Boeing (NYSE:BA) Trading Up 4.4% – What’s Next?

The Boeing Company (NYSE:BA) rose 4.4% during trading on Monday . The company traded as high as $163.44 and last traded at $161.82. Approximately 6,294,004 shares traded hands during trading, a decline of 22% from the average daily volume of 8,051,417 shares. The stock had previously closed at $155.00.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Stifel Nicolaus lifted their price target on Boeing from $230.00 to $235.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Morgan Stanley dropped their target price on shares of Boeing from $195.00 to $170.00 and set an “equal weight” rating for the company in a research note on Friday, October 18th. Citigroup lowered their price target on shares of Boeing from $224.00 to $209.00 and set a “buy” rating for the company in a report on Tuesday, October 15th. Wells Fargo & Company reduced their price objective on Boeing from $110.00 to $109.00 and set an “underweight” rating on the stock in a report on Monday, October 14th. Finally, JPMorgan Chase & Co. dropped their target price on Boeing from $235.00 to $195.00 and set an “overweight” rating for the company in a research report on Monday, October 14th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $198.79.

Boeing Price Performance

The stock has a market cap of $96.42 billion, a P/E ratio of -43.82 and a beta of 1.57. The business’s fifty day moving average price is $160.84 and its 200 day moving average price is $172.11.

Boeing (NYSE:BA) last announced its quarterly earnings results on Wednesday, July 31st. The aircraft producer reported ($2.90) EPS for the quarter, missing analysts’ consensus estimates of ($1.00) by ($1.90). The firm had revenue of $16.87 billion during 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 earned ($0.82) earnings per share. On average, analysts predict that The Boeing Company will post -5.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Boeing

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Madison Park Capital Advisors LLC raised its position in Boeing by 4.9% during the second quarter. Madison Park Capital Advisors LLC now owns 1,204 shares of the aircraft producer’s stock valued at $219,000 after acquiring an additional 56 shares in the last quarter. Wealth Alliance Advisory Group LLC boosted its holdings in Boeing by 1.6% during the second quarter. Wealth Alliance Advisory Group LLC now owns 3,798 shares of the aircraft producer’s stock worth $691,000 after buying an additional 60 shares in the last quarter. Angeles Wealth Management LLC grew its position in Boeing by 4.2% during the first quarter. Angeles Wealth Management LLC now owns 1,524 shares of the aircraft producer’s stock valued at $294,000 after buying an additional 61 shares during the period. IMS Capital Management increased its holdings in Boeing by 0.4% in the second quarter. IMS Capital Management now owns 16,032 shares of the aircraft producer’s stock valued at $2,759,000 after buying an additional 62 shares in the last quarter. Finally, Meeder Advisory Services Inc. boosted its stake in shares of Boeing by 0.9% during the 1st quarter. Meeder Advisory Services Inc. now owns 7,559 shares of the aircraft producer’s stock worth $1,459,000 after acquiring an additional 65 shares in the last quarter. Institutional investors and hedge funds 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.