Boeing (NYSE:BA) Shares Down 1% on Disappointing Earnings

The Boeing Company (NYSE:BA) shares were down 1% during trading on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $151.98 and last traded at $155.49. Approximately 4,423,834 shares were traded during mid-day trading, a decline of 45% from the average daily volume of 8,101,830 shares. The stock had previously closed at $157.06.

The aircraft producer reported ($10.44) earnings per share (EPS) 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. During the same period in the prior year, the company earned ($3.26) earnings per share. Boeing’s revenue was down 1.5% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on BA shares. Citigroup dropped their price target on Boeing from $224.00 to $209.00 and set a “buy” rating for the company in a research note on Tuesday, October 15th. Benchmark reiterated a “buy” rating and issued a $250.00 price objective on shares of Boeing in a report on Thursday. TD Cowen reduced their price target on Boeing from $200.00 to $190.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Stifel Nicolaus boosted their price target on Boeing from $230.00 to $235.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on Boeing from $225.00 to $195.00 and set a “buy” rating on the stock in a report on Thursday, October 3rd. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Boeing presently has an average rating of “Moderate Buy” and an average price target of $191.79.

Hedge Funds Weigh In On Boeing

Institutional investors have recently modified their holdings of the stock. Lazari Capital Management Inc. grew its holdings in Boeing by 55.7% in the second quarter. Lazari Capital Management Inc. now owns 23,216 shares of the aircraft producer’s stock worth $4,226,000 after purchasing an additional 8,309 shares during the last quarter. Czech National Bank lifted its position in Boeing by 8.4% during the third quarter. Czech National Bank now owns 119,243 shares of the aircraft producer’s stock valued at $18,130,000 after purchasing an additional 9,281 shares during the period. BSN CAPITAL PARTNERS Ltd acquired a new position in Boeing during the third quarter valued at $11,237,000. Sanctuary Advisors LLC purchased a new position in Boeing in the second quarter valued at $21,405,000. Finally, Williams Financial LLC purchased a new position in Boeing in the second quarter valued at $1,637,000. 64.82% of the stock is owned by hedge funds and other institutional investors.

Boeing Price Performance

The business’s fifty day simple moving average is $160.18 and its two-hundred day simple moving average is $171.89. The company has a market cap of $95.13 billion, a PE ratio of -43.93 and a beta of 1.57.

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.