Boeing (NYSE:BA) Shares Down 1.6% – Here’s What Happened

The Boeing Company (NYSE:BA) dropped 1.6% on Friday . The company traded as low as $168.55 and last traded at $168.94. Approximately 1,953,247 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 7,984,116 shares. The stock had previously closed at $171.76.

Analyst Upgrades and Downgrades

BA has been the subject of several recent research reports. Susquehanna lowered their target price on shares of Boeing from $210.00 to $200.00 and set a “positive” rating for the company in a research note on Thursday, October 24th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Boeing from $184.00 to $215.00 and gave the stock a “buy” rating in a research note on Thursday, January 2nd. The Goldman Sachs Group decreased their target price on Boeing from $232.00 to $202.00 and set a “buy” rating for the company in a research note on Tuesday, September 24th. Sanford C. Bernstein lowered 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. Finally, DZ Bank downgraded Boeing from a “buy” rating to a “hold” rating and set a $152.00 price target on the stock. in a report on Tuesday, October 15th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Boeing presently has an average rating of “Moderate Buy” and an average target price of $192.21.

Boeing Stock Performance

The stock’s fifty day simple moving average is $161.04 and its two-hundred day simple moving average is $165.37. The company has a market capitalization of $107.18 billion, a price-to-earnings ratio of -13.44 and a beta of 1.52.

Boeing (NYSE:BA) last issued its earnings results on Wednesday, October 23rd. The aircraft producer reported ($10.44) earnings per share (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. The firm’s revenue was down 1.5% on a year-over-year basis. During the same quarter last year, the firm earned ($3.26) EPS. On average, equities analysts anticipate that The Boeing Company will post -16.18 EPS for the current fiscal year.

Institutional Trading of Boeing

Several large investors have recently added to or reduced their stakes in BA. RPg Family Wealth Advisory LLC bought a new stake in shares of Boeing during the 3rd quarter worth about $28,000. Cedar Wealth Management LLC acquired a new stake in Boeing in the 3rd quarter worth approximately $30,000. Kiely Wealth Advisory Group Inc. bought a new stake in Boeing during the second quarter worth approximately $33,000. Strategic Financial Concepts LLC acquired a new position in Boeing during the second quarter valued at approximately $41,000. Finally, Planning Capital Management Corp raised its position in shares of Boeing by 741.0% in the third quarter. Planning Capital Management Corp now owns 328 shares of the aircraft producer’s stock valued at $50,000 after purchasing an additional 289 shares during the period. 64.82% of the stock is owned by institutional investors.

About Boeing

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.