Boeing (NYSE:BA) Stock Price Up 1.3% – Here’s Why

The Boeing Company (NYSE:BA)’s stock price traded up 1.3% on Tuesday . The company traded as high as $151.75 and last traded at $150.97. 4,003,039 shares were traded during mid-day trading, a decline of 50% from the average session volume of 8,036,872 shares. The stock had previously closed at $148.99.

Wall Street Analyst Weigh In

A number of research firms have commented on BA. Deutsche Bank Aktiengesellschaft cut their target price on shares of Boeing from $225.00 to $195.00 and set a “buy” rating on the stock in a research report on Thursday, October 3rd. The Goldman Sachs Group reduced their price objective on shares of Boeing from $232.00 to $202.00 and set a “buy” rating for the company in a research note on Tuesday, September 24th. TD Cowen dropped their target price on Boeing from $200.00 to $190.00 and set a “buy” rating on the stock in a research report on Monday. Susquehanna decreased their price objective on Boeing from $230.00 to $210.00 and set a “positive” rating for the company in a research note on Thursday. Finally, Wells Fargo & Company cut their target price on Boeing from $110.00 to $109.00 and set an “underweight” rating on the stock in a research note on Monday. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Boeing currently has an average rating of “Moderate Buy” and a consensus target price of $199.32.

Boeing Price Performance

The firm’s fifty day simple moving average is $161.63 and its 200 day simple moving average is $173.00. The company has a market capitalization of $95.34 billion, a PE ratio of -43.75 and a beta of 1.57.

Boeing (NYSE:BA) last issued its 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 firm’s revenue was down 14.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.82) EPS. On average, equities research analysts anticipate that The Boeing Company will post -5.35 EPS for the current fiscal year.

Hedge Funds Weigh In On Boeing

Several institutional investors have recently made changes to their positions in the company. Global Assets Advisory LLC acquired a new position in shares of Boeing during the 1st quarter worth approximately $272,312,000. Vanguard Group Inc. grew its position in shares of Boeing by 2.5% in the first quarter. Vanguard Group Inc. now owns 49,724,770 shares of the aircraft producer’s stock valued at $9,596,383,000 after purchasing an additional 1,222,816 shares during the period. Van ECK Associates Corp raised its position in shares of Boeing by 9,626.0% during the 2nd quarter. Van ECK Associates Corp now owns 1,026,092 shares of the aircraft producer’s stock worth $186,759,000 after purchasing an additional 1,015,542 shares during the last quarter. Wulff Hansen & CO. lifted its stake in Boeing by 15,039.0% in the 2nd quarter. Wulff Hansen & CO. now owns 967,383 shares of the aircraft producer’s stock valued at $176,073,000 after buying an additional 960,993 shares in the last quarter. Finally, Jennison Associates LLC boosted its holdings in Boeing by 14.1% in the 1st quarter. Jennison Associates LLC now owns 4,203,435 shares of the aircraft producer’s stock worth $811,221,000 after buying an additional 518,952 shares during the last quarter. 64.82% of the stock is owned by hedge funds and other institutional investors.

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.