Pinnacle Associates Ltd. Has $9.47 Million Stock Position in The Boeing Company (NYSE:BA)

Pinnacle Associates Ltd. lifted its holdings in shares of The Boeing Company (NYSE:BA) by 6.6% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 62,278 shares of the aircraft producer’s stock after buying an additional 3,869 shares during the period. Pinnacle Associates Ltd.’s holdings in Boeing were worth $9,469,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of BA. Madison Park Capital Advisors LLC lifted its stake in Boeing by 4.9% in the second quarter. Madison Park Capital Advisors LLC now owns 1,204 shares of the aircraft producer’s stock valued at $219,000 after buying an additional 56 shares in the last quarter. Wealth Alliance Advisory Group LLC lifted its stake in Boeing by 1.6% in the second quarter. Wealth Alliance Advisory Group LLC now owns 3,798 shares of the aircraft producer’s stock valued at $691,000 after buying an additional 60 shares in the last quarter. Angeles Wealth Management LLC lifted its stake in Boeing by 4.2% in the first quarter. Angeles Wealth Management LLC now owns 1,524 shares of the aircraft producer’s stock valued at $294,000 after buying an additional 61 shares in the last quarter. IMS Capital Management lifted its stake in Boeing by 0.4% in the second quarter. IMS Capital Management now owns 16,032 shares of the aircraft producer’s stock valued at $2,759,000 after buying an additional 62 shares in the last quarter. Finally, Meeder Advisory Services Inc. lifted its stake in Boeing by 0.9% in the first quarter. Meeder Advisory Services Inc. now owns 7,559 shares of the aircraft producer’s stock valued at $1,459,000 after buying an additional 65 shares in the last quarter. Institutional investors and hedge funds own 64.82% of the company’s stock.

Boeing Stock Performance

Shares of Boeing stock opened at $154.24 on Thursday. The firm has a 50-day moving average of $158.34 and a 200-day moving average of $171.24. The stock has a market cap of $94.69 billion, a PE ratio of -43.45 and a beta of 1.57. The Boeing Company has a 52-week low of $146.02 and a 52-week high of $267.54.

Boeing (NYSE:BA) last announced its earnings results on Wednesday, October 23rd. The aircraft producer reported ($10.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($10.34) by ($0.10). The firm had revenue of $17.84 billion for the quarter, compared to the consensus estimate of $17.81 billion. The business’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($3.26) earnings per share. Equities research analysts predict that The Boeing Company will post -5.35 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on BA. Benchmark reaffirmed a “buy” rating and issued a $250.00 price target on shares of Boeing in a research note on Thursday, October 24th. The Goldman Sachs Group lowered their price objective on shares of Boeing from $232.00 to $202.00 and set a “buy” rating on the stock in a report on Tuesday, September 24th. Wells Fargo & Company lowered their price objective on shares of Boeing from $109.00 to $86.00 and set an “underweight” rating on the stock in a report on Thursday, October 24th. Stifel Nicolaus lifted their price objective on shares of Boeing from $230.00 to $235.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, DZ Bank downgraded shares of Boeing from a “buy” rating to a “hold” rating and set a $152.00 price objective on the stock. in a report on Tuesday, October 15th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $190.42.

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.