Pitti Group Wealth Management LLC Reduces Holdings in The Boeing Company (NYSE:BA)

Pitti Group Wealth Management LLC lowered its stake in shares of The Boeing Company (NYSE:BA) by 2.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,750 shares of the aircraft producer’s stock after selling 197 shares during the period. Boeing accounts for approximately 1.5% of Pitti Group Wealth Management LLC’s portfolio, making the stock its 19th biggest holding. Pitti Group Wealth Management LLC’s holdings in Boeing were worth $1,411,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of BA. Vermillion & White Wealth Management Group LLC bought a new position in shares of Boeing during the fourth quarter valued at approximately $26,000. Vima LLC bought a new stake in Boeing in the fourth quarter worth about $34,000. Hobbs Group Advisors LLC acquired a new stake in Boeing during the second quarter valued at approximately $34,000. McClarren Financial Advisors Inc. lifted its position in shares of Boeing by 451.4% during the 1st quarter. McClarren Financial Advisors Inc. now owns 193 shares of the aircraft producer’s stock valued at $37,000 after acquiring an additional 158 shares during the last quarter. Finally, Accent Capital Management LLC purchased a new stake in shares of Boeing during the fourth quarter valued at $39,000. 64.82% of the stock is owned by institutional investors and hedge funds.

Boeing Price Performance

Shares of NYSE BA opened at $155.54 on Tuesday. The business’s fifty day moving average price is $173.49 and its 200-day moving average price is $178.70. The Boeing Company has a one year low of $154.02 and a one year high of $267.54. The stock has a market capitalization of $95.48 billion, a PE ratio of -43.81 and a beta of 1.57.

Boeing (NYSE:BA) last announced its quarterly earnings results on Wednesday, July 31st. The aircraft producer reported ($2.90) EPS for the quarter, missing the consensus estimate of ($1.00) by ($1.90). The business had revenue of $16.87 billion for the quarter, compared to analysts’ expectations of $17.35 billion. During the same period last year, the firm posted ($0.82) earnings per share. Boeing’s revenue for the quarter was down 14.6% on a year-over-year basis. As a group, equities analysts expect that The Boeing Company will post -4.26 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on BA. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $225.00 target price on shares of Boeing in a research report on Tuesday, June 25th. Baird R W raised shares of Boeing to a “strong-buy” rating in a research report on Monday, June 3rd. Bank of America boosted their target price on shares of Boeing from $180.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, June 13th. Sanford C. Bernstein reduced their target price on Boeing from $222.00 to $207.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. Finally, Wells Fargo & Company reissued an “underweight” rating and issued a $119.00 target price (down from $185.00) on shares of Boeing in a report on Tuesday, September 3rd. Three research analysts have rated the stock with a sell rating, seven have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Boeing has an average rating of “Moderate Buy” and an average price target of $211.29.

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.