Boeing (NYSE:BA) Shares Down 1.5% – Here’s Why

Shares of The Boeing Company (NYSE:BA) were down 1.5% during trading on Tuesday . The stock traded as low as $167.79 and last traded at $168.07. Approximately 1,654,736 shares changed hands during trading, a decline of 78% from the average daily volume of 7,644,253 shares. The stock had previously closed at $170.57.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BA. Sanford C. Bernstein downgraded shares of Boeing from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $195.00 to $169.00 in a research report on Wednesday, October 30th. Barclays raised shares of Boeing from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $190.00 to $210.00 in a report on Monday, January 6th. Citigroup decreased their price objective on Boeing from $224.00 to $209.00 and set a “buy” rating for the company in a report on Tuesday, October 15th. Susquehanna dropped their target price on Boeing from $210.00 to $200.00 and set a “positive” rating on the stock in a research note on Thursday, October 24th. Finally, The Goldman Sachs Group decreased their price target on Boeing from $232.00 to $202.00 and set a “buy” rating for the company in a research note on Tuesday, September 24th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $192.21.

Boeing Price Performance

The stock has a market capitalization of $104.42 billion, a price-to-earnings ratio of -13.09 and a beta of 1.52. The firm has a fifty day moving average of $162.40 and a 200 day moving average of $164.98.

Boeing (NYSE:BA) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $17.81 billion. During the same quarter last year, the firm earned ($3.26) earnings per share. Boeing’s revenue for the quarter was down 1.5% on a year-over-year basis. Research analysts predict that The Boeing Company will post -16.43 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Sugar Maple Asset Management LLC acquired a new position in Boeing in the 4th quarter worth about $27,000. RPg Family Wealth Advisory LLC purchased a new stake in shares of Boeing in the third quarter valued at approximately $28,000. Cedar Wealth Management LLC acquired a new position in shares of Boeing during the 3rd quarter worth approximately $30,000. Kiely Wealth Advisory Group Inc. purchased a new position in shares of Boeing during the 2nd quarter valued at approximately $33,000. Finally, Planning Capital Management Corp grew its stake in Boeing by 741.0% in the 3rd quarter. Planning Capital Management Corp now owns 328 shares of the aircraft producer’s stock valued at $50,000 after acquiring an additional 289 shares during the period. Institutional investors and hedge funds own 64.82% of the company’s stock.

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.