Boeing (NYSE:BA) Shares Down 1% on Disappointing Earnings

Shares of The Boeing Company (NYSE:BA) traded down 1% on Thursday following a dissappointing earnings announcement. The company traded as low as $151.98 and last traded at $155.49. 4,423,834 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 8,101,830 shares. The stock had previously closed at $157.06.

The aircraft producer reported ($10.44) EPS for the quarter, missing analysts’ consensus estimates of ($10.34) by ($0.10). The business had revenue of $17.84 billion for the quarter, compared to analysts’ expectations of $17.81 billion. Boeing’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($3.26) earnings per share.

Analyst Ratings Changes

A number of equities research analysts have issued reports on BA shares. Sanford C. Bernstein cut their target price on Boeing from $207.00 to $195.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. Stifel Nicolaus raised their target price on Boeing from $230.00 to $235.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Jefferies Financial Group cut their price objective on shares of Boeing from $270.00 to $240.00 and set a “buy” rating on the stock in a research note on Monday, September 23rd. JPMorgan Chase & Co. dropped their price target on shares of Boeing from $235.00 to $195.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on shares of Boeing from $225.00 to $195.00 and set a “buy” rating on the stock in a research report on Thursday, October 3rd. Three analysts have rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Boeing has an average rating of “Moderate Buy” and a consensus price target of $191.79.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. International Assets Investment Management LLC raised its stake in Boeing by 289.8% during the 3rd quarter. International Assets Investment Management LLC now owns 1,682,970 shares of the aircraft producer’s stock worth $2,558,790,000 after buying an additional 1,251,165 shares during the period. Vanguard Group Inc. raised its stake in Boeing by 2.5% during the 1st quarter. Vanguard Group Inc. now owns 49,724,770 shares of the aircraft producer’s stock worth $9,596,383,000 after buying an additional 1,222,816 shares during the period. Van ECK Associates Corp raised its stake in Boeing by 9,626.0% during the 2nd quarter. Van ECK Associates Corp now owns 1,026,092 shares of the aircraft producer’s stock worth $186,759,000 after buying an additional 1,015,542 shares during the period. Wulff Hansen & CO. raised its stake in Boeing by 15,039.0% during the 2nd quarter. Wulff Hansen & CO. now owns 967,383 shares of the aircraft producer’s stock worth $176,073,000 after buying an additional 960,993 shares during the period. Finally, Jennison Associates LLC raised its stake in Boeing by 14.1% during the 1st quarter. Jennison Associates LLC now owns 4,203,435 shares of the aircraft producer’s stock worth $811,221,000 after buying an additional 518,952 shares during the period. 64.82% of the stock is owned by institutional investors and hedge funds.

Boeing Stock Down 0.1 %

The firm has a 50 day moving average price of $160.18 and a 200 day moving average price of $171.89. The stock has a market capitalization of $95.13 billion, a PE ratio of -43.93 and a beta of 1.57.

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.