Boeing (NYSE:BA) Shares Up 0.9% – Here’s Why

The Boeing Company (NYSE:BA)’s share price rose 0.9% on Wednesday . The stock traded as high as $180.95 and last traded at $179.34. Approximately 4,316,969 shares were traded during trading, a decline of 54% from the average daily volume of 9,345,203 shares. The stock had previously closed at $177.69.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $200.00 price objective on shares of Boeing in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft lowered their price target on Boeing from $225.00 to $195.00 and set a “buy” rating for the company in a research report on Thursday, October 3rd. Morgan Stanley dropped their target price on shares of Boeing from $195.00 to $170.00 and set an “equal weight” rating for the company in a research report on Thursday, October 24th. Jefferies Financial Group reduced their price target on shares of Boeing from $270.00 to $240.00 and set a “buy” rating on the stock in a research report on Monday, September 23rd. Finally, Benchmark reissued a “buy” rating and issued a $250.00 price objective on shares of Boeing in a research report on Thursday, October 24th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $190.11.

Boeing Price Performance

The stock’s 50 day moving average is $156.21 and its two-hundred day moving average is $165.56. The firm has a market capitalization of $110.87 billion, a P/E ratio of -13.90 and a beta of 1.56.

Boeing (NYSE:BA) last posted its quarterly earnings data on Wednesday, October 23rd. The aircraft producer reported ($10.44) EPS for the quarter, missing the consensus estimate of ($10.34) by ($0.10). The company had revenue of $17.84 billion for the quarter, compared to analyst estimates of $17.81 billion. During the same quarter in the prior year, the company earned ($3.26) earnings per share. The company’s quarterly revenue was down 1.5% compared to the same quarter last year. As a group, equities research analysts expect that The Boeing Company will post -16.18 EPS for the current year.

Institutional Investors Weigh In On Boeing

Hedge funds and other institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. raised its holdings 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 purchasing an additional 38,332 shares during the period. Syntax Research Inc. grew its holdings in Boeing by 18.4% during the 3rd quarter. Syntax Research Inc. now owns 4,708 shares of the aircraft producer’s stock valued at $716,000 after buying an additional 730 shares in the last quarter. Denver PWM LLC increased its position in shares of Boeing by 728.9% in the third quarter. Denver PWM LLC now owns 5,487 shares of the aircraft producer’s stock worth $834,000 after purchasing an additional 4,825 shares during the last quarter. Inspire Trust Co. N.A. increased its position in shares of Boeing by 81.0% during the 3rd quarter. Inspire Trust Co. N.A. now owns 10,500 shares of the aircraft producer’s stock valued at $1,596,000 after purchasing an additional 4,700 shares during the last quarter. Finally, Franklin Resources Inc. grew its stake in shares of Boeing by 1,296.3% during the third quarter. Franklin Resources Inc. now owns 1,136,895 shares of the aircraft producer’s stock valued at $169,386,000 after buying an additional 1,055,472 shares during the last quarter. 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.