Boeing (NYSE:BA) Shares Down 0.9% After Analyst Downgrade

The Boeing Company (NYSE:BA)’s share price dropped 0.9% during mid-day trading on Tuesday after JPMorgan Chase & Co. lowered their price target on the stock from $195.00 to $190.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Boeing traded as low as $149.80 and last traded at $151.78. 2,796,249 shares traded hands during trading, a decline of 70% from the average daily volume of 9,176,895 shares. The stock had previously closed at $153.10.

BA has been the subject of a number of other research reports. Citigroup cut their price target on shares of Boeing from $224.00 to $209.00 and set a “buy” rating for the company in a report on Tuesday, October 15th. Robert W. Baird cut their target price on Boeing from $240.00 to $200.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Sanford C. Bernstein lowered Boeing from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $195.00 to $169.00 in a research note on Wednesday, October 30th. Benchmark reiterated a “buy” rating and set a $250.00 price target on shares of Boeing in a report on Thursday, October 24th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $200.00 price objective on shares of Boeing in a report on Wednesday, October 30th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $190.11.

Institutional Investors Weigh In On Boeing

A number of hedge funds have recently bought and sold shares of the stock. RPg Family Wealth Advisory LLC acquired a new position in Boeing during the 3rd quarter worth approximately $28,000. Cedar Wealth Management LLC acquired a new position in shares of Boeing during the third quarter worth $30,000. Kiely Wealth Advisory Group Inc. purchased a new position in Boeing in the second quarter valued at $33,000. Hobbs Group Advisors LLC acquired a new stake in Boeing in the second quarter valued at $34,000. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its holdings in Boeing by 351.1% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 212 shares of the aircraft producer’s stock worth $39,000 after buying an additional 165 shares during the last quarter. Institutional investors and hedge funds own 64.82% of the company’s stock.

Boeing Stock Performance

The firm has a market capitalization of $94.23 billion, a price-to-earnings ratio of -11.82 and a beta of 1.57. The company has a 50-day moving average price of $151.48 and a 200-day moving average price of $167.77.

Boeing (NYSE:BA) last announced its quarterly earnings results on Wednesday, October 23rd. The aircraft producer reported ($10.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($10.34) by ($0.10). The company had revenue of $17.84 billion during the quarter, compared to analysts’ expectations of $17.81 billion. During the same period last year, the business earned ($3.26) earnings per share. The firm’s quarterly revenue was down 1.5% compared to the same quarter last year. On average, research analysts expect that The Boeing Company will post -16.2 earnings per share for the current fiscal 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.