Patriot Financial Group Insurance Agency LLC Cuts Stake in The Boeing Company (NYSE:BA)

Patriot Financial Group Insurance Agency LLC reduced its stake in shares of The Boeing Company (NYSE:BA) by 27.8% during the 3rd quarter, HoldingsChannel reports. The fund owned 5,971 shares of the aircraft producer’s stock after selling 2,303 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Boeing were worth $908,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Kiely Wealth Advisory Group Inc. purchased a new position in Boeing in the second quarter valued at approximately $33,000. Hobbs Group Advisors LLC purchased a new position in Boeing in the second quarter valued at approximately $34,000. McClarren Financial Advisors Inc. raised its holdings in Boeing by 451.4% in the first quarter. McClarren Financial Advisors Inc. now owns 193 shares of the aircraft producer’s stock valued at $37,000 after buying an additional 158 shares during the period. Harel Insurance Investments & Financial Services Ltd. raised its holdings in Boeing by 351.1% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 212 shares of the aircraft producer’s stock valued at $39,000 after buying an additional 165 shares during the period. Finally, 1620 Investment Advisors Inc. purchased a new position in Boeing in the second quarter valued at approximately $39,000. 64.82% of the stock is currently owned by hedge funds and other institutional investors.

Boeing Price Performance

Shares of BA opened at $150.71 on Tuesday. The business’s fifty day moving average price is $159.10 and its 200 day moving average price is $171.48. The Boeing Company has a 12-month low of $146.02 and a 12-month high of $267.54. The stock has a market capitalization of $92.52 billion, a PE ratio of -42.45 and a beta of 1.57.

Boeing (NYSE:BA) last announced its quarterly earnings data on Wednesday, October 23rd. The aircraft producer reported ($10.44) earnings per share (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 analysts’ expectations of $17.81 billion. During the same quarter in the previous year, the business earned ($3.26) EPS. Boeing’s revenue was down 1.5% compared to the same quarter last year. As a group, research analysts anticipate that The Boeing Company will post -5.35 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have issued reports on BA shares. Morgan Stanley lowered their price objective on shares of Boeing from $195.00 to $170.00 and set an “equal weight” rating for the company in a research report on Thursday, October 24th. JPMorgan Chase & Co. lowered their price objective on shares of Boeing from $235.00 to $195.00 and set an “overweight” rating for the company in a research report on Monday, October 14th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $200.00 price objective on shares of Boeing in a research report on Thursday, October 24th. TD Cowen lowered their price objective on shares of Boeing from $200.00 to $190.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Finally, 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 report on Tuesday, September 24th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $191.79.

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.