Mechanics Bank Trust Department Sells 1,210 Shares of The Boeing Company (NYSE:BA)

Mechanics Bank Trust Department cut its holdings in shares of The Boeing Company (NYSE:BA) by 13.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,800 shares of the aircraft producer’s stock after selling 1,210 shares during the period. Mechanics Bank Trust Department’s holdings in Boeing were worth $1,186,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of BA. Lazari Capital Management Inc. lifted its stake in Boeing by 55.7% in the second 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 shares of Boeing by 869.1% in the 1st quarter. Sanders Morris Harris LLC now owns 22,775 shares of the aircraft producer’s stock valued at $4,395,000 after acquiring an additional 20,425 shares during the period. Czech National Bank boosted its stake in Boeing by 8.4% during the 3rd quarter. Czech National Bank now owns 119,243 shares of the aircraft producer’s stock worth $18,130,000 after acquiring an additional 9,281 shares during the last quarter. Park Avenue Securities LLC grew its holdings in Boeing by 20.7% during the first quarter. Park Avenue Securities LLC now owns 10,543 shares of the aircraft producer’s stock valued at $2,035,000 after purchasing an additional 1,805 shares during the period. Finally, BSN CAPITAL PARTNERS Ltd bought a new stake in Boeing in the third quarter valued at approximately $11,237,000. Institutional investors own 64.82% of the company’s stock.

Analyst Upgrades and Downgrades

BA has been the subject of several recent analyst reports. Jefferies Financial Group lowered their price target on Boeing from $270.00 to $240.00 and set a “buy” rating for the company in a report on Monday, September 23rd. The Goldman Sachs Group lowered their target price on Boeing from $232.00 to $202.00 and set a “buy” rating for the company in a research note on Tuesday, September 24th. Deutsche Bank Aktiengesellschaft cut their price target on shares of Boeing from $225.00 to $195.00 and set a “buy” rating on the stock in a research note on Thursday, October 3rd. TD Cowen lowered their price objective on shares of Boeing from $230.00 to $200.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. Finally, Stifel Nicolaus boosted their price objective on shares of Boeing from $230.00 to $235.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Three analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $206.00.

Boeing Stock Performance

Shares of BA opened at $151.02 on Friday. The firm’s 50-day simple moving average is $162.41 and its 200 day simple moving average is $173.85. The firm has a market cap of $92.71 billion, a P/E ratio of -42.54 and a beta of 1.57. The Boeing Company has a 52 week low of $146.26 and a 52 week high of $267.54.

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

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.