Boeing (NYSE:BA) Shares Down 2.4% on Analyst Downgrade

The Boeing Company (NYSE:BA)’s stock price dropped 2.4% during trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $235.00 to $195.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Boeing traded as low as $146.02 and last traded at $147.43. Approximately 3,935,699 shares traded hands during trading, a decline of 51% from the average daily volume of 8,032,438 shares. The stock had previously closed at $151.02.

A number of other analysts have also commented on the company. Wells Fargo & Company decreased their price objective on Boeing from $110.00 to $109.00 and set an “underweight” rating for the company in a report on Monday. The Goldman Sachs Group lowered their price target on Boeing from $232.00 to $202.00 and set a “buy” rating for the company in a research report on Tuesday, September 24th. Sanford C. Bernstein cut their price objective on shares of Boeing from $222.00 to $207.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Boeing from $225.00 to $195.00 and set a “buy” rating for the company in a report on Thursday, October 3rd. Finally, Susquehanna restated a “positive” rating and set a $230.00 price target on shares of Boeing in a report on Wednesday, August 14th. Three analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $205.11.

Institutional Investors Weigh In On Boeing

Several institutional investors have recently added to or reduced their stakes in BA. Adamsbrown Wealth Consultants LLC lifted its stake in shares of Boeing by 8.5% during the 3rd quarter. Adamsbrown Wealth Consultants LLC now owns 2,204 shares of the aircraft producer’s stock valued at $335,000 after buying an additional 173 shares in the last quarter. ORG Wealth Partners LLC purchased a new stake in shares of Boeing during the third quarter worth $141,000. Procyon Advisors LLC boosted its holdings in shares of Boeing by 2.5% in the third quarter. Procyon Advisors LLC now owns 54,570 shares of the aircraft producer’s stock worth $8,299,000 after acquiring an additional 1,355 shares during the period. Orca Investment Management LLC boosted its holdings in shares of Boeing by 10.4% in the third quarter. Orca Investment Management LLC now owns 3,840 shares of the aircraft producer’s stock worth $584,000 after acquiring an additional 361 shares during the period. Finally, Ameliora Wealth Management Ltd. grew its position in shares of Boeing by 33.3% in the third quarter. Ameliora Wealth Management Ltd. now owns 4,000 shares of the aircraft producer’s stock valued at $608,000 after purchasing an additional 1,000 shares in the last quarter. 64.82% of the stock is owned by hedge funds and other institutional investors.

Boeing Stock Performance

The business has a 50 day moving average of $162.41 and a 200-day moving average of $173.72. The company has a market capitalization of $90.50 billion, a P/E ratio of -41.53 and a beta of 1.57.

Boeing (NYSE:BA) last announced its quarterly earnings results on Wednesday, July 31st. The aircraft producer reported ($2.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.00) by ($1.90). The firm had revenue of $16.87 billion for the quarter, compared to analysts’ expectations of $17.35 billion. The company’s quarterly revenue was down 14.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.82) earnings per share. As a group, equities analysts forecast that The Boeing Company will post -5.35 EPS for the current fiscal 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.