Boeing (NYSE:BA) Trading Down 2.4% Following Analyst Downgrade

Shares of The Boeing Company (NYSE:BA) traded down 2.4% during mid-day trading on Monday after TD Cowen lowered their price target on the stock from $200.00 to $190.00. TD Cowen currently has a buy rating on the stock. Boeing traded as low as $146.02 and last traded at $147.43. 3,935,699 shares were traded during trading, a decline of 51% from the average session volume of 8,032,438 shares. The stock had previously closed at $151.02.

Several other equities research analysts also recently issued reports on BA. JPMorgan Chase & Co. lowered their price objective on shares of Boeing from $235.00 to $195.00 and set an “overweight” rating for the company in a research report on Monday. The Goldman Sachs Group cut their price target on shares of Boeing from $232.00 to $202.00 and set a “buy” rating for the company in a research note on Tuesday, September 24th. Wells Fargo & Company cut their target price on shares of Boeing from $110.00 to $109.00 and set an “underweight” rating for the company in a research note on Monday. Deutsche Bank Aktiengesellschaft cut their target price on shares of Boeing from $225.00 to $195.00 and set a “buy” rating for the company in a research note on Thursday, October 3rd. Finally, Sanford C. Bernstein lowered their price target on shares of Boeing from $222.00 to $207.00 and set an “outperform” rating on the stock in a research report on Monday, August 5th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $204.56.

Institutional Investors Weigh In On Boeing

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Kiely Wealth Advisory Group Inc. purchased a new position in shares of Boeing in the second quarter worth $33,000. Hobbs Group Advisors LLC bought a new stake in shares of Boeing during the 2nd quarter valued at $34,000. McClarren Financial Advisors Inc. raised its position in shares of Boeing by 451.4% in the 1st quarter. McClarren Financial Advisors Inc. now owns 193 shares of the aircraft producer’s stock worth $37,000 after purchasing an additional 158 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of Boeing by 351.1% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 212 shares of the aircraft producer’s stock worth $39,000 after purchasing an additional 165 shares during the last quarter. Finally, 1620 Investment Advisors Inc. purchased a new position in Boeing in the 2nd quarter worth about $39,000. 64.82% of the stock is owned by hedge funds and other institutional investors.

Boeing Stock Performance

The firm has a market cap of $91.53 billion, a PE ratio of -42.00 and a beta of 1.57. The stock has a 50-day simple moving average of $162.05 and a two-hundred day simple moving average of $173.41.

Boeing (NYSE:BA) last posted its quarterly earnings results on Wednesday, July 31st. The aircraft producer reported ($2.90) earnings per share for the quarter, missing the consensus estimate of ($1.00) by ($1.90). The business had revenue of $16.87 billion during the quarter, compared to analyst estimates of $17.35 billion. During the same period last year, the firm earned ($0.82) EPS. Boeing’s revenue for the quarter was down 14.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that The Boeing Company will post -5.35 EPS 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.