Weik Capital Management Cuts Position in The Boeing Company (NYSE:BA)

Weik Capital Management trimmed its stake in The Boeing Company (NYSE:BA) by 7.2% in the 2nd quarter, HoldingsChannel reports. The fund owned 4,865 shares of the aircraft producer’s stock after selling 375 shares during the quarter. Weik Capital Management’s holdings in Boeing were worth $885,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Sanders Morris Harris LLC grew its holdings in Boeing by 869.1% in the first quarter. Sanders Morris Harris LLC now owns 22,775 shares of the aircraft producer’s stock worth $4,395,000 after purchasing an additional 20,425 shares during the last quarter. Park Avenue Securities LLC grew its stake in Boeing by 20.7% during the 1st quarter. Park Avenue Securities LLC now owns 10,543 shares of the aircraft producer’s stock worth $2,035,000 after buying an additional 1,805 shares during the last quarter. Williams Financial LLC acquired a new position in Boeing during the 2nd quarter valued at about $1,637,000. Dakota Wealth Management raised its stake in Boeing by 47.1% in the first quarter. Dakota Wealth Management now owns 12,730 shares of the aircraft producer’s stock valued at $2,457,000 after buying an additional 4,078 shares during the last quarter. Finally, Granite Bay Wealth Management LLC acquired a new stake in Boeing in the second quarter worth about $561,000. 64.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on BA shares. Sanford C. Bernstein cut their price objective on shares of Boeing from $222.00 to $207.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Stifel Nicolaus upped their price target on shares of Boeing from $230.00 to $235.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. UBS Group lowered their price objective on shares of Boeing from $250.00 to $240.00 and set a “buy” rating for the company in a research note on Friday, June 7th. Robert W. Baird cut their target price on Boeing from $300.00 to $240.00 and set an “outperform” rating on the stock in a research report on Monday, June 3rd. Finally, Baird R W raised Boeing to a “strong-buy” rating in a research report on Monday, June 3rd. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Boeing currently has an average rating of “Moderate Buy” and a consensus price target of $211.29.

Boeing Stock Down 3.7 %

BA stock opened at $156.77 on Friday. The Boeing Company has a 52-week low of $155.60 and a 52-week high of $267.54. The firm has a market cap of $96.60 billion, a P/E ratio of -44.16 and a beta of 1.57. The company’s 50-day simple moving average is $174.10 and its 200-day simple moving average is $179.23.

Boeing (NYSE:BA) last issued its quarterly earnings results on Wednesday, July 31st. The aircraft producer reported ($2.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.00) by ($1.90). The business had revenue of $16.87 billion during the quarter, compared to the consensus estimate of $17.35 billion. The company’s quarterly revenue was down 14.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.82) EPS. On average, analysts anticipate that The Boeing Company will post -4.26 earnings per share for the current fiscal year.

Boeing 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.