Wells Fargo & Company Cuts Boeing (NYSE:BA) Price Target to $110.00

Boeing (NYSE:BA) had its target price reduced by Wells Fargo & Company from $119.00 to $110.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has an “underweight” rating on the aircraft producer’s stock. Wells Fargo & Company‘s target price indicates a potential downside of 28.05% from the company’s previous close.

Several other equities analysts have also recently commented on BA. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $225.00 price target on shares of Boeing in a research report on Tuesday, June 25th. Bank of America lifted their target price on Boeing from $180.00 to $200.00 and gave the company a “neutral” rating in a report on Thursday, June 13th. Sanford C. Bernstein cut their price target on Boeing from $222.00 to $207.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Baird R W upgraded Boeing to a “strong-buy” rating in a research note on Monday, June 3rd. Finally, Susquehanna reissued a “positive” rating and set a $230.00 price objective on shares of Boeing in a research report on Wednesday, August 14th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $207.67.

Boeing Trading Down 0.9 %

BA opened at $152.89 on Tuesday. The stock’s 50-day moving average price is $166.80 and its 200 day moving average price is $175.54. Boeing has a 12-month low of $149.49 and a 12-month high of $267.54. The firm has a market cap of $93.86 billion, a price-to-earnings ratio of -43.07 and a beta of 1.57.

Boeing (NYSE:BA) last issued its quarterly earnings results on Wednesday, July 31st. The aircraft producer reported ($2.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.00) by ($1.90). The firm had revenue of $16.87 billion for the quarter, compared to analyst estimates of $17.35 billion. The business’s quarterly revenue was down 14.6% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.82) earnings per share. On average, research analysts forecast that Boeing will post -4.27 earnings per share for the current year.

Institutional Trading of Boeing

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Boeing by 2.5% during the 1st quarter. Vanguard Group Inc. now owns 49,724,770 shares of the aircraft producer’s stock worth $9,596,383,000 after purchasing an additional 1,222,816 shares during the period. Newport Trust Company LLC grew its holdings in shares of Boeing by 1.2% during the second quarter. Newport Trust Company LLC now owns 31,640,184 shares of the aircraft producer’s stock worth $5,758,830,000 after buying an additional 388,633 shares during the last quarter. Capital Research Global Investors increased its position in Boeing by 35.5% in the 4th quarter. Capital Research Global Investors now owns 16,880,647 shares of the aircraft producer’s stock valued at $4,400,109,000 after acquiring an additional 4,425,964 shares during the period. Price T Rowe Associates Inc. MD increased its position in Boeing by 23.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,823,006 shares of the aircraft producer’s stock valued at $2,560,466,000 after acquiring an additional 1,884,850 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its stake in Boeing by 1.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,619,126 shares of the aircraft producer’s stock valued at $1,386,757,000 after acquiring an additional 106,513 shares during the last quarter. 64.82% of the stock is owned by hedge funds and other institutional investors.

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.