The Boeing Company (NYSE:BA – Get Free Report) was down 0.8% during trading on Tuesday after The Goldman Sachs Group lowered their price target on the stock from $268.00 to $257.00. The Goldman Sachs Group currently has a buy rating on the stock. Boeing traded as low as $188.30 and last traded at $189.89. Approximately 2,836,312 shares were traded during trading, a decline of 73% from the average daily volume of 10,463,703 shares. The stock had previously closed at $191.41.
Other research analysts have also recently issued research reports about the stock. Wells Fargo & Company lowered their price target on shares of Boeing from $225.00 to $215.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 1st. Royal Bank of Canada dropped their price target on shares of Boeing from $285.00 to $260.00 and set an “outperform” rating on the stock in a research note on Thursday, February 1st. Morgan Stanley restated an “equal weight” rating and set a $235.00 target price on shares of Boeing in a research report on Monday. JPMorgan Chase & Co. lowered their price objective on shares of Boeing from $270.00 to $230.00 and set an “overweight” rating on the stock in a research report on Monday. Finally, Stifel Nicolaus began coverage on Boeing in a research note on Friday, December 1st. They set a “buy” rating and a $265.00 price target for the company. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $242.65.
Hedge Funds Weigh In On Boeing
Several large investors have recently made changes to their positions in the company. Moneta Group Investment Advisors LLC grew its holdings in shares of Boeing by 109,667.8% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 16,055,730 shares of the aircraft producer’s stock worth $3,058,456,000 after buying an additional 16,041,103 shares in the last quarter. Capital Research Global Investors boosted its position in Boeing by 35.5% during the fourth quarter. Capital Research Global Investors now owns 16,880,647 shares of the aircraft producer’s stock valued at $4,400,109,000 after purchasing an additional 4,425,964 shares during the last quarter. Jennison Associates LLC acquired a new position in Boeing during the fourth quarter valued at approximately $960,397,000. Wellington Management Group LLP boosted its position in Boeing by 563.9% during the fourth quarter. Wellington Management Group LLP now owns 3,439,093 shares of the aircraft producer’s stock valued at $896,434,000 after purchasing an additional 2,921,043 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in Boeing by 23.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,823,006 shares of the aircraft producer’s stock valued at $2,560,466,000 after purchasing an additional 1,884,850 shares during the last quarter. Institutional investors and hedge funds own 64.82% of the company’s stock.
Boeing Price Performance
The company has a market capitalization of $114.42 billion, a price-to-earnings ratio of -50.96, a PEG ratio of 24.80 and a beta of 1.52. The stock has a 50-day moving average price of $201.07 and a 200-day moving average price of $210.13.
Boeing (NYSE:BA – Get Free Report) last announced its quarterly earnings data on Wednesday, January 31st. The aircraft producer reported ($0.47) earnings per share for the quarter, beating the consensus estimate of ($0.72) by $0.25. The company had revenue of $22.02 billion during the quarter, compared to analyst estimates of $21.14 billion. Boeing’s revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.75) earnings per share. Equities analysts forecast that The Boeing Company will post 1.9 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.