Boeing flies to top

Boeing is soaring to a new high these days.

The world's largest aerospace company is the top gainer on the Dow Jones industrial average so far this year with a 78.7 percent gain as of December 6. That far outpaces the 22.2 percent increase in the Dow overall during that time, as well as the gains of Apple, McDonald's and other top performers.

The jet maker is benefiting from strong demand for commercial aircraft, improved productivity and recent cost cuts.

The past few years have been a period of great change at Boeing. CEO Dennis Muilenburg took over in 2015 and since then he's been reorganizing — cutting jobs, lowering costs and negotiating new contracts. Boeing shares began rallying late last year before the election, helped in part by an anticipated upswing in defense spending.

Investors have since revelled in the results as Boeing has repeatedly beat earnings expectations, as well as increasing its share buybacks.

It is the highest-priced stock in the Dow now and analysts say this may not be the end of the rally.

Jefferies analyst Sheila Kahyaoglu said in a research note that the company's improved cash margins should send its shares higher. She expects the company's earnings per share will grow at a low double-digit rate through the end of the decade.