Boeing (NYSE:BA) Trading 1% Higher – Here’s What Happened

The Boeing Company (NYSE:BA) shares shot up 1% on Thursday . The company traded as high as $168.82 and last traded at $167.65. 3,158,723 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 9,197,045 shares. The stock had previously closed at $165.96.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Citigroup lowered their price objective 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. Robert W. Baird lowered 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. UBS Group cut their price objective on Boeing from $215.00 to $195.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. DZ Bank cut Boeing from a “buy” rating to a “hold” rating and set a $152.00 target price for the company. in a report on Tuesday, October 15th. Finally, Morgan Stanley cut their price target on Boeing from $195.00 to $170.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 24th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $190.11.

Boeing Stock Performance

The stock has a market capitalization of $104.88 billion, a price-to-earnings ratio of -13.15 and a beta of 1.56. The stock has a fifty day simple moving average of $152.79 and a two-hundred day simple moving average of $166.12.

Boeing (NYSE:BA) last issued its earnings results on Wednesday, October 23rd. The aircraft producer reported ($10.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($10.34) by ($0.10). The business had revenue of $17.84 billion during the quarter, compared to analyst estimates of $17.81 billion. The business’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($3.26) EPS. Research analysts forecast that The Boeing Company will post -16.18 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. RPg Family Wealth Advisory LLC acquired a new stake in shares of Boeing in the 3rd quarter worth about $28,000. Cedar Wealth Management LLC bought a new position in shares of Boeing in the third quarter valued at approximately $30,000. Kiely Wealth Advisory Group Inc. purchased a new position in shares of Boeing during the second quarter valued at approximately $33,000. Hobbs Group Advisors LLC bought a new stake in Boeing during the second quarter worth $34,000. Finally, Harel Insurance Investments & Financial Services Ltd. raised its position 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 valued at $39,000 after buying an additional 165 shares during the last quarter. 64.82% of the stock is owned by institutional investors and hedge funds.

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.