Wells Fargo & Company Trims Boeing (NYSE:BA) Target Price to $109.00

Boeing (NYSE:BA) had its price objective cut by Wells Fargo & Company from $110.00 to $109.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has an “underweight” rating on the aircraft producer’s stock. Wells Fargo & Company‘s target price points to a potential downside of 25.80% from the company’s previous close.

A number of other research firms have also recently issued reports on BA. Jefferies Financial Group reduced their target price on shares of Boeing from $270.00 to $240.00 and set a “buy” rating for the company in a research note on Monday, September 23rd. TD Cowen cut their target price on Boeing from $230.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, October 1st. Deutsche Bank Aktiengesellschaft cut their target price on Boeing from $225.00 to $195.00 and set a “buy” rating on the stock in a report on Thursday, October 3rd. Sanford C. Bernstein cut their price objective on Boeing from $222.00 to $207.00 and set an “outperform” rating on the stock in a research note on Monday, August 5th. Finally, Stifel Nicolaus raised their price objective on Boeing from $230.00 to $235.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $205.94.

Boeing Stock Performance

Shares of NYSE BA traded down $4.11 during mid-day trading on Monday, reaching $146.91. The company had a trading volume of 3,120,201 shares, compared to its average volume of 8,028,320. The stock has a market capitalization of $90.19 billion, a PE ratio of -41.36 and a beta of 1.57. Boeing has a twelve month low of $146.02 and a twelve month high of $267.54. The stock’s 50 day moving average is $162.41 and its 200-day moving average is $173.72.

Boeing (NYSE:BA) last posted its quarterly earnings results on Wednesday, July 31st. The aircraft producer reported ($2.90) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.00) by ($1.90). The firm had revenue of $16.87 billion during the quarter, compared to the consensus estimate of $17.35 billion. Boeing’s quarterly revenue was down 14.6% on a year-over-year basis. During the same period in the previous year, the business earned ($0.82) earnings per share. On average, sell-side analysts anticipate that Boeing will post -5.35 EPS for the current year.

Institutional Investors Weigh In On Boeing

Institutional investors and hedge funds have recently bought and sold shares of the business. Lazari Capital Management Inc. increased its holdings in Boeing by 55.7% in the 2nd quarter. Lazari Capital Management Inc. now owns 23,216 shares of the aircraft producer’s stock valued at $4,226,000 after buying an additional 8,309 shares during the period. Sanders Morris Harris LLC raised its position 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 in the last quarter. Czech National Bank raised its position in Boeing by 8.4% in the third quarter. Czech National Bank now owns 119,243 shares of the aircraft producer’s stock worth $18,130,000 after purchasing an additional 9,281 shares in the last quarter. Park Avenue Securities LLC raised its position in Boeing by 20.7% in the first quarter. Park Avenue Securities LLC now owns 10,543 shares of the aircraft producer’s stock worth $2,035,000 after purchasing an additional 1,805 shares in the last quarter. Finally, BSN CAPITAL PARTNERS Ltd acquired a new position in Boeing in the third quarter worth about $11,237,000. Institutional investors 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.