Boeing (NYSE:BA) Trading Up 1.5% – Here’s Why

The Boeing Company (NYSE:BA)’s share price rose 1.5% on Thursday . The stock traded as high as $182.11 and last traded at $182.07. Approximately 1,784,300 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 9,312,450 shares. The stock had previously closed at $179.34.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on BA shares. Robert W. Baird lowered their price objective on Boeing from $240.00 to $200.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. The Goldman Sachs Group lowered their price target on Boeing from $232.00 to $202.00 and set a “buy” rating on the stock in a report on Tuesday, September 24th. TD Cowen cut their price objective on Boeing from $200.00 to $190.00 and set a “buy” rating for the company in a report on Monday, October 14th. Sanford C. Bernstein downgraded shares of Boeing from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $195.00 to $169.00 in a research note on Wednesday, October 30th. Finally, Citigroup decreased their price target 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. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $190.11.

Boeing Price Performance

The firm’s 50 day moving average price is $157.72 and its 200 day moving average price is $165.69. The stock has a market capitalization of $111.72 billion, a P/E ratio of -14.01 and a beta of 1.56.

Boeing (NYSE:BA) last released its quarterly 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 analyst estimates of $17.81 billion. Boeing’s revenue was down 1.5% compared to the same quarter last year. During the same period last year, the firm earned ($3.26) earnings per share. On average, equities research analysts forecast that The Boeing Company will post -16.18 earnings per share for the current year.

Institutional Trading of Boeing

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. raised its holdings in Boeing by 8.8% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 473,917 shares of the aircraft producer’s stock worth $72,075,000 after purchasing an additional 38,300 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Boeing by 6.1% during the third quarter. Principal Financial Group Inc. now owns 666,244 shares of the aircraft producer’s stock valued at $101,296,000 after buying an additional 38,332 shares during the period. Jennison Associates LLC increased its position in shares of 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. World Investment Advisors LLC raised its stake in Boeing by 243.4% in the third quarter. World Investment Advisors LLC now owns 5,381 shares of the aircraft producer’s stock worth $818,000 after buying an additional 3,814 shares in the last quarter. Finally, ING Groep NV bought a new stake in Boeing during the 3rd quarter valued at approximately $11,679,000. Hedge funds and other institutional investors own 64.82% of the company’s stock.

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.