Boeing (NYSE:BA) Trading Down 1.5% on Analyst Downgrade

The Boeing Company (NYSE:BA) dropped 1.5% on Tuesday 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 $153.83 and last traded at $153.90. Approximately 2,419,456 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 7,970,326 shares. The stock had previously closed at $156.30.

A number of other brokerages also recently commented on BA. UBS Group cut their price objective on Boeing from $250.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, June 7th. Susquehanna reaffirmed a “positive” rating and set a $230.00 target price on shares of Boeing in a report on Wednesday, August 14th. Stifel Nicolaus lifted their price target on Boeing from $230.00 to $235.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Sanford C. Bernstein reduced their price objective on shares of Boeing from $222.00 to $207.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $225.00 target price on shares of Boeing in a research report on Tuesday, June 25th. Three equities research analysts have rated the stock with a sell rating, seven 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, Boeing currently has a consensus rating of “Moderate Buy” and a consensus target price of $209.83.

Institutional Investors Weigh In On Boeing

A number of large investors have recently bought and sold shares of the business. Sanders Morris Harris LLC raised its position in shares of 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 purchasing an additional 20,425 shares during the period. Park Avenue Securities LLC raised its holdings 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 acquiring an additional 1,805 shares during the period. Williams Financial LLC acquired a new position in Boeing during the 2nd quarter worth $1,637,000. Granite Bay Wealth Management LLC bought a new stake in Boeing during the second quarter valued at about $561,000. Finally, Envestnet Portfolio Solutions Inc. grew its position 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 during the last quarter. 64.82% of the stock is currently owned by institutional investors.

Boeing Price Performance

The firm has a market capitalization of $93.80 billion, a P/E ratio of -42.88 and a beta of 1.57. The business has a 50 day moving average price of $170.15 and a 200 day moving average price of $176.78.

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