Boeing (NYSE:BA) Shares Down 3.3% – Here’s Why

The Boeing Company (NYSE:BA)’s share price dropped 3.3% during mid-day trading on Monday . The stock traded as low as $170.15 and last traded at $174.68. Approximately 8,679,601 shares traded hands during trading, a decline of 7% from the average daily volume of 9,315,770 shares. The stock had previously closed at $180.72.

Analyst Upgrades and Downgrades

BA has been the topic of a number of research analyst reports. Citigroup cut their price target on shares of Boeing from $224.00 to $209.00 and set a “buy” rating on the stock in a report on Tuesday, October 15th. TD Cowen dropped their target price on shares of Boeing from $200.00 to $190.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. The Goldman Sachs Group decreased their price target on shares of Boeing from $232.00 to $202.00 and set a “buy” rating for the company in a research note on Tuesday, September 24th. JPMorgan Chase & Co. dropped their price objective on Boeing from $195.00 to $190.00 and set an “overweight” rating on the stock in a research note on Monday, November 25th. Finally, Wells Fargo & Company decreased their target price on Boeing from $86.00 to $85.00 and set an “underweight” rating for the company in a research report on Monday, November 4th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Boeing presently has an average rating of “Hold” and an average price target of $190.11.

Boeing Price Performance

The firm’s 50 day simple moving average is $157.72 and its 200 day simple moving average is $165.44. The stock has a market capitalization of $109.80 billion, a PE ratio of -13.77 and a beta of 1.56.

Boeing (NYSE:BA) last released its earnings results on Wednesday, October 23rd. The aircraft producer reported ($10.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($10.34) by ($0.10). The firm had revenue of $17.84 billion during the quarter, compared to the consensus estimate of $17.81 billion. The company’s revenue was down 1.5% compared to the same quarter last year. During the same period in the previous year, the business posted ($3.26) earnings per share. Analysts expect that The Boeing Company will post -16.18 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Boeing

A number of large investors have recently added to or reduced their stakes in BA. RPg Family Wealth Advisory LLC purchased a new position in shares of Boeing during the third quarter valued at approximately $28,000. Kiely Wealth Advisory Group Inc. bought a new stake in Boeing in the second quarter valued at $33,000. Cedar Wealth Management LLC purchased a new position in Boeing during the 3rd quarter valued at $30,000. Mizuho Securities Co. Ltd. raised its holdings in Boeing by 40.0% in the 2nd quarter. Mizuho Securities Co. Ltd. now owns 280 shares of the aircraft producer’s stock worth $51,000 after purchasing an additional 80 shares in the last quarter. Finally, Meeder Asset Management Inc. lifted its position in shares of Boeing by 325.4% in the 2nd quarter. Meeder Asset Management Inc. now owns 302 shares of the aircraft producer’s stock worth $55,000 after purchasing an additional 231 shares during the period. Institutional investors own 64.82% of the company’s stock.

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.