Griffin Asset Management Inc. Reduces Position in The Boeing Company (NYSE:BA)

Griffin Asset Management Inc. decreased its holdings in shares of The Boeing Company (NYSE:BA) by 76.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,445 shares of the aircraft producer’s stock after selling 28,175 shares during the period. Griffin Asset Management Inc.’s holdings in Boeing were worth $1,630,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of BA. Capital Research Global Investors lifted its position in shares of Boeing by 35.5% during the 4th quarter. Capital Research Global Investors now owns 16,880,647 shares of the aircraft producer’s stock valued at $4,400,109,000 after buying an additional 4,425,964 shares in the last quarter. Jennison Associates LLC purchased a new position in Boeing during the fourth quarter valued at approximately $960,397,000. Wellington Management Group LLP boosted its position in shares of Boeing by 563.9% in the fourth quarter. Wellington Management Group LLP now owns 3,439,093 shares of the aircraft producer’s stock worth $896,434,000 after purchasing an additional 2,921,043 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Boeing by 23.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,823,006 shares of the aircraft producer’s stock worth $2,560,466,000 after purchasing an additional 1,884,850 shares in the last quarter. Finally, Boston Partners raised its position in shares of Boeing by 861.6% during the 4th quarter. Boston Partners now owns 1,804,853 shares of the aircraft producer’s stock valued at $467,338,000 after purchasing an additional 1,617,151 shares during the period. 64.82% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $225.00 price target on shares of Boeing in a research note on Tuesday. StockNews.com downgraded Boeing from a “hold” rating to a “sell” rating in a research note on Friday, April 26th. Bank of America increased their price objective on shares of Boeing from $180.00 to $200.00 and gave the company a “neutral” rating in a report on Thursday, June 13th. JPMorgan Chase & Co. dropped their target price on shares of Boeing from $230.00 to $210.00 and set an “overweight” rating for the company in a research report on Friday, April 12th. Finally, Sanford C. Bernstein cut their target price on shares of Boeing from $230.00 to $215.00 and set an “outperform” rating for the company in a research note on Monday, June 3rd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $220.89.

Boeing Stock Performance

NYSE:BA traded down $0.50 during mid-day trading on Friday, hitting $182.01. 5,899,850 shares of the stock traded hands, compared to its average volume of 5,801,654. The Boeing Company has a 52 week low of $159.70 and a 52 week high of $267.54. The firm’s 50 day moving average is $178.50 and its two-hundred day moving average is $198.77.

Boeing (NYSE:BA) last released its earnings results on Wednesday, April 24th. The aircraft producer reported ($1.13) EPS for the quarter, beating analysts’ consensus estimates of ($1.43) by $0.30. The business had revenue of $16.57 billion for the quarter, compared to the consensus estimate of $17.69 billion. Research analysts predict that The Boeing Company will post -1.67 EPS 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.