Boeing (NYSE:BA) Shares Up 2.8% – Time to Buy?

Shares of The Boeing Company (NYSE:BA) traded up 2.8% during mid-day trading on Friday . The company traded as high as $147.77 and last traded at $147.36. 2,824,480 shares changed hands during trading, a decline of 69% from the average session volume of 9,150,751 shares. The stock had previously closed at $143.41.

Analysts Set New Price Targets

Several research firms recently weighed in on BA. UBS Group lowered their target price on Boeing from $215.00 to $195.00 and set a “buy” rating on the stock in a research report on Thursday, October 24th. Citigroup cut their price objective on Boeing from $224.00 to $209.00 and set a “buy” rating for the company in a research note on Tuesday, October 15th. DZ Bank downgraded shares of 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. TD Cowen lowered their target price on shares of Boeing from $200.00 to $190.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Finally, Sanford C. Bernstein cut Boeing from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $195.00 to $169.00 in a report on Wednesday, October 30th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $190.37.

Boeing Stock Performance

The company has a market capitalization of $92.29 billion, a P/E ratio of -11.57 and a beta of 1.57. The firm’s fifty day moving average is $151.70 and its 200 day moving average is $168.36.

Boeing (NYSE:BA) last issued its quarterly 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 analysts’ expectations of $17.81 billion. During the same period in the prior year, the company earned ($3.26) earnings per share. The business’s revenue was down 1.5% compared to the same quarter last year. On average, analysts forecast that The Boeing Company will post -16.2 EPS for the current year.

Institutional Investors Weigh In On Boeing

Several large investors have recently added to or reduced their stakes in BA. Van ECK Associates Corp lifted its stake in Boeing by 122.0% in the third quarter. Van ECK Associates Corp now owns 2,277,548 shares of the aircraft producer’s stock worth $357,712,000 after acquiring an additional 1,251,456 shares during the period. International Assets Investment Management LLC raised its holdings in shares of Boeing by 289.8% in the 3rd quarter. International Assets Investment Management LLC now owns 1,682,970 shares of the aircraft producer’s stock valued at $2,558,790,000 after purchasing an additional 1,251,165 shares in the last quarter. Wulff Hansen & CO. lifted its position in shares of Boeing by 15,039.0% in the 2nd quarter. Wulff Hansen & CO. now owns 967,383 shares of the aircraft producer’s stock worth $176,073,000 after purchasing an additional 960,993 shares during the period. State Street Corp boosted its stake in shares of Boeing by 2.3% during the third quarter. State Street Corp now owns 27,778,195 shares of the aircraft producer’s stock valued at $4,223,397,000 after purchasing an additional 636,594 shares in the last quarter. Finally, Jennison Associates LLC increased its holdings in Boeing by 9.9% during the third quarter. Jennison Associates LLC now owns 6,700,706 shares of the aircraft producer’s stock valued at $1,018,775,000 after buying an additional 602,143 shares during the period. 64.82% of the stock is owned by hedge funds and other 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.