Bank of New York Mellon Corp Trims Stock Holdings in The Boeing Company $BA

Bank of New York Mellon Corp lowered its holdings in The Boeing Company (NYSE:BA) by 1.4% during the 1st quarter, HoldingsChannel.com reports. The firm owned 3,563,669 shares of the aircraft producer’s stock after selling 49,793 shares during the quarter. Bank of New York Mellon Corp’s holdings in Boeing were worth $709,277,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of BA. Purus Wealth Management LLC boosted its holdings in shares of Boeing by 3.6% in the fourth quarter. Purus Wealth Management LLC now owns 1,177 shares of the aircraft producer’s stock worth $256,000 after acquiring an additional 41 shares during the period. West Wealth Group LLC raised its stake in shares of Boeing by 0.6% during the 4th quarter. West Wealth Group LLC now owns 7,279 shares of the aircraft producer’s stock valued at $1,581,000 after purchasing an additional 42 shares during the period. First Heartland Consultants Inc. raised its stake in shares of Boeing by 1.1% during the 4th quarter. First Heartland Consultants Inc. now owns 4,062 shares of the aircraft producer’s stock valued at $882,000 after purchasing an additional 43 shares during the period. XML Financial LLC lifted its holdings in Boeing by 0.5% during the 4th quarter. XML Financial LLC now owns 8,905 shares of the aircraft producer’s stock worth $1,933,000 after purchasing an additional 43 shares in the last quarter. Finally, Global Financial Private Client LLC lifted its holdings in Boeing by 1.1% during the 4th quarter. Global Financial Private Client LLC now owns 4,025 shares of the aircraft producer’s stock worth $874,000 after purchasing an additional 44 shares in the last quarter. 64.82% of the stock is currently owned by hedge funds and other institutional investors.

More Boeing News

Here are the key news stories impacting Boeing this week:

• Positive Sentiment: Boeing is nearing regulatory approval for a fix to the 737 MAX anti-ice system, which could clear the way for long-delayed 737 MAX 7 and MAX 10 deliveries and improve the outlook for near-term production. Reuters: Boeing nears approval of 737 MAX anti-ice fix, paving way for deliveries
• Positive Sentiment: The company reported strong June deliveries of 64 jets, bringing first-half deliveries to 314 aircraft, its best first-half performance since 2018 and a positive sign for cash flow and execution heading into earnings. Article: Boeing Delivered 64 Jets in June. Here’s What That Means for Its July 28 Earnings.
• Positive Sentiment: Reuters also reported Boeing is near a key certification milestone for the 737 MAX 7 and MAX 10, while progress on the 737 MAX anti-icing certification and 777X program adds to investor optimism about production ramps and future deliveries. Seeking Alpha: Boeing nears key certification milestone for 737 Max 7 and Max 10
• Neutral Sentiment: Boeing is showcasing its commercial, defense, and services portfolio at major industry events, which helps visibility but is not likely to move the stock on its own. PR Newswire: Boeing highlights portfolio at aviation’s largest celebration
• Negative Sentiment: A Reuters report that the U.S. will lead the probe into a Ryanair Boeing 737 incident over Greece keeps safety and oversight issues in the headlines, which can weigh on sentiment even though it does not directly change Boeing’s fundamentals. Reuters: US to take lead in probe into Ryanair Boeing 737 engine failure over Greece

Insider Activity

In related news, Director Bradley D. Tilden acquired 1,370 shares of the company’s stock in a transaction dated Wednesday, May 20th. The stock was bought at an average cost of $218.50 per share, with a total value of $299,345.00. Following the acquisition, the director owned 1,370 shares of the company’s stock, valued at approximately $299,345. The trade was a ? increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.10% of the company’s stock.

Boeing Trading Down 1.8%

Shares of BA opened at $214.24 on Friday. The firm’s 50 day simple moving average is $222.30 and its 200 day simple moving average is $224.82. The company has a market capitalization of $168.88 billion, a P/E ratio of 104.00 and a beta of 1.21. The company has a debt-to-equity ratio of 7.42, a current ratio of 1.18 and a quick ratio of 0.35. The Boeing Company has a 1-year low of $176.77 and a 1-year high of $254.35.

Boeing (NYSE:BA) last released its quarterly earnings results on Wednesday, April 22nd. The aircraft producer reported ($0.20) EPS for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.48. The company had revenue of $22.22 billion during the quarter, compared to analysts’ expectations of $22.15 billion. Boeing’s quarterly revenue was up 14.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.49) EPS. Sell-side analysts forecast that The Boeing Company will post -0.22 earnings per share for the current fiscal year.

Analysts Set New Price Targets

BA has been the subject of a number of recent analyst reports. Btg Pactual set a $260.00 target price on Boeing in a report on Tuesday. Citigroup raised their price objective on shares of Boeing from $256.00 to $260.00 and gave the company a “buy” rating in a research report on Monday, May 18th. Tigress Financial upped their target price on shares of Boeing from $290.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Wolfe Research reaffirmed an “outperform” rating and set a $275.00 target price on shares of Boeing in a report on Thursday, April 23rd. Finally, Wells Fargo & Company initiated coverage on shares of Boeing in a report on Wednesday, April 1st. They issued an “overweight” rating and a $250.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $261.53.

Boeing Profile

Boeing Company (NYSE: BA) is an American multinational corporation that designs, manufactures and services commercial airplanes, defense systems, and space and security technologies. Founded in 1916 by William E. Boeing in Seattle, the company today operates as an integrated aerospace and defense contractor with a global customer base. Boeing relocated its corporate headquarters to Arlington, Virginia in 2022 and maintains extensive engineering, manufacturing and service operations across the United States and around the world.

Boeing’s principal lines of business include Commercial Airplanes, which produces and supports a range of jetliners used by airlines globally; Defense, Space & Security, which develops military aircraft, rotorcraft, surveillance and reconnaissance systems, satellites, and launch and missile systems; and Boeing Global Services, which provides aftermarket maintenance, training, spare parts, digital analytics and logistics support.