Boeing (NYSE:BA) Shares Up 2.7% – Here’s Why

The Boeing Company (NYSE:BA)’s stock price was up 2.7% during trading on Tuesday . The stock traded as high as $175.68 and last traded at $175.79. Approximately 2,551,030 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 7,637,667 shares. The stock had previously closed at $171.09.

Analysts Set New Price Targets

Several brokerages have recently weighed in on BA. The Goldman Sachs Group lowered their price target 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. Jefferies Financial Group dropped their target price on Boeing from $270.00 to $240.00 and set a “buy” rating on the stock in a research report on Monday, September 23rd. Susquehanna cut their price target on Boeing from $210.00 to $200.00 and set a “positive” rating on the stock in a report on Thursday, October 24th. Benchmark restated a “buy” rating and set a $250.00 price objective on shares of Boeing in a research note on Thursday, October 24th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $200.00 target price on shares of Boeing in a research note on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Boeing currently has an average rating of “Moderate Buy” and an average target price of $192.21.

Boeing Stock Performance

The company has a 50 day simple moving average of $163.59 and a two-hundred day simple moving average of $164.52. The firm has a market cap of $108.54 billion, a PE ratio of -13.61 and a beta of 1.52.

Boeing (NYSE:BA) last issued its earnings results on Wednesday, October 23rd. The aircraft producer reported ($10.44) 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 analysts’ expectations of $17.81 billion. During the same quarter in the prior year, the company posted ($3.26) EPS. The firm’s revenue was down 1.5% compared to the same quarter last year. As a group, research analysts predict that The Boeing Company will post -16.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in BA. AdvisorNet Financial Inc boosted its holdings in Boeing by 54.2% during the fourth quarter. AdvisorNet Financial Inc now owns 2,021 shares of the aircraft producer’s stock worth $358,000 after buying an additional 710 shares in the last quarter. Rockefeller Capital Management L.P. raised its position in shares of Boeing by 8.8% in the third quarter. Rockefeller Capital Management L.P. now owns 473,917 shares of the aircraft producer’s stock worth $72,075,000 after acquiring an additional 38,300 shares during the period. Carnegie Investment Counsel boosted its stake in shares of Boeing by 175.6% during the 4th quarter. Carnegie Investment Counsel now owns 4,619 shares of the aircraft producer’s stock worth $818,000 after acquiring an additional 2,943 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Boeing by 6.1% during the 3rd quarter. Principal Financial Group Inc. now owns 666,244 shares of the aircraft producer’s stock valued at $101,296,000 after acquiring an additional 38,332 shares during the period. Finally, Jennison Associates LLC increased its stake in shares of Boeing by 9.9% in the 3rd quarter. Jennison Associates LLC now owns 6,700,706 shares of the aircraft producer’s stock valued at $1,018,775,000 after purchasing an additional 602,143 shares in the last quarter. Hedge funds and other institutional investors own 64.82% of the company’s stock.

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.