The Boeing Company (NYSE:BA – Get Free Report)’s share price was down 2.5% on Wednesday following a weaker than expected earnings announcement. The company traded as low as $172.86 and last traded at $173.37. Approximately 4,215,642 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 8,531,303 shares. The stock had previously closed at $177.78.
The aircraft producer reported ($5.90) EPS for the quarter, missing the consensus estimate of ($1.60) by ($4.30). During the same quarter in the prior year, the firm earned ($0.47) EPS.
Analyst Upgrades and Downgrades
BA has been the subject of several recent research reports. TD Cowen reduced their price target on Boeing from $200.00 to $190.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Northcoast Research raised shares of Boeing from a “sell” rating to a “neutral” rating in a report on Thursday, December 12th. Barclays raised shares of Boeing from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $190.00 to $210.00 in a report on Monday, January 6th. Sanford C. Bernstein cut shares of Boeing from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $195.00 to $169.00 in a report on Wednesday, October 30th. Finally, Morgan Stanley lowered their target price on shares of Boeing from $195.00 to $170.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 24th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $195.00.
Institutional Trading of Boeing
Several large investors have recently bought and sold shares of BA. State Street Corp increased its holdings in shares of Boeing by 2.3% in the third quarter. State Street Corp now owns 27,778,195 shares of the aircraft producer’s stock valued at $4,223,397,000 after purchasing an additional 636,594 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Boeing by 2.8% in the 3rd quarter. Geode Capital Management LLC now owns 11,719,794 shares of the aircraft producer’s stock worth $1,774,705,000 after acquiring an additional 320,415 shares during the last quarter. Jennison Associates LLC raised its holdings in shares of Boeing by 9.9% during the 3rd quarter. Jennison Associates LLC now owns 6,700,706 shares of the aircraft producer’s stock worth $1,018,775,000 after acquiring an additional 602,143 shares during the period. Fisher Asset Management LLC boosted its position in shares of Boeing by 6.0% during the 3rd quarter. Fisher Asset Management LLC now owns 4,866,857 shares of the aircraft producer’s stock valued at $739,957,000 after acquiring an additional 277,350 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Boeing by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,196,648 shares of the aircraft producer’s stock valued at $486,018,000 after purchasing an additional 48,637 shares during the period. Hedge funds and other institutional investors own 64.82% of the company’s stock.
Boeing Stock Down 2.1 %
The stock has a market capitalization of $107.58 billion, a price-to-earnings ratio of -13.49 and a beta of 1.52. The company’s 50-day moving average is $167.68 and its 200-day moving average is $164.19.
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.
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