Washington Trust Bank Boosts Stake in The Boeing Company (NYSE:BA)

Washington Trust Bank increased its stake in shares of The Boeing Company (NYSE:BA) by 2.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 65,286 shares of the aircraft producer’s stock after buying an additional 1,765 shares during the quarter. Washington Trust Bank’s holdings in Boeing were worth $9,926,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Principal Financial Group Inc. grew 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 buying an additional 38,332 shares during the last quarter. Forte Capital LLC ADV grew its holdings in shares of Boeing by 14.9% during the third quarter. Forte Capital LLC ADV now owns 2,694 shares of the aircraft producer’s stock valued at $410,000 after buying an additional 350 shares during the last quarter. Spinnaker Trust grew its holdings in shares of Boeing by 17.4% during the third quarter. Spinnaker Trust now owns 1,618 shares of the aircraft producer’s stock valued at $246,000 after buying an additional 240 shares during the last quarter. Canal Insurance CO purchased a new stake in shares of Boeing during the third quarter valued at $1,520,000. Finally, Catalina Capital Group LLC boosted its holdings in Boeing by 17.1% in the third quarter. Catalina Capital Group LLC now owns 1,446 shares of the aircraft producer’s stock valued at $220,000 after purchasing an additional 211 shares during the last quarter. 64.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BA has been the topic of several recent research reports. JPMorgan Chase & Co. lowered their price target on shares of Boeing from $235.00 to $195.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. Sanford C. Bernstein lowered shares of Boeing from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $195.00 to $169.00 in a report on Wednesday, October 30th. TD Cowen lowered their price target on shares of Boeing from $200.00 to $190.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Benchmark reaffirmed a “buy” rating and issued a $250.00 price target on shares of Boeing in a report on Thursday, October 24th. Finally, UBS Group lowered their price target on shares of Boeing from $215.00 to $195.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $190.37.

Boeing Stock Performance

Shares of BA traded up $1.79 during mid-day trading on Thursday, hitting $148.95. 1,002,554 shares of the company were exchanged, compared to its average volume of 8,942,344. The Boeing Company has a 1-year low of $144.13 and a 1-year high of $267.54. The company has a 50 day moving average of $156.17 and a 200-day moving average of $170.60. The stock has a market cap of $92.08 billion, a price-to-earnings ratio of -11.41 and a beta of 1.57.

Boeing (NYSE:BA) last released its quarterly earnings results on Wednesday, October 23rd. The aircraft producer reported ($10.44) earnings per share 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 analysts’ expectations of $17.81 billion. During the same period in the previous year, the business posted ($3.26) EPS. The firm’s revenue was down 1.5% on a year-over-year basis. Research analysts anticipate that The Boeing Company will post -16.13 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.