Boeing (NYSE:BA) Trading Down 0.4% – Here’s Why

The Boeing Company (NYSE:BA)’s share price was down 0.4% on Wednesday . The stock traded as low as $169.61 and last traded at $171.80. Approximately 1,569,275 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 8,506,894 shares. The stock had previously closed at $172.51.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on BA shares. Deutsche Bank Aktiengesellschaft upped their price target on shares of Boeing from $184.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday, January 2nd. Sanford C. Bernstein lowered Boeing from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $195.00 to $169.00 in a report on Wednesday, October 30th. 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. JPMorgan Chase & Co. dropped their price target on Boeing from $195.00 to $190.00 and set an “overweight” rating on the stock in a research report on Monday, November 25th. Finally, TD Cowen lowered their target price on Boeing from $200.00 to $190.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Two 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $192.21.

Boeing Price Performance

The company has a fifty day simple moving average of $160.22 and a two-hundred day simple moving average of $165.27. The company has a market capitalization of $106.76 billion, a P/E ratio of -13.39 and a beta of 1.52.

Boeing (NYSE:BA) last announced its quarterly 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 business had revenue of $17.84 billion during the quarter, compared to the consensus estimate of $17.81 billion. During the same quarter in the previous year, the business posted ($3.26) EPS. The firm’s revenue was down 1.5% on a year-over-year basis. Equities analysts anticipate that The Boeing Company will post -16.18 earnings per share for the current year.

Institutional Trading of Boeing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. RPg Family Wealth Advisory LLC bought a new stake in shares of Boeing in the third quarter valued at approximately $28,000. Kiely Wealth Advisory Group Inc. bought a new stake in Boeing in the 2nd quarter valued at $33,000. Cedar Wealth Management LLC acquired a new stake in Boeing in the 3rd quarter worth $30,000. Meeder Asset Management Inc. increased its holdings in shares of Boeing by 325.4% during the 2nd quarter. Meeder Asset Management Inc. now owns 302 shares of the aircraft producer’s stock worth $55,000 after purchasing an additional 231 shares during the period. Finally, Fairscale Capital LLC acquired a new position in shares of Boeing during the second quarter valued at about $59,000. Institutional investors and hedge funds own 64.82% of the company’s stock.

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.