Boeing (NYSE:BA) Reaches New 52-Week Low – Should You Sell?

The Boeing Company (NYSE:BA)’s stock price hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $148.80 and last traded at $150.41, with a volume of 1222593 shares. The stock had previously closed at $154.65.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. The Goldman Sachs Group dropped their price objective on Boeing from $232.00 to $202.00 and set a “buy” rating on the stock in a research note on Tuesday, September 24th. Sanford C. Bernstein dropped their price objective on Boeing from $222.00 to $207.00 and set an “outperform” rating on the stock in a research note on Monday, August 5th. Jefferies Financial Group dropped their price objective on Boeing from $270.00 to $240.00 and set a “buy” rating on the stock in a research note on Monday, September 23rd. Stifel Nicolaus upped their target price on Boeing from $230.00 to $235.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, Wells Fargo & Company lowered their target price on Boeing from $119.00 to $110.00 and set an “underweight” rating for the company in a report on Tuesday, October 1st. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Boeing presently has an average rating of “Moderate Buy” and an average price target of $206.00.

Boeing Stock Performance

The firm has a fifty day moving average price of $164.24 and a 200 day moving average price of $174.59. The stock has a market cap of $92.21 billion, a PE ratio of -43.56 and a beta of 1.57.

Boeing (NYSE:BA) last issued its earnings results on Wednesday, July 31st. The aircraft producer reported ($2.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.00) by ($1.90). The company had revenue of $16.87 billion during the quarter, compared to the consensus estimate of $17.35 billion. Boeing’s revenue was down 14.6% compared to the same quarter last year. During the same period last year, the business earned ($0.82) EPS. On average, equities research analysts forecast that The Boeing Company will post -4.27 earnings per share for the current year.

Hedge Funds Weigh In On Boeing

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Lazari Capital Management Inc. raised its stake in Boeing by 55.7% in the 2nd quarter. Lazari Capital Management Inc. now owns 23,216 shares of the aircraft producer’s stock worth $4,226,000 after acquiring an additional 8,309 shares during the last quarter. Sanders Morris Harris LLC raised its stake in Boeing by 869.1% in the 1st quarter. Sanders Morris Harris LLC now owns 22,775 shares of the aircraft producer’s stock worth $4,395,000 after acquiring an additional 20,425 shares during the last quarter. Czech National Bank grew its position in Boeing by 8.4% during the 3rd quarter. Czech National Bank now owns 119,243 shares of the aircraft producer’s stock worth $18,130,000 after purchasing an additional 9,281 shares during the period. Park Avenue Securities LLC grew its position in Boeing by 20.7% during the 1st quarter. Park Avenue Securities LLC now owns 10,543 shares of the aircraft producer’s stock worth $2,035,000 after purchasing an additional 1,805 shares during the period. Finally, Sanctuary Advisors LLC acquired a new stake in Boeing during the 2nd quarter worth about $21,405,000. Hedge funds and other institutional investors own 64.82% of the company’s stock.

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.