Fred Alger Management Inc. Raises Stake in Boeing Co (BA)
Fred Alger Management Inc. lifted its position in Boeing Co (NYSE:BA) by 85.0% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 1,134,934 shares of the aircraft producer’s stock after buying an additional 521,442 shares during the quarter. Boeing accounts for about 1.6% of Fred Alger Management Inc.’s investment portfolio, making the stock its 14th biggest holding. Fred Alger Management Inc.’s holdings in Boeing were worth $380,782,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in BA. Summit Trail Advisors LLC grew its stake in shares of Boeing by 33,457.1% in the 1st quarter. Summit Trail Advisors LLC now owns 3,700,676 shares of the aircraft producer’s stock valued at $3,701,000 after buying an additional 3,689,648 shares in the last quarter. BlackRock Inc. grew its stake in shares of Boeing by 2.1% in the 4th quarter. BlackRock Inc. now owns 35,515,544 shares of the aircraft producer’s stock valued at $10,473,889,000 after buying an additional 713,832 shares in the last quarter. Suvretta Capital Management LLC bought a new stake in shares of Boeing in the 1st quarter valued at approximately $228,424,000. Amundi Pioneer Asset Management Inc. grew its stake in shares of Boeing by 7,729.3% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 679,819 shares of the aircraft producer’s stock valued at $200,485,000 after buying an additional 671,136 shares in the last quarter. Finally, Winslow Capital Management LLC bought a new stake in shares of Boeing in the 4th quarter valued at approximately $186,265,000. 71.17% of the stock is owned by institutional investors and hedge funds.
BA opened at $346.40 on Friday. Boeing Co has a 1-year low of $234.29 and a 1-year high of $374.48. The company has a debt-to-equity ratio of -7.65, a current ratio of 1.11 and a quick ratio of 0.32. The company has a market capitalization of $194.99 billion, a PE ratio of 28.77, a price-to-earnings-growth ratio of 1.69 and a beta of 1.46.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 7th. Stockholders of record on Friday, August 10th will be given a $1.71 dividend. The ex-dividend date of this dividend is Thursday, August 9th. This represents a $6.84 annualized dividend and a dividend yield of 1.97%. Boeing’s dividend payout ratio is 56.81%.
Several equities research analysts recently commented on BA shares. Cowen reissued a “buy” rating and issued a $430.00 price target on shares of Boeing in a research note on Tuesday, May 1st. Nord/LB reaffirmed a “buy” rating and set a $385.00 target price on shares of Boeing in a research report on Thursday, April 26th. Societe Generale raised Boeing from a “hold” rating to a “buy” rating in a research report on Thursday, April 26th. Vertical Research raised Boeing from a “hold” rating to a “buy” rating in a research report on Wednesday, April 25th. Finally, Zacks Investment Research raised Boeing from a “hold” rating to a “buy” rating and set a $393.00 target price for the company in a research report on Monday, July 16th. Six equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company’s stock. Boeing currently has an average rating of “Buy” and an average price target of $395.78.
The Boeing Company, together with its subsidiaries, designs, develops, manufactures, sales, services, and supports commercial jetliners, military aircraft, satellites, missile defense, human space flight, and launch systems and services worldwide. The company operates in four segments: Commercial Airplanes; Defense, Space & Security; Global Services; and Boeing Capital.
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