Boeing (NYSE:BA) Shares Down 0.6% After Analyst Downgrade

The Boeing Company (NYSE:BA) shares were down 0.6% during mid-day trading on Wednesday after Wells Fargo & Company lowered their price target on the stock from $119.00 to $110.00. Wells Fargo & Company currently has an underweight rating on the stock. Boeing traded as low as $152.88 and last traded at $153.28. Approximately 1,186,314 shares traded hands during trading, a decline of 85% from the average daily volume of 8,025,655 shares. The stock had previously closed at $154.22.

Several other equities research analysts also recently commented on BA. The Goldman Sachs Group dropped their target price on Boeing from $232.00 to $202.00 and set a “buy” rating on the stock in a report on Tuesday, September 24th. Susquehanna reissued a “positive” rating and set a $230.00 target price on shares of Boeing in a research report on Wednesday, August 14th. Sanford C. Bernstein lowered their price target on shares of Boeing from $222.00 to $207.00 and set an “outperform” rating for the company in a report on Monday, August 5th. UBS Group cut their price objective on shares of Boeing from $250.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, June 7th. Finally, Bank of America raised their target price on Boeing from $180.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, June 13th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $207.67.

Institutional Trading of Boeing

A number of institutional investors and hedge funds have recently modified their holdings of BA. Wellington Management Group LLP boosted its position in Boeing by 563.9% during the 4th quarter. Wellington Management Group LLP now owns 3,439,093 shares of the aircraft producer’s stock valued at $896,434,000 after purchasing an additional 2,921,043 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Boeing by 23.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,823,006 shares of the aircraft producer’s stock valued at $2,560,466,000 after acquiring an additional 1,884,850 shares during the period. Global Assets Advisory LLC bought a new position in shares of Boeing during the first quarter worth about $272,312,000. Vanguard Group Inc. increased its holdings in shares of Boeing by 2.5% in the 1st quarter. Vanguard Group Inc. now owns 49,724,770 shares of the aircraft producer’s stock worth $9,596,383,000 after acquiring an additional 1,222,816 shares during the period. Finally, Van ECK Associates Corp lifted its position in Boeing by 9,626.0% in the 2nd quarter. Van ECK Associates Corp now owns 1,026,092 shares of the aircraft producer’s stock valued at $186,759,000 after purchasing an additional 1,015,542 shares during the last quarter. 64.82% of the stock is owned by institutional investors and hedge funds.

Boeing Stock Performance

The business’s 50 day simple moving average is $166.80 and its 200-day simple moving average is $175.54. The stock has a market capitalization of $93.86 billion, a price-to-earnings ratio of -43.07 and a beta of 1.57.

Boeing (NYSE:BA) last issued its quarterly earnings data on Wednesday, July 31st. The aircraft producer reported ($2.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.00) by ($1.90). The company had revenue of $16.87 billion during the quarter, compared to analyst estimates of $17.35 billion. Boeing’s quarterly revenue was down 14.6% on a year-over-year basis. During the same period last year, the business earned ($0.82) earnings per share. As a group, sell-side analysts expect that The Boeing Company will post -4.27 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.