Boeing (NYSE:BA) Stock Price Down 1.3% After Analyst Downgrade

The Boeing Company (NYSE:BA) shares fell 1.3% on Tuesday after Wells Fargo & Company lowered their price target on the stock from $86.00 to $85.00. Wells Fargo & Company currently has an underweight rating on the stock. Boeing traded as low as $152.30 and last traded at $153.05. 9,684,522 shares were traded during mid-day trading, an increase of 10% from the average session volume of 8,822,294 shares. The stock had previously closed at $155.07.

Several other equities research analysts have also recently weighed in on the stock. Robert W. Baird dropped their price target on shares of Boeing from $240.00 to $200.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. TD Cowen cut their target price on Boeing from $200.00 to $190.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. DZ Bank lowered Boeing from a “buy” rating to a “hold” rating and set a $152.00 price target for the company. in a research report on Tuesday, October 15th. Susquehanna dropped their price target on Boeing from $210.00 to $200.00 and set a “positive” rating for the company in a research note on Thursday, October 24th. Finally, Jefferies Financial Group reduced their price target on shares of Boeing from $270.00 to $240.00 and set a “buy” rating on the stock in a research report on Monday, September 23rd. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $190.37.

Institutional Trading of Boeing

Several institutional investors have recently bought and sold shares of the company. Lazari Capital Management Inc. boosted its position in shares of Boeing by 55.7% during the second quarter. Lazari Capital Management Inc. now owns 23,216 shares of the aircraft producer’s stock valued at $4,226,000 after buying an additional 8,309 shares during the last quarter. Czech National Bank lifted its stake in Boeing by 8.4% during the 3rd quarter. Czech National Bank now owns 119,243 shares of the aircraft producer’s stock valued at $18,130,000 after acquiring an additional 9,281 shares during the period. BSN CAPITAL PARTNERS Ltd purchased a new stake in shares of Boeing during the 3rd quarter valued at about $11,237,000. Sanctuary Advisors LLC bought a new stake in shares of Boeing in the second quarter worth approximately $21,405,000. Finally, Canal Insurance CO purchased a new position in shares of Boeing during the third quarter valued at approximately $1,520,000. 64.82% of the stock is owned by hedge funds and other institutional investors.

Boeing Price Performance

The company has a market cap of $90.99 billion, a P/E ratio of -11.41 and a beta of 1.57. The stock’s 50-day moving average is $156.17 and its two-hundred day moving average is $170.60.

Boeing (NYSE:BA) last released its quarterly earnings results on Wednesday, October 23rd. The aircraft producer reported ($10.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($10.34) by ($0.10). The business had revenue of $17.84 billion during the quarter, compared to analyst estimates of $17.81 billion. During the same period in the prior year, the company posted ($3.26) EPS. The firm’s revenue for the quarter was down 1.5% on a year-over-year basis. On average, analysts predict that The Boeing Company will post -16.13 EPS for the current year.

Boeing Company Profile

The Boeing Company, together with its subsidiaries, designs, develops, manufactures, sells, services, and supports commercial jetliners, military aircraft, satellites, missile defense, human space flight and launch systems, and services worldwide. The company operates through Commercial Airplanes; Defense, Space & Security; and Global Services segments.