Boeing (NYSE:BA) Shares Up 2.8% After Analyst Upgrade

The Boeing Company (NYSE:BA) shares traded up 2.8% during mid-day trading on Friday after JPMorgan Chase & Co. raised their price target on the stock from $240.00 to $245.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Boeing traded as high as $215.98 and last traded at $214.1840. 14,693,604 shares traded hands during mid-day trading, an increase of 76% from the average session volume of 8,367,768 shares. The stock had previously closed at $208.27.

A number of other equities analysts have also weighed in on the stock. Citigroup assumed coverage on shares of Boeing in a report on Thursday, December 11th. They issued a “buy” rating and a $265.00 price target on the stock. Vertical Research raised Boeing from a “hold” rating to a “buy” rating and increased their target price for the stock from $242.00 to $270.00 in a research report on Monday, September 8th. Loop Capital set a $223.00 price target on Boeing in a research report on Monday, November 3rd. New Street Research set a $257.00 price objective on Boeing in a report on Tuesday, December 9th. Finally, Susquehanna decreased their target price on Boeing from $270.00 to $255.00 and set a “positive” rating for the company in a report on Wednesday, November 12th. Three analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have issued a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Boeing has an average rating of “Moderate Buy” and a consensus price target of $233.17.

Insider Activity at Boeing

In related news, SVP Dana S. Deasy purchased 554 shares of the firm’s stock in a transaction on Monday, November 24th. The stock was purchased at an average price of $178.88 per share, for a total transaction of $99,099.52. Following the acquisition, the senior vice president directly owned 28,442 shares in the company, valued at $5,087,704.96. The trade was a 1.99% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Uma M. Amuluru sold 1,366 shares of Boeing stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $197.66, for a total transaction of $270,003.56. Following the sale, the executive vice president owned 14,656 shares in the company, valued at $2,896,904.96. This represents a 8.53% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.09% of the company’s stock.

Hedge Funds Weigh In On Boeing

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Harbor Asset Planning Inc. acquired a new stake in Boeing during the 2nd quarter valued at approximately $25,000. Measured Wealth Private Client Group LLC purchased a new position in shares of Boeing during the 3rd quarter valued at approximately $25,000. Piscataqua Savings Bank grew its position in shares of Boeing by 1,712.5% during the second quarter. Piscataqua Savings Bank now owns 145 shares of the aircraft producer’s stock worth $30,000 after buying an additional 137 shares in the last quarter. Reyes Financial Architecture Inc. bought a new stake in shares of Boeing in the third quarter worth $32,000. Finally, Davis Capital Management bought a new stake in shares of Boeing in the third quarter worth $33,000. 64.82% of the stock is owned by hedge funds and other institutional investors.

Boeing Price Performance

The stock has a market capitalization of $162.80 billion, a price-to-earnings ratio of -15.66 and a beta of 1.18. The firm’s fifty day moving average is $201.69 and its 200-day moving average is $214.09.

Boeing (NYSE:BA) last released its earnings results on Wednesday, October 29th. The aircraft producer reported ($7.47) earnings per share for the quarter, missing the consensus estimate of ($0.51) by ($6.96). The firm had revenue of $23.27 billion for the quarter, compared to the consensus estimate of $21.61 billion. The business’s revenue was up 30.4% on a year-over-year basis. During the same period in the prior year, the firm earned ($10.44) earnings per share. On average, sell-side analysts expect that The Boeing Company will post -2.58 EPS for the current year.

About Boeing

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.