Verdence Capital Advisors LLC Cuts Stake in The Boeing Company (NYSE:BA)

Verdence Capital Advisors LLC trimmed its position in The Boeing Company (NYSE:BA) by 2.0% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 13,572 shares of the aircraft producer’s stock after selling 282 shares during the quarter. Verdence Capital Advisors LLC’s holdings in Boeing were worth $2,064,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Kiely Wealth Advisory Group Inc. purchased a new position in shares of Boeing in the second quarter worth about $33,000. Hobbs Group Advisors LLC acquired a new stake in Boeing in the 2nd quarter valued at about $34,000. Harel Insurance Investments & Financial Services Ltd. lifted its stake in Boeing by 351.1% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 212 shares of the aircraft producer’s stock worth $39,000 after purchasing an additional 165 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new position in shares of Boeing during the 2nd quarter worth approximately $39,000. Finally, Strategic Financial Concepts LLC purchased a new stake in shares of Boeing in the second quarter valued at approximately $41,000. 64.82% of the stock is currently owned by hedge funds and other institutional investors.

Boeing Stock Performance

NYSE BA opened at $151.68 on Friday. The Boeing Company has a one year low of $144.13 and a one year high of $267.54. The firm has a 50 day simple moving average of $155.31 and a 200-day simple moving average of $170.34. The firm has a market cap of $93.77 billion, a price-to-earnings ratio of -11.76 and a beta of 1.57.

Boeing (NYSE:BA) last posted its quarterly earnings results 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 analyst estimates of $17.81 billion. The firm’s quarterly revenue was down 1.5% on a year-over-year basis. During the same period last year, the business posted ($3.26) EPS. Equities analysts predict that The Boeing Company will post -16.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on BA shares. Wells Fargo & Company lowered their price objective on Boeing from $86.00 to $85.00 and set an “underweight” rating on the stock in a research note on Monday, November 4th. JPMorgan Chase & Co. lowered their price target on shares of Boeing from $235.00 to $195.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. UBS Group cut their price objective on shares of Boeing from $215.00 to $195.00 and set a “buy” rating for the company in a research report on Thursday, October 24th. DZ Bank lowered shares of Boeing from a “buy” rating to a “hold” rating and set a $152.00 target price on the stock. in a report on Tuesday, October 15th. Finally, Robert W. Baird cut their price target on shares of Boeing from $240.00 to $200.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Boeing has a consensus rating of “Hold” and an average target price of $190.37.

Boeing 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.