Baker Avenue Asset Management LP Purchases New Position in The Boeing Company (NYSE:BA)

Baker Avenue Asset Management LP acquired a new stake in shares of The Boeing Company (NYSE:BA) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 1,589 shares of the aircraft producer’s stock, valued at approximately $242,000.

A number of other institutional investors have also recently added to or reduced their stakes in BA. Vanguard Group Inc. lifted its stake in shares of Boeing by 2.5% in the 1st 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 during the last quarter. Newport Trust Company LLC lifted its position in shares of Boeing by 1.2% in the second quarter. Newport Trust Company LLC now owns 31,640,184 shares of the aircraft producer’s stock worth $5,758,830,000 after buying an additional 388,633 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Boeing by 1.4% during 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 acquiring an additional 106,513 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Boeing by 2.0% during the 2nd quarter. Legal & General Group Plc now owns 3,432,485 shares of the aircraft producer’s stock valued at $624,749,000 after acquiring an additional 67,474 shares during the last quarter. Finally, Van ECK Associates Corp raised its stake in shares of Boeing by 122.0% in the 3rd quarter. Van ECK Associates Corp now owns 2,277,548 shares of the aircraft producer’s stock valued at $357,712,000 after acquiring an additional 1,251,456 shares in the last quarter. 64.82% of the stock is currently owned by institutional investors and hedge funds.

Boeing Stock Down 1.8 %

NYSE:BA opened at $148.96 on Tuesday. The firm has a market capitalization of $92.09 billion, a PE ratio of -11.55 and a beta of 1.57. The Boeing Company has a 12-month low of $144.13 and a 12-month high of $267.54. The firm has a 50-day moving average price of $155.31 and a 200 day moving average price of $170.39.

Boeing (NYSE:BA) last posted its earnings results on Wednesday, October 23rd. The aircraft producer reported ($10.44) EPS for the quarter, missing the consensus estimate of ($10.34) by ($0.10). The company had revenue of $17.84 billion during the quarter, compared to analyst estimates of $17.81 billion. During the same period in the previous year, the business earned ($3.26) EPS. Boeing’s revenue for the quarter was down 1.5% compared to the same quarter last year. On average, research analysts expect that The Boeing Company will post -16.09 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have commented on BA shares. Royal Bank of Canada reiterated an “outperform” rating and set a $200.00 price target on shares of Boeing in a report on Wednesday, October 30th. Susquehanna lowered their target price on shares of Boeing from $210.00 to $200.00 and set a “positive” rating on the stock in a research note on Thursday, October 24th. UBS Group cut their target price on shares of Boeing from $215.00 to $195.00 and set a “buy” rating for the company in a research report on Thursday, October 24th. JPMorgan Chase & Co. lowered their price target on Boeing from $235.00 to $195.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. Finally, Benchmark reissued a “buy” rating and set a $250.00 price objective on shares of Boeing in a research report on Thursday, October 24th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $190.37.

Boeing 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.