Boeing (NYSE:BA) Trading Down 2.2% – Here’s What Happened

Shares of The Boeing Company (NYSE:BA) traded down 2.2% during mid-day trading on Thursday . The stock traded as low as $172.14 and last traded at $173.19. 4,219,168 shares were traded during mid-day trading, a decline of 55% from the average session volume of 9,357,763 shares. The stock had previously closed at $177.00.

Wall Street Analyst Weigh In

BA has been the subject of a number of recent research reports. JPMorgan Chase & Co. decreased their price objective on Boeing from $195.00 to $190.00 and set an “overweight” rating for the company in a research report on Monday, November 25th. Sanford C. Bernstein lowered shares of Boeing from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $195.00 to $169.00 in a research report on Wednesday, October 30th. TD Cowen dropped their price objective on shares of Boeing from $200.00 to $190.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Morgan Stanley reduced their target price on shares of Boeing from $195.00 to $170.00 and set an “equal weight” rating for the company in a research note on Thursday, October 24th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $200.00 price target on shares of Boeing in a research note on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $191.16.

Boeing Stock Down 1.1 %

The company has a market cap of $105.03 billion, a price-to-earnings ratio of -13.17 and a beta of 1.52. The company has a fifty day simple moving average of $159.43 and a two-hundred day simple moving average of $165.47.

Boeing (NYSE:BA) last posted its earnings results on Wednesday, October 23rd. The aircraft producer reported ($10.44) earnings per share for the quarter, missing the consensus estimate of ($10.34) by ($0.10). The business had revenue of $17.84 billion for the quarter, compared to analysts’ expectations of $17.81 billion. The company’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($3.26) EPS. On average, research analysts predict that The Boeing Company will post -16.18 EPS for the current year.

Institutional Investors Weigh In On Boeing

A number of large investors have recently bought and sold shares of the stock. Rockefeller Capital Management L.P. grew its holdings in shares of Boeing by 8.8% during the third quarter. Rockefeller Capital Management L.P. now owns 473,917 shares of the aircraft producer’s stock worth $72,075,000 after buying an additional 38,300 shares in the last quarter. Principal Financial Group Inc. grew its stake in Boeing by 6.1% in the 3rd quarter. Principal Financial Group Inc. now owns 666,244 shares of the aircraft producer’s stock worth $101,296,000 after acquiring an additional 38,332 shares during the period. Jennison Associates LLC grew its stake in Boeing by 9.9% in the 3rd quarter. Jennison Associates LLC now owns 6,700,706 shares of the aircraft producer’s stock worth $1,018,775,000 after acquiring an additional 602,143 shares during the period. World Investment Advisors LLC raised its holdings in Boeing by 243.4% in the 3rd quarter. World Investment Advisors LLC now owns 5,381 shares of the aircraft producer’s stock valued at $818,000 after acquiring an additional 3,814 shares during the last quarter. Finally, ING Groep NV purchased a new position in shares of Boeing during the 3rd quarter worth $11,679,000. Institutional investors and hedge funds 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.