Boeing (NYSE:BA) Shares Down 2.2% – Time to Sell?

The Boeing Company (NYSE:BA)’s stock price dropped 2.2% on Thursday . The stock traded as low as $172.14 and last traded at $173.19. Approximately 4,219,168 shares changed hands during trading, a decline of 55% from the average daily volume of 9,357,763 shares. The stock had previously closed at $177.00.

Analyst Ratings Changes

A number of brokerages have commented on BA. UBS Group lowered their target price on Boeing from $215.00 to $195.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. Susquehanna lowered their price objective on Boeing from $210.00 to $200.00 and set a “positive” rating for the company in a research report on Thursday, October 24th. Benchmark reiterated a “buy” rating and set a $250.00 target price on shares of Boeing in a research report on Thursday, October 24th. Northcoast Research raised shares of Boeing from a “sell” rating to a “neutral” rating in a research note on Thursday, December 12th. Finally, Citigroup dropped their price target 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. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $191.16.

Boeing Stock Performance

The business’s fifty day simple moving average is $158.80 and its 200 day simple moving average is $165.49. The stock has a market cap of $105.16 billion, a price-to-earnings ratio of -13.19 and a beta of 1.56.

Boeing (NYSE:BA) last released 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 company had revenue of $17.84 billion during the quarter, compared to analyst estimates of $17.81 billion. During the same quarter last year, the business posted ($3.26) EPS. The business’s quarterly revenue was down 1.5% on a year-over-year basis. As a group, analysts forecast that The Boeing Company will post -16.18 EPS for the current fiscal year.

Institutional Trading of Boeing

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Rockefeller Capital Management L.P. grew its stake in Boeing by 8.8% in the third 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. Principal Financial Group Inc. grew its holdings in shares of Boeing by 6.1% during the third quarter. Principal Financial Group Inc. now owns 666,244 shares of the aircraft producer’s stock valued at $101,296,000 after purchasing an additional 38,332 shares during the last quarter. Jennison Associates LLC boosted its position in Boeing by 9.9% during 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. World Investment Advisors LLC increased its position in Boeing by 243.4% in the third quarter. World Investment Advisors LLC now owns 5,381 shares of the aircraft producer’s stock worth $818,000 after buying an additional 3,814 shares during the period. Finally, ING Groep NV acquired a new position in shares of Boeing during the third quarter valued at $11,679,000. 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.