Boeing (NYSE:BA) Shares Down 0.4% – Here’s Why

The Boeing Company (NYSE:BA)’s stock price dropped 0.4% during mid-day trading on Wednesday . The company traded as low as $169.61 and last traded at $171.80. Approximately 1,569,275 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 8,506,894 shares. The stock had previously closed at $172.51.

Analysts Set New Price Targets

A number of research firms recently weighed in on BA. Jefferies Financial Group decreased their target price on shares of Boeing from $270.00 to $240.00 and set a “buy” rating on the stock in a report on Monday, September 23rd. Morgan Stanley dropped their price target on Boeing from $195.00 to $170.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 24th. Wells Fargo & Company dropped their price objective on shares of Boeing from $86.00 to $85.00 and set an “underweight” rating on the stock in a report on Monday, November 4th. Barclays raised shares of Boeing from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $190.00 to $210.00 in a report on Monday. Finally, Susquehanna dropped their target price on shares of Boeing from $210.00 to $200.00 and set a “positive” rating on the stock in a research note on Thursday, October 24th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $192.21.

Boeing Trading Up 0.2 %

The firm has a market cap of $106.38 billion, a PE ratio of -13.34 and a beta of 1.52. The stock has a fifty day simple moving average of $161.39 and a two-hundred day simple moving average of $165.32.

Boeing (NYSE:BA) last issued its quarterly earnings results on Wednesday, October 23rd. The aircraft producer reported ($10.44) earnings per share for the quarter, missing the consensus estimate of ($10.34) by ($0.10). The company had revenue of $17.84 billion during the quarter, compared to the consensus estimate of $17.81 billion. During the same quarter last year, the firm posted ($3.26) earnings per share. The firm’s revenue for the quarter was down 1.5% compared to the same quarter last year. As a group, sell-side analysts predict that The Boeing Company will post -16.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Van ECK Associates Corp raised its holdings in shares of Boeing by 122.0% in the third quarter. Van ECK Associates Corp now owns 2,277,548 shares of the aircraft producer’s stock worth $357,712,000 after buying an additional 1,251,456 shares during the period. International Assets Investment Management LLC lifted its position in shares of Boeing by 289.8% in 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 purchasing an additional 1,251,165 shares during the period. Franklin Resources Inc. boosted its position in Boeing by 1,296.3% during the 3rd quarter. Franklin Resources Inc. now owns 1,136,895 shares of the aircraft producer’s stock valued at $169,386,000 after acquiring an additional 1,055,472 shares in the last quarter. Wulff Hansen & CO. raised its holdings in Boeing by 15,039.0% in the second quarter. Wulff Hansen & CO. now owns 967,383 shares of the aircraft producer’s stock worth $176,073,000 after purchasing an additional 960,993 shares in the last quarter. Finally, State Street Corp raised its stake in shares of Boeing by 2.3% during the 3rd quarter. State Street Corp now owns 27,778,195 shares of the aircraft producer’s stock worth $4,223,397,000 after acquiring an additional 636,594 shares in the last quarter. Hedge funds and other institutional investors own 64.82% of the company’s stock.

Boeing Company Profile

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.