CIBC Asset Management Inc Boosts Stake in The Boeing Company (NYSE:BA)

CIBC Asset Management Inc lifted its holdings in The Boeing Company (NYSE:BA) by 8.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 89,401 shares of the aircraft producer’s stock after purchasing an additional 7,295 shares during the quarter. CIBC Asset Management Inc’s holdings in Boeing were worth $13,593,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of BA. Hobbs Group Advisors LLC bought a new stake in shares of Boeing in the second quarter worth $34,000. Kiely Wealth Advisory Group Inc. bought a new stake in Boeing during the second quarter valued at about $33,000. Harel Insurance Investments & Financial Services Ltd. grew its holdings in Boeing by 351.1% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 212 shares of the aircraft producer’s stock valued at $39,000 after purchasing an additional 165 shares during the period. 1620 Investment Advisors Inc. bought a new stake in Boeing during the second quarter valued at about $39,000. Finally, Pathway Financial Advisers LLC bought a new stake in Boeing during the first quarter valued at about $53,000. Hedge funds and other institutional investors own 64.82% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on BA. Susquehanna cut their price target on Boeing from $210.00 to $200.00 and set a “positive” rating for the company in a report on Thursday, October 24th. Sanford C. Bernstein lowered Boeing from an “outperform” rating to a “market perform” rating and cut their price target for the company from $195.00 to $169.00 in a report on Wednesday, October 30th. Robert W. Baird dropped their price objective on Boeing from $240.00 to $200.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Deutsche Bank Aktiengesellschaft dropped their price objective on Boeing from $225.00 to $195.00 and set a “buy” rating for the company in a research note on Thursday, October 3rd. Finally, The Goldman Sachs Group dropped their price objective on Boeing from $232.00 to $202.00 and set a “buy” rating for the company in a research note on Tuesday, September 24th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $190.37.

Boeing Stock Performance

BA opened at $140.19 on Friday. The stock has a market cap of $86.67 billion, a price-to-earnings ratio of -10.87 and a beta of 1.57. The stock’s 50 day moving average price is $153.20 and its 200-day moving average price is $169.45. The Boeing Company has a one year low of $137.03 and a one year high of $267.54.

Boeing (NYSE:BA) last released its 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 firm had revenue of $17.84 billion during the quarter, compared to analysts’ expectations of $17.81 billion. The business’s revenue was down 1.5% on a year-over-year basis. During the same quarter last year, the company posted ($3.26) earnings per share. As a group, analysts predict that The Boeing Company will post -16.09 earnings per share for the current fiscal year.

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.