Boeing Posts Another 52-Week High, Remains DJIA’s Top Performer
Boeing stock closed the week once again as the leading gainer among the 30 Dow stocks. The share price gain for the year to date is nearly 30 points better than the Dow's second-best performer.
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Boeing Co.’s (NYSE: BA) share price rose by 1.5% last week, maintaining the stock’s top ranking as the best performer among the 30 stocks that make up the Dow Jones Industrial Average (DJIA). Shares added $4.01 last week to increase the year-to-date gain by nearly two percentage points to 70.1%.
Among the Dow stocks, 24 have posted year-to-date gains with the best — other than Boeing — being Caterpillar Inc. (NYSE: CAT), up 41.64%; Visa Inc. (NYSE: V), up 37.85%; McDonald’s Corp. (NYSE: MCD), up 36.63%; and Apple Inc. (NASDAQ: AAPL), up 34.91%; .
Last week got off to a rocky start when arch-rival Airbus announced that it would take a majority stake in Bombardier’s C Series program. The deal essentially kills the trade case Boeing raised against Bombardier. The U.S. Department of Commerce is not going to charge Delta or any other U.S. airline a tariff to “import” airplanes built in Alabama to another U.S. state.
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On Friday, China Southern Airlines Co. Ltd. (NYSE: ZNH) said it had agreed to buy eight Boeing 777-300ERs and 30 737-8 aircraft for a total list price value of $5.65 billion. Singapore Airlines also announced that it had agreed to purchase 20 777-9s and 19 787-10s in a deal valued at $13.8 billion. Boeing has not yet confirmed either order.
Also on Friday, we noted a report that Boeing is considering resurrecting its mid-range passenger jet stalwart, the 767-300ER, as a result of discussions with customers interested in taking 50 to 60 of the aircraft. The last passenger version of the 767-300ER rolled off the line in 2014, although Boeing still offers a freighter version and uses another version of the plane as a basis for its new KC-46A Air Force tanker.
Boeing stock closed at $264.75 on Friday, up 2.2% on the day, in a 52-week trading range of $136.49 to $264.83. The high was posted Friday, and the 12-month consensus price target is now $276.18. The low price target is $187 and the high is $325.00. Boeing will announce third-quarter results on Wednesday.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
