Boeing (NYSE:BA) Shares Gap Down – Here’s What Happened

Shares of The Boeing Company (NYSE:BA) gapped down before the market opened on Monday . The stock had previously closed at $180.72, but opened at $173.72. Boeing shares last traded at $172.80, with a volume of 6,847,416 shares changing hands.

Wall Street Analyst Weigh In

BA has been the subject of a number of recent research reports. TD Cowen lowered their price objective on shares of Boeing from $200.00 to $190.00 and set a “buy” rating for the company in a research report on Monday, October 14th. The Goldman Sachs Group dropped their price target on Boeing from $232.00 to $202.00 and set a “buy” rating on the stock in a research report on Tuesday, September 24th. Robert W. Baird lowered their price objective on Boeing from $240.00 to $200.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Deutsche Bank Aktiengesellschaft cut their target price on Boeing from $225.00 to $195.00 and set a “buy” rating on the stock in a research note on Thursday, October 3rd. Finally, Sanford C. Bernstein cut shares of Boeing from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $195.00 to $169.00 in a report on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $190.11.

Boeing Price Performance

The company has a fifty day moving average price of $157.72 and a 200 day moving average price of $165.44. The company has a market cap of $109.82 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) EPS for the quarter, missing analysts’ consensus estimates of ($10.34) by ($0.10). The company had revenue of $17.84 billion during the quarter, compared to analyst estimates of $17.81 billion. During the same quarter in the previous year, the company posted ($3.26) earnings per share. The firm’s revenue was down 1.5% compared to the same quarter last year. As a group, sell-side analysts predict that The Boeing Company will post -16.18 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. raised its position in shares of Boeing by 6.1% in the 3rd quarter. Principal Financial Group Inc. now owns 666,244 shares of the aircraft producer’s stock worth $101,296,000 after purchasing an additional 38,332 shares during the last quarter. Syntax Research Inc. raised its stake in Boeing by 18.4% during the 3rd quarter. Syntax Research Inc. now owns 4,708 shares of the aircraft producer’s stock valued at $716,000 after buying an additional 730 shares during the last quarter. Denver PWM LLC increased its position in shares of Boeing by 728.9% during the 3rd quarter. Denver PWM LLC now owns 5,487 shares of the aircraft producer’s stock valued at $834,000 after purchasing an additional 4,825 shares during the last quarter. Inspire Trust Co. N.A. boosted its stake in shares of Boeing by 81.0% during the 3rd quarter. Inspire Trust Co. N.A. now owns 10,500 shares of the aircraft producer’s stock worth $1,596,000 after acquiring an additional 4,700 shares during the last quarter. Finally, Franklin Resources Inc. increased its stake in shares of Boeing by 1,296.3% in the 3rd quarter. Franklin Resources Inc. now owns 1,136,895 shares of the aircraft producer’s stock worth $169,386,000 after purchasing an additional 1,055,472 shares in the last quarter. 64.82% of the stock is owned by hedge funds and other institutional investors.

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.