Parallel Advisors LLC Has $1.06 Million Stock Position in The Boeing Company (NYSE:BA)

Parallel Advisors LLC lowered its stake in The Boeing Company (NYSE:BA) by 21.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,848 shares of the aircraft producer’s stock after selling 1,581 shares during the quarter. Parallel Advisors LLC’s holdings in Boeing were worth $1,064,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Sanders Morris Harris LLC increased 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 acquiring an additional 20,425 shares during the last quarter. Park Avenue Securities LLC increased its position in shares of Boeing by 20.7% in the first quarter. Park Avenue Securities LLC now owns 10,543 shares of the aircraft producer’s stock valued at $2,035,000 after acquiring an additional 1,805 shares during the last quarter. Williams Financial LLC acquired a new position in Boeing during the second quarter worth approximately $1,637,000. Granite Bay Wealth Management LLC acquired a new position in Boeing during the second quarter worth approximately $561,000. Finally, Envestnet Portfolio Solutions Inc. increased its position in Boeing by 115.6% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 14,637 shares of the aircraft producer’s stock worth $2,825,000 after buying an additional 7,848 shares during the last quarter. Institutional investors and hedge funds own 64.82% of the company’s stock.

Boeing Trading Down 3.7 %

Shares of BA stock opened at $156.77 on Monday. The stock has a market cap of $96.60 billion, a P/E ratio of -44.16 and a beta of 1.57. The stock has a 50 day simple moving average of $174.10 and a 200 day simple moving average of $179.04. The Boeing Company has a 1 year low of $155.60 and a 1 year high of $267.54.

Boeing (NYSE:BA) last issued its quarterly earnings results on Wednesday, July 31st. The aircraft producer reported ($2.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.00) by ($1.90). The company had revenue of $16.87 billion during the quarter, compared to analyst estimates of $17.35 billion. The company’s revenue for the quarter was down 14.6% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.82) EPS. Analysts forecast that The Boeing Company will post -4.26 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on BA. Sanford C. Bernstein lowered their price target on Boeing from $222.00 to $207.00 and set an “outperform” rating on the stock in a research report on Monday, August 5th. Bank of America boosted their price target on Boeing from $180.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, June 13th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $225.00 price target on shares of Boeing in a research report on Tuesday, June 25th. Susquehanna reissued a “positive” rating and set a $230.00 price target on shares of Boeing in a research report on Wednesday, August 14th. Finally, Wells Fargo & Company reaffirmed an “underweight” rating and issued a $119.00 target price (down previously from $185.00) on shares of Boeing in a research report on Tuesday, September 3rd. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Boeing currently has an average rating of “Moderate Buy” and an average price target of $211.29.

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.