Boeing (NYSE:BA) Stock Price Down 0.9% on Analyst Downgrade

The Boeing Company (NYSE:BA) shares dropped 0.9% during mid-day trading on Tuesday after JPMorgan Chase & Co. lowered their price target on the stock from $195.00 to $190.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Boeing traded as low as $149.80 and last traded at $151.78. Approximately 2,796,249 shares traded hands during trading, a decline of 70% from the average daily volume of 9,176,895 shares. The stock had previously closed at $153.10.

Several other research analysts also recently commented on the company. Stifel Nicolaus raised their price objective on Boeing from $230.00 to $235.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. UBS Group cut their price target on Boeing from $215.00 to $195.00 and set a “buy” rating on the stock in a research note on Thursday, October 24th. Benchmark reaffirmed a “buy” rating and issued a $250.00 price objective on shares of Boeing in a research note on Thursday, October 24th. Citigroup dropped their target price on shares of Boeing from $224.00 to $209.00 and set a “buy” rating on the stock in a report on Tuesday, October 15th. Finally, Susquehanna reduced their price target on shares of Boeing from $210.00 to $200.00 and set a “positive” rating for the company in a report on Thursday, October 24th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $190.11.

Institutional Investors Weigh In On Boeing

A number of large investors have recently made changes to their positions in BA. Madison Park Capital Advisors LLC increased its stake in Boeing by 4.9% in the 2nd quarter. Madison Park Capital Advisors LLC now owns 1,204 shares of the aircraft producer’s stock valued at $219,000 after buying an additional 56 shares during the period. Wealth Alliance Advisory Group LLC raised its holdings in Boeing by 1.6% during the second quarter. Wealth Alliance Advisory Group LLC now owns 3,798 shares of the aircraft producer’s stock worth $691,000 after purchasing an additional 60 shares in the last quarter. IMS Capital Management lifted its position in Boeing by 0.4% in the second quarter. IMS Capital Management now owns 16,032 shares of the aircraft producer’s stock valued at $2,759,000 after purchasing an additional 62 shares during the period. ADE LLC boosted its holdings in Boeing by 4.4% in the 2nd quarter. ADE LLC now owns 1,539 shares of the aircraft producer’s stock valued at $280,000 after purchasing an additional 65 shares in the last quarter. Finally, Peoples Financial Services CORP. increased its position in Boeing by 0.8% during the 3rd quarter. Peoples Financial Services CORP. now owns 8,893 shares of the aircraft producer’s stock worth $1,352,000 after purchasing an additional 67 shares during the period. 64.82% of the stock is owned by hedge funds and other institutional investors.

Boeing Stock Performance

The firm has a market capitalization of $93.83 billion, a price-to-earnings ratio of -11.77 and a beta of 1.57. The firm has a fifty day moving average price of $151.65 and a 200 day moving average price of $168.08.

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 business had revenue of $17.84 billion during the quarter, compared to the consensus estimate of $17.81 billion. During the same period in the prior year, the business posted ($3.26) earnings per share. The business’s revenue for the quarter was down 1.5% compared to the same quarter last year. Research analysts predict that The Boeing Company will post -16.2 earnings per share for the current fiscal year.

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.