Boeing (NYSE:BA) Shares Down 0.3% Following Analyst Downgrade

The Boeing Company (NYSE:BA) was down 0.3% during trading on Wednesday after The Goldman Sachs Group lowered their price target on the stock from $232.00 to $202.00. The Goldman Sachs Group currently has a buy rating on the stock. Boeing traded as low as $155.16 and last traded at $155.38. Approximately 1,983,872 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 7,964,970 shares. The stock had previously closed at $155.81.

A number of other equities analysts also recently commented on the stock. UBS Group reduced their price objective on shares of Boeing from $250.00 to $240.00 and set a “buy” rating for the company in a report on Friday, June 7th. Stifel Nicolaus lifted their price objective on Boeing from $230.00 to $235.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Susquehanna reissued a “positive” rating and issued a $230.00 target price on shares of Boeing in a report on Wednesday, August 14th. Sanford C. Bernstein decreased their price target on Boeing from $222.00 to $207.00 and set an “outperform” rating on the stock in a research note on Monday, August 5th. Finally, Robert W. Baird dropped their price objective on Boeing from $300.00 to $240.00 and set an “outperform” rating for the company in a research note on Monday, June 3rd. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $209.83.

Institutional Trading of Boeing

Several hedge funds have recently added to or reduced their stakes in BA. Sanders Morris Harris LLC lifted its stake in Boeing by 869.1% in the first quarter. Sanders Morris Harris LLC now owns 22,775 shares of the aircraft producer’s stock valued at $4,395,000 after buying an additional 20,425 shares in the last quarter. Park Avenue Securities LLC boosted its stake in Boeing by 20.7% in the 1st quarter. Park Avenue Securities LLC now owns 10,543 shares of the aircraft producer’s stock worth $2,035,000 after purchasing an additional 1,805 shares during the period. Williams Financial LLC bought a new position in Boeing during the 2nd quarter worth about $1,637,000. Granite Bay Wealth Management LLC acquired a new stake in shares of Boeing in the 2nd quarter valued at about $561,000. Finally, Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Boeing by 115.6% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 14,637 shares of the aircraft producer’s stock valued at $2,825,000 after purchasing an additional 7,848 shares in the last quarter. Institutional investors and hedge funds own 64.82% of the company’s stock.

Boeing Stock Up 1.6 %

The company has a market capitalization of $94.89 billion, a P/E ratio of -43.74 and a beta of 1.57. The business has a fifty day moving average price of $169.50 and a 200 day moving average price of $176.61.

Boeing (NYSE:BA) last released its quarterly earnings results on Wednesday, July 31st. The aircraft producer reported ($2.90) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.00) by ($1.90). The business had revenue of $16.87 billion during the quarter, compared to analysts’ expectations of $17.35 billion. During the same period in the prior year, the business posted ($0.82) earnings per share. The firm’s revenue was down 14.6% on a year-over-year basis. As a group, equities analysts forecast that The Boeing Company will post -4.27 earnings per share for the current year.

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.