Boeing (NYSE:BA) Shares Down 2.5% After Earnings Miss

The Boeing Company (NYSE:BA)’s share price was down 2.5% during mid-day trading on Wednesday following a dissappointing earnings announcement. The company traded as low as $172.86 and last traded at $173.37. Approximately 4,215,642 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 8,531,303 shares. The stock had previously closed at $177.78.

The aircraft producer reported ($5.90) earnings per share for the quarter, missing the consensus estimate of ($1.60) by ($4.30). During the same period in the previous year, the firm posted ($0.47) earnings per share.

Analyst Upgrades and Downgrades

BA has been the subject of a number of recent analyst reports. Citigroup lowered their target price on shares of Boeing from $209.00 to $207.00 and set a “buy” rating for the company in a research note on Friday, January 24th. JPMorgan Chase & Co. upped their target price on shares of Boeing from $190.00 to $200.00 and gave the stock an “overweight” rating in a research note on Wednesday. DZ Bank downgraded shares of Boeing from a “buy” rating to a “hold” rating and set a $152.00 price target for the company. in a research note on Tuesday, October 15th. Wells Fargo & Company increased their price objective on Boeing from $85.00 to $103.00 and gave the stock an “underweight” rating in a research note on Wednesday. Finally, Morgan Stanley decreased their target price on Boeing from $195.00 to $170.00 and set an “equal weight” rating for the company in a research report on Thursday, October 24th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Boeing has a consensus rating of “Moderate Buy” and a consensus price target of $195.00.

Hedge Funds Weigh In On Boeing

Several hedge funds have recently made changes to their positions in the company. Sugar Maple Asset Management LLC purchased a new stake in shares of Boeing in the fourth quarter worth about $27,000. RPg Family Wealth Advisory LLC acquired a new position in Boeing in the third quarter valued at approximately $28,000. Fiduciary Advisors Inc. purchased a new stake in Boeing in the 4th quarter worth approximately $28,000. Cedar Wealth Management LLC acquired a new stake in shares of Boeing during the 3rd quarter worth approximately $30,000. Finally, Heck Capital Advisors LLC purchased a new position in shares of Boeing during the 4th quarter valued at approximately $33,000. 64.82% of the stock is owned by institutional investors and hedge funds.

Boeing Stock Performance

The firm’s 50 day moving average is $168.24 and its 200-day moving average is $164.26. The stock has a market capitalization of $110.95 billion, a price-to-earnings ratio of -13.91 and a beta of 1.52.

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.