Boeing (NYSE:BA) Stock Price Down 1.4% – Here’s Why

Shares of The Boeing Company (NYSE:BA) traded down 1.4% during mid-day trading on Monday . The company traded as low as $149.50 and last traded at $149.54. 2,949,846 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 8,996,328 shares. The stock had previously closed at $151.68.

Wall Street Analysts Forecast Growth

BA has been the subject of several recent analyst reports. The Goldman Sachs Group reduced their target price on Boeing from $232.00 to $202.00 and set a “buy” rating for the company in a research report on Tuesday, September 24th. JPMorgan Chase & Co. cut their price target on shares of Boeing from $235.00 to $195.00 and set an “overweight” rating for the company in a research note on Monday, October 14th. Morgan Stanley lowered their price objective on shares of Boeing from $195.00 to $170.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 24th. Sanford C. Bernstein downgraded 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. Finally, Royal Bank of Canada restated an “outperform” rating and set a $200.00 price target on shares of Boeing in a research report on Wednesday, October 30th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $190.37.

Boeing Trading Down 2.2 %

The business’s 50 day moving average price is $155.31 and its two-hundred day moving average price is $170.39. The stock has a market cap of $91.67 billion, a P/E ratio of -11.59 and a beta of 1.57.

Boeing (NYSE:BA) last issued its quarterly earnings results on Wednesday, October 23rd. The aircraft producer reported ($10.44) earnings per share for the quarter, missing the consensus estimate of ($10.34) by ($0.10). The company had revenue of $17.84 billion during the quarter, compared to the consensus estimate of $17.81 billion. The firm’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($3.26) earnings per share. As a group, analysts expect that The Boeing Company will post -16.09 earnings per share for the current year.

Hedge Funds Weigh In On Boeing

Large investors have recently made changes to their positions in the business. Cedar Wealth Management LLC bought a new stake in Boeing in the third quarter worth $30,000. Kiely Wealth Advisory Group Inc. purchased a new stake in Boeing during the 2nd quarter valued at about $33,000. Hobbs Group Advisors LLC bought a new stake in Boeing during the 2nd quarter valued at about $34,000. Harel Insurance Investments & Financial Services Ltd. raised its holdings in Boeing by 351.1% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 212 shares of the aircraft producer’s stock worth $39,000 after buying an additional 165 shares during the last quarter. Finally, 1620 Investment Advisors Inc. bought a new position in shares of Boeing in the second quarter worth approximately $39,000. 64.82% of the stock is currently 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.