Boeing (NYSE:BA) Trading Down 1.3% Following Analyst Downgrade

Shares of The Boeing Company (NYSE:BA) fell 1.3% during trading on Tuesday after Wells Fargo & Company lowered their price target on the stock from $86.00 to $85.00. Wells Fargo & Company currently has an underweight rating on the stock. Boeing traded as low as $152.30 and last traded at $153.05. 9,684,522 shares were traded during mid-day trading, an increase of 10% from the average session volume of 8,822,294 shares. The stock had previously closed at $155.07.

A number of other equities research analysts have also issued reports on the stock. TD Cowen cut their target price on shares of Boeing from $200.00 to $190.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Jefferies Financial Group cut their target price on shares of Boeing from $270.00 to $240.00 and set a “buy” rating on the stock in a research note on Monday, September 23rd. UBS Group cut their target price on shares of Boeing from $215.00 to $195.00 and set a “buy” rating on the stock in a research note on Thursday, October 24th. Morgan Stanley cut their target price on shares of Boeing from $195.00 to $170.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 24th. Finally, Stifel Nicolaus upped their target price on shares of Boeing from $230.00 to $235.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Boeing currently has an average rating of “Hold” and a consensus price target of $190.37.

Institutional Trading of Boeing

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Boeing by 2.5% in 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 boosted its stake in Boeing by 1.2% in the 2nd quarter. Newport Trust Company LLC now owns 31,640,184 shares of the aircraft producer’s stock worth $5,758,830,000 after purchasing an additional 388,633 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in Boeing by 1.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,619,126 shares of the aircraft producer’s stock worth $1,386,757,000 after purchasing an additional 106,513 shares during the period. Legal & General Group Plc boosted its stake in Boeing by 2.0% in the 2nd quarter. Legal & General Group Plc now owns 3,432,485 shares of the aircraft producer’s stock worth $624,749,000 after purchasing an additional 67,474 shares during the period. Finally, Van ECK Associates Corp boosted its stake in Boeing by 122.0% in the 3rd quarter. Van ECK Associates Corp now owns 2,277,548 shares of the aircraft producer’s stock worth $357,712,000 after purchasing an additional 1,251,456 shares during the period. 64.82% of the stock is currently owned by institutional investors.

Boeing Stock Performance

The business’s 50 day moving average is $157.09 and its 200 day moving average is $170.90. The stock has a market cap of $94.58 billion, a price-to-earnings ratio of -11.86 and a beta of 1.57.

Boeing (NYSE:BA) last issued its earnings results on Wednesday, October 23rd. The aircraft producer reported ($10.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($10.34) by ($0.10). The business had revenue of $17.84 billion for the quarter, compared to the consensus estimate of $17.81 billion. The firm’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same period in the prior year, the business earned ($3.26) earnings per share. Research analysts expect that The Boeing Company will post -16.13 earnings per share for the current year.

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.