Summit Global Investments Reduces Position in The Boeing Company (NYSE:BA)

Summit Global Investments reduced its holdings in The Boeing Company (NYSE:BA) by 64.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,613 shares of the aircraft producer’s stock after selling 2,937 shares during the period. Summit Global Investments’ holdings in Boeing were worth $245,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Lazari Capital Management Inc. grew its holdings in shares of Boeing by 55.7% in the second quarter. Lazari Capital Management Inc. now owns 23,216 shares of the aircraft producer’s stock valued at $4,226,000 after purchasing an additional 8,309 shares during the period. Czech National Bank grew its stake in shares of Boeing by 8.4% in the 3rd quarter. Czech National Bank now owns 119,243 shares of the aircraft producer’s stock valued at $18,130,000 after buying an additional 9,281 shares during the period. BSN CAPITAL PARTNERS Ltd acquired a new stake in shares of Boeing during the 3rd quarter worth approximately $11,237,000. Sanctuary Advisors LLC purchased a new stake in shares of Boeing during the 2nd quarter valued at approximately $21,405,000. Finally, Canal Insurance CO purchased a new stake in shares of Boeing during the 3rd quarter valued at approximately $1,520,000. 64.82% of the stock is owned by hedge funds and other institutional investors.

Boeing Stock Up 0.5 %

BA stock opened at $151.68 on Monday. The stock has a market cap of $93.77 billion, a price-to-earnings ratio of -11.76 and a beta of 1.57. The Boeing Company has a fifty-two week low of $144.13 and a fifty-two week high of $267.54. The business has a 50 day moving average price of $155.31 and a 200 day moving average price of $170.34.

Boeing (NYSE:BA) last issued its earnings results on Wednesday, October 23rd. The aircraft producer reported ($10.44) earnings per share (EPS) for the quarter, missing the consensus estimate 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 period last year, the firm posted ($3.26) EPS. The company’s quarterly revenue was down 1.5% on a year-over-year basis. As a group, sell-side analysts anticipate that The Boeing Company will post -16.09 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on BA shares. Stifel Nicolaus raised their target price on Boeing from $230.00 to $235.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Sanford C. Bernstein cut shares of Boeing from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $195.00 to $169.00 in a research report on Wednesday, October 30th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $200.00 target price on shares of Boeing in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Boeing from $225.00 to $195.00 and set a “buy” rating on the stock in a report on Thursday, October 3rd. Finally, Jefferies Financial Group dropped their target price on shares of Boeing from $270.00 to $240.00 and set a “buy” rating for the company in a report on Monday, September 23rd. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $190.37.

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.