is presently 52.21%.

BA has been the topic of a number of research analyst reports. Deutsche Bank boosted their target price on Boeing to $300.00 and gave the stock a “buy” rating in a research note on Thursday, September 14th. Jefferies Group restated a “buy” rating and issued a $300.00 target price on shares of Boeing in a research note on Friday, October 6th. Nord/LB set a $250.00 target price on Boeing and gave the stock a “neutral” rating in a research note on Thursday, November 2nd. Royal Bank of Canada upped their price objective on Boeing from $269.00 to $273.00 and gave the company a “sector perform” rating in a research note on Thursday, October 26th. Finally, Vetr downgraded Boeing from a “hold” rating to a “sell” rating and set a $263.71 price objective on the stock. in a research note on Friday, December 1st. Eleven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Boeing has a consensus rating of “Buy” and an average price target of $266.73.

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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.

Institutional Ownership by Quarter for Boeing (NYSE:BA)

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