Boeing (NYSE:BA) Trading Down 0.5% – Here’s What Happened

The Boeing Company (NYSE:BA)’s share price was down 0.5% during mid-day trading on Tuesday . The stock traded as low as $171.86 and last traded at $172.26. Approximately 3,867,132 shares traded hands during trading, a decline of 58% from the average daily volume of 9,223,098 shares. The stock had previously closed at $173.17.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on BA shares. Benchmark reaffirmed a “buy” rating and set a $250.00 price target on shares of Boeing in a report on Thursday, October 24th. Sanford C. Bernstein downgraded shares of Boeing from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $195.00 to $169.00 in a report on Wednesday, October 30th. Citigroup cut their price target on shares of Boeing from $224.00 to $209.00 and set a “buy” rating for the company in a report on Tuesday, October 15th. Robert W. Baird decreased their target price on shares of Boeing from $240.00 to $200.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Finally, DZ Bank downgraded shares of Boeing from a “buy” rating to a “hold” rating and set a $152.00 price objective on the stock. in a report on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Boeing presently has an average rating of “Hold” and a consensus target price of $190.11.

Boeing Stock Down 0.2 %

The company has a 50 day moving average of $153.14 and a 200 day moving average of $166.02. The firm has a market cap of $106.87 billion, a price-to-earnings ratio of -13.35 and a beta of 1.56.

Boeing (NYSE:BA) last posted its quarterly 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 period last year, the business earned ($3.26) EPS. The business’s quarterly revenue was down 1.5% on a year-over-year basis. As a group, equities research analysts expect that The Boeing Company will post -16.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Boeing

Several hedge funds and other institutional investors have recently modified their holdings of BA. Van ECK Associates Corp lifted its holdings in Boeing by 122.0% in the third quarter. Van ECK Associates Corp now owns 2,277,548 shares of the aircraft producer’s stock worth $357,712,000 after purchasing an additional 1,251,456 shares during the period. International Assets Investment Management LLC lifted its stake in shares of Boeing by 289.8% in the 3rd quarter. International Assets Investment Management LLC now owns 1,682,970 shares of the aircraft producer’s stock worth $2,558,790,000 after acquiring an additional 1,251,165 shares during the period. Franklin Resources Inc. boosted its holdings in shares of Boeing by 1,296.3% in the third quarter. Franklin Resources Inc. now owns 1,136,895 shares of the aircraft producer’s stock valued at $169,386,000 after acquiring an additional 1,055,472 shares in the last quarter. Wulff Hansen & CO. raised its position in Boeing by 15,039.0% in the second quarter. Wulff Hansen & CO. now owns 967,383 shares of the aircraft producer’s stock worth $176,073,000 after acquiring an additional 960,993 shares in the last quarter. Finally, State Street Corp boosted its stake in shares of Boeing by 2.3% during the 3rd quarter. State Street Corp now owns 27,778,195 shares of the aircraft producer’s stock worth $4,223,397,000 after acquiring an additional 636,594 shares in the last quarter. Institutional investors and hedge funds 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.