Pinnacle West Asset Management Inc. Has $714,000 Stake in The Boeing Company (NYSE:BA)

Pinnacle West Asset Management Inc. increased its stake in shares of The Boeing Company (NYSE:BA) by 7.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,695 shares of the aircraft producer’s stock after buying an additional 340 shares during the quarter. Pinnacle West Asset Management Inc.’s holdings in Boeing were worth $714,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in BA. Kiely Wealth Advisory Group Inc. bought a new position in Boeing during the 2nd quarter worth $33,000. Hobbs Group Advisors LLC bought a new position in Boeing during the 2nd quarter worth $34,000. McClarren Financial Advisors Inc. increased its stake in Boeing by 451.4% during the 1st quarter. McClarren Financial Advisors Inc. now owns 193 shares of the aircraft producer’s stock worth $37,000 after acquiring an additional 158 shares during the period. Harel Insurance Investments & Financial Services Ltd. increased its stake in Boeing by 351.1% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 212 shares of the aircraft producer’s stock worth $39,000 after acquiring an additional 165 shares during the period. Finally, 1620 Investment Advisors Inc. bought a new position in shares of Boeing in the 2nd quarter valued at $39,000. Institutional investors own 64.82% of the company’s stock.

Boeing Stock Performance

Shares of NYSE:BA traded down $3.25 during midday trading on Thursday, reaching $153.81. The company’s stock had a trading volume of 5,561,208 shares, compared to its average volume of 8,108,207. The firm has a market capitalization of $94.42 billion, a price-to-earnings ratio of -43.89 and a beta of 1.57. The firm has a 50 day moving average price of $160.61 and a two-hundred day moving average price of $172.01. The Boeing Company has a fifty-two week low of $146.02 and a fifty-two week high of $267.54.

Boeing (NYSE:BA) last announced its quarterly earnings data on Wednesday, October 23rd. The aircraft producer reported ($10.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($4.85) by ($5.59). The firm 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 company earned ($3.26) earnings per share. Boeing’s revenue for the quarter was down 1.5% compared to the same quarter last year. As a group, research analysts anticipate that The Boeing Company will post -5.35 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. DZ Bank lowered Boeing from a “buy” rating to a “hold” rating and set a $152.00 price target on the stock. in a research note on Tuesday, October 15th. Robert W. Baird reduced their price objective on Boeing from $240.00 to $200.00 and set an “outperform” rating on the stock in a research report on Thursday. TD Cowen reduced their price objective on Boeing from $200.00 to $190.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Deutsche Bank Aktiengesellschaft reduced their price objective on Boeing from $225.00 to $195.00 and set a “buy” rating on the stock in a research report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. reduced their price objective on Boeing from $235.00 to $195.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $194.95.

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.