Boeing (NYSE:BA) Shares Down 0.2% on Analyst Downgrade

The Boeing Company (NYSE:BA)’s stock price traded down 0.2% during trading on Wednesday after Citigroup lowered their price target on the stock from $224.00 to $209.00. Citigroup currently has a buy rating on the stock. Boeing traded as low as $151.34 and last traded at $152.03. 1,476,012 shares were traded during mid-day trading, a decline of 82% from the average session volume of 8,044,708 shares. The stock had previously closed at $152.35.

BA has been the subject of several other research reports. Wells Fargo & Company reduced their target price on shares of Boeing from $110.00 to $109.00 and set an “underweight” rating for the company in a research note on Monday. JPMorgan Chase & Co. cut their target price on Boeing from $235.00 to $195.00 and set an “overweight” rating for the company in a research note on Monday. The Goldman Sachs Group decreased their price target on Boeing from $232.00 to $202.00 and set a “buy” rating on the stock in a research report on Tuesday, September 24th. TD Cowen reduced their price objective on shares of Boeing from $200.00 to $190.00 and set a “buy” rating for the company in a research note on Monday. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of Boeing from $225.00 to $195.00 and set a “buy” rating on the stock in a report on Thursday, October 3rd. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Boeing currently has a consensus rating of “Moderate Buy” and a consensus price target of $201.00.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Global Assets Advisory LLC purchased a new stake in shares of Boeing in the first quarter valued at approximately $272,312,000. Vanguard Group Inc. lifted its holdings in Boeing by 2.5% during the first quarter. Vanguard Group Inc. now owns 49,724,770 shares of the aircraft producer’s stock valued at $9,596,383,000 after purchasing an additional 1,222,816 shares in the last quarter. Van ECK Associates Corp grew its position in shares of Boeing by 9,626.0% in the second quarter. Van ECK Associates Corp now owns 1,026,092 shares of the aircraft producer’s stock valued at $186,759,000 after purchasing an additional 1,015,542 shares during the period. Wulff Hansen & CO. increased its stake in shares of Boeing by 15,039.0% during 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, Jennison Associates LLC increased its stake in shares of Boeing by 14.1% during the first quarter. Jennison Associates LLC now owns 4,203,435 shares of the aircraft producer’s stock worth $811,221,000 after purchasing an additional 518,952 shares in the last quarter. Institutional investors and hedge funds own 64.82% of the company’s stock.

Boeing Trading Up 1.3 %

The stock has a market cap of $94.70 billion, a price-to-earnings ratio of -42.83 and a beta of 1.57. The firm’s 50-day moving average is $161.80 and its two-hundred day moving average is $173.13.

Boeing (NYSE:BA) last announced its quarterly earnings data on Wednesday, July 31st. The aircraft producer reported ($2.90) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.00) by ($1.90). The business had revenue of $16.87 billion during the quarter, compared to the consensus estimate of $17.35 billion. During the same quarter in the prior year, the firm earned ($0.82) EPS. The business’s quarterly revenue was down 14.6% compared to the same quarter last year. On average, analysts predict that The Boeing Company will post -5.35 earnings per share for the current year.

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.