Boeing (NYSE:BA) Shares Down 2.4% on Analyst Downgrade

Shares of The Boeing Company (NYSE:BA) were down 2.4% on Monday after Citigroup lowered their price target on the stock from $224.00 to $209.00. Citigroup currently has a buy rating on the stock. Boeing traded as low as $146.02 and last traded at $147.43. Approximately 3,935,699 shares traded hands during trading, a decline of 51% from the average daily volume of 8,032,438 shares. The stock had previously closed at $151.02.

Several other brokerages have also weighed in on BA. JPMorgan Chase & Co. lowered their target price on shares of Boeing from $235.00 to $195.00 and set an “overweight” rating for the company in a research note on Monday. Wells Fargo & Company lowered their price objective on shares of Boeing from $110.00 to $109.00 and set an “underweight” rating for the company in a research note on Monday. The Goldman Sachs Group lowered their price objective on shares of Boeing from $232.00 to $202.00 and set a “buy” rating for the company in a research note on Tuesday, September 24th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Boeing from $225.00 to $195.00 and set a “buy” rating for the company in a research note on Thursday, October 3rd. Finally, Susquehanna reissued a “positive” rating and issued a $230.00 price objective on shares of Boeing in a research note on Wednesday, August 14th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $201.00.

Hedge Funds Weigh In On Boeing

A number of institutional investors have recently modified their holdings of the business. Global Assets Advisory LLC acquired a new position in Boeing in the 1st quarter valued at $272,312,000. Vanguard Group Inc. increased its stake in Boeing by 2.5% in the 1st quarter. Vanguard Group Inc. now owns 49,724,770 shares of the aircraft producer’s stock valued at $9,596,383,000 after buying an additional 1,222,816 shares during the period. Van ECK Associates Corp increased its stake in Boeing by 9,626.0% in the 2nd quarter. Van ECK Associates Corp now owns 1,026,092 shares of the aircraft producer’s stock valued at $186,759,000 after buying an additional 1,015,542 shares during the period. Wulff Hansen & CO. boosted its position in shares of Boeing by 15,039.0% during the 2nd quarter. Wulff Hansen & CO. now owns 967,383 shares of the aircraft producer’s stock worth $176,073,000 after purchasing an additional 960,993 shares in the last quarter. Finally, Jennison Associates LLC boosted its position in shares of Boeing by 14.1% during the 1st quarter. Jennison Associates LLC now owns 4,203,435 shares of the aircraft producer’s stock worth $811,221,000 after purchasing an additional 518,952 shares in the last quarter. 64.82% of the stock is owned by institutional investors and hedge funds.

Boeing Stock Performance

The company has a market capitalization of $93.59 billion, a PE ratio of -42.94 and a beta of 1.57. The firm’s 50-day simple moving average is $161.80 and its 200 day simple moving average is $173.13.

Boeing (NYSE:BA) last issued its earnings results on Wednesday, July 31st. The aircraft producer reported ($2.90) EPS for the quarter, missing the consensus estimate of ($1.00) by ($1.90). The business had revenue of $16.87 billion for the quarter, compared to the consensus estimate of $17.35 billion. The business’s quarterly revenue was down 14.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.82) EPS. As a group, equities analysts anticipate that The Boeing Company will post -5.35 earnings per share for the current year.

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.