Boeing (NYSE:BA) Trading Up 0.9% – Here’s What Happened

Shares of The Boeing Company (NYSE:BA) shot up 0.9% during trading on Wednesday . The stock traded as high as $180.95 and last traded at $179.34. 4,316,969 shares changed hands during trading, a decline of 54% from the average session volume of 9,345,203 shares. The stock had previously closed at $177.69.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. UBS Group decreased their price target on Boeing from $215.00 to $195.00 and set a “buy” rating on the stock in a research note on Thursday, October 24th. Deutsche Bank Aktiengesellschaft lowered their target price on Boeing from $225.00 to $195.00 and set a “buy” rating on the stock in a report on Thursday, October 3rd. Susquehanna reduced their price target on Boeing from $210.00 to $200.00 and set a “positive” rating for the company in a research report on Thursday, October 24th. Morgan Stanley cut their target price on Boeing from $195.00 to $170.00 and set an “equal weight” rating for the company in a research report on Thursday, October 24th. Finally, DZ Bank downgraded Boeing from a “buy” rating to a “hold” rating and set a $152.00 price objective on the stock. in a research note on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $190.11.

Boeing Price Performance

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

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 analysts’ consensus estimates of ($10.34) by ($0.10). The firm had revenue of $17.84 billion during the quarter, compared to analyst estimates of $17.81 billion. The company’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same period in the previous year, the company posted ($3.26) EPS. Analysts forecast that The Boeing Company will post -16.18 earnings per share for the current year.

Hedge Funds Weigh In On Boeing

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. grew its stake in Boeing by 6.1% during the 3rd quarter. Principal Financial Group Inc. now owns 666,244 shares of the aircraft producer’s stock worth $101,296,000 after buying an additional 38,332 shares during the last quarter. Syntax Research Inc. boosted its stake in shares of Boeing by 18.4% during the third quarter. Syntax Research Inc. now owns 4,708 shares of the aircraft producer’s stock worth $716,000 after buying an additional 730 shares during the period. Denver PWM LLC grew its holdings in shares of Boeing by 728.9% during the third quarter. Denver PWM LLC now owns 5,487 shares of the aircraft producer’s stock worth $834,000 after buying an additional 4,825 shares during the last quarter. Inspire Trust Co. N.A. grew its stake in shares of Boeing by 81.0% in 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. increased its stake in Boeing by 1,296.3% in the 3rd 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 period. 64.82% of the stock is owned by institutional investors and hedge funds.

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.