Boeing (NYSE:BA) Shares Up 3% – Here’s Why

The Boeing Company (NYSE:BA)’s stock price rose 3% during mid-day trading on Monday . The company traded as high as $160.26 and last traded at $160.05. Approximately 3,126,381 shares were traded during trading, a decline of 66% from the average daily volume of 9,146,794 shares. The stock had previously closed at $155.44.

Wall Street Analyst Weigh In

BA has been the subject of a number of analyst reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $200.00 price target on shares of Boeing in a research report on Wednesday, October 30th. UBS Group cut their target price on Boeing from $215.00 to $195.00 and set a “buy” rating for the company in a research report on Thursday, October 24th. Jefferies Financial Group dropped their price target on Boeing from $270.00 to $240.00 and set a “buy” rating for the company in a research note on Monday, September 23rd. Benchmark reiterated a “buy” rating and set a $250.00 price objective on shares of Boeing in a research note on Thursday, October 24th. Finally, Citigroup dropped their target price on shares of Boeing from $224.00 to $209.00 and set a “buy” rating for the company in a research report on Tuesday, October 15th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $190.11.

Boeing Trading Up 1.4 %

The stock’s fifty day simple moving average is $151.48 and its 200-day simple moving average is $167.35. The stock has a market capitalization of $97.43 billion, a PE ratio of -12.41 and a beta of 1.57.

Boeing (NYSE:BA) last posted its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $17.81 billion. The business’s revenue was down 1.5% on a year-over-year basis. During the same period last year, the business posted ($3.26) EPS. As a group, analysts anticipate that The Boeing Company will post -16.19 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Boeing

Several large investors have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. lifted its holdings in Boeing by 8.8% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 473,917 shares of the aircraft producer’s stock worth $72,075,000 after purchasing an additional 38,300 shares in the last quarter. Jennison Associates LLC boosted its holdings in 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 during the period. ING Groep NV bought a new position in shares of Boeing in the third quarter worth $11,679,000. Lazari Capital Management Inc. raised its position in shares of Boeing by 55.7% in the second quarter. Lazari Capital Management Inc. now owns 23,216 shares of the aircraft producer’s stock worth $4,226,000 after buying an additional 8,309 shares in the last quarter. Finally, Atlanta Consulting Group Advisors LLC boosted its stake in Boeing by 537.6% during the third quarter. Atlanta Consulting Group Advisors LLC now owns 7,524 shares of the aircraft producer’s stock valued at $1,144,000 after buying an additional 6,344 shares during the period. 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.