Boeing (NYSE:BA) Price Target Lowered to $85.00 at Wells Fargo & Company

Boeing (NYSE:BA) had its target price lowered by Wells Fargo & Company from $86.00 to $85.00 in a research note published on Monday,Benzinga reports. Wells Fargo & Company currently has an underweight rating on the aircraft producer’s stock.

A number of other brokerages have also commented on BA. Morgan Stanley dropped their target price on Boeing from $195.00 to $170.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 24th. Citigroup dropped their price objective on shares of Boeing from $224.00 to $209.00 and set a “buy” rating on the stock in a report on Tuesday, October 15th. JPMorgan Chase & Co. reduced their target price on shares of Boeing from $235.00 to $195.00 and set an “overweight” rating for the company in a report on Monday, October 14th. The Goldman Sachs Group lowered their price target on shares of Boeing from $232.00 to $202.00 and set a “buy” rating on the stock in a report on Tuesday, September 24th. Finally, Robert W. Baird reduced their price objective on Boeing from $240.00 to $200.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $190.37.

Boeing Trading Up 2.6 %

Shares of Boeing stock opened at $150.98 on Monday. The firm’s 50 day simple moving average is $156.17 and its two-hundred day simple moving average is $170.60. The firm has a market capitalization of $93.34 billion, a price-to-earnings ratio of -11.70 and a beta of 1.57. Boeing has a 12-month low of $144.13 and a 12-month high of $267.54.

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

Hedge Funds Weigh In On Boeing

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kiely Wealth Advisory Group Inc. acquired a new stake in shares of Boeing in the second quarter worth approximately $33,000. Hobbs Group Advisors LLC purchased a new position in Boeing in the 2nd quarter valued at $34,000. McClarren Financial Advisors Inc. boosted its stake in Boeing by 451.4% during the 1st quarter. McClarren Financial Advisors Inc. now owns 193 shares of the aircraft producer’s stock worth $37,000 after purchasing an additional 158 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its holdings in shares of Boeing by 351.1% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 212 shares of the aircraft producer’s stock worth $39,000 after buying an additional 165 shares in the last quarter. Finally, 1620 Investment Advisors Inc. acquired a new stake in shares of Boeing in the second quarter valued at about $39,000. 64.82% of the stock is owned by hedge funds and other institutional investors.

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.