Procyon Advisors LLC Acquires 1,355 Shares of The Boeing Company (NYSE:BA)

Procyon Advisors LLC grew its stake in shares of The Boeing Company (NYSE:BA) by 2.5% during the third quarter, Holdings Channel reports. The institutional investor owned 54,570 shares of the aircraft producer’s stock after purchasing an additional 1,355 shares during the quarter. Procyon Advisors LLC’s holdings in Boeing were worth $8,299,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Wellington Management Group LLP grew its position in Boeing by 563.9% during the 4th quarter. Wellington Management Group LLP now owns 3,439,093 shares of the aircraft producer’s stock worth $896,434,000 after acquiring an additional 2,921,043 shares during the last quarter. Global Assets Advisory LLC bought a new position in shares of Boeing in the first quarter worth approximately $272,312,000. Vanguard Group Inc. increased its stake in shares of Boeing by 2.5% in the first quarter. Vanguard Group Inc. now owns 49,724,770 shares of the aircraft producer’s stock worth $9,596,383,000 after buying an additional 1,222,816 shares during the period. Van ECK Associates Corp raised its holdings in Boeing by 9,626.0% during the 2nd quarter. Van ECK Associates Corp now owns 1,026,092 shares of the aircraft producer’s stock valued at $186,759,000 after buying an additional 1,015,542 shares during the last quarter. Finally, Wulff Hansen & CO. boosted its position in Boeing by 15,039.0% during the 2nd quarter. Wulff Hansen & CO. now owns 967,383 shares of the aircraft producer’s stock valued at $176,073,000 after buying an additional 960,993 shares during the period. Hedge funds and other institutional investors own 64.82% of the company’s stock.

Boeing Stock Performance

Shares of Boeing stock opened at $148.25 on Monday. The company has a 50-day simple moving average of $162.41 and a two-hundred day simple moving average of $173.72. The Boeing Company has a 52-week low of $146.26 and a 52-week high of $267.54. The stock has a market capitalization of $91.01 billion, a PE ratio of -42.54 and a beta of 1.57.

Boeing (NYSE:BA) last released its quarterly earnings data 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 company had revenue of $16.87 billion during the quarter, compared to analyst estimates of $17.35 billion. The company’s quarterly revenue was down 14.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.82) earnings per share. As a group, equities research analysts forecast that The Boeing Company will post -5.35 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently commented on BA shares. The Goldman Sachs Group lowered their price objective on shares of Boeing from $232.00 to $202.00 and set a “buy” rating for the company in a research note on Tuesday, September 24th. Wells Fargo & Company dropped their price objective on Boeing from $119.00 to $110.00 and set an “underweight” rating for the company in a report on Tuesday, October 1st. Jefferies Financial Group dropped their price target on Boeing from $270.00 to $240.00 and set a “buy” rating for the company in a research note on Monday, September 23rd. TD Cowen reduced their price objective on shares of Boeing from $230.00 to $200.00 and set a “buy” rating on the stock in a research report on Tuesday, October 1st. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of Boeing from $225.00 to $195.00 and set a “buy” rating on the stock in a research note on Thursday, October 3rd. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $206.00.

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.