Boeing (NYSE:BA) Stock Price Up 2% – Here’s Why

The Boeing Company (NYSE:BA)’s stock price rose 2% during trading on Thursday . The company traded as high as $160.52 and last traded at $159.58. Approximately 2,095,508 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 9,007,935 shares. The stock had previously closed at $156.47.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BA. Susquehanna boosted their target price on Boeing from $200.00 to $205.00 and gave the company a “positive” rating in a research report on Wednesday, January 29th. JPMorgan Chase & Co. lifted their price objective on shares of Boeing from $190.00 to $200.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Royal Bank of Canada reiterated an “outperform” rating and issued a $200.00 target price on shares of Boeing in a report on Wednesday, January 29th. Citigroup boosted their price target on shares of Boeing from $207.00 to $210.00 and gave the company a “buy” rating in a report on Monday, February 10th. Finally, Wells Fargo & Company dropped their price objective on shares of Boeing from $113.00 to $111.00 and set an “underweight” rating on the stock in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $198.95.

Boeing Price Performance

The firm’s fifty day simple moving average is $166.41 and its 200 day simple moving average is $164.03. The company has a market capitalization of $121.39 billion, a PE ratio of -8.83 and a beta of 1.24.

Boeing (NYSE:BA) last announced its quarterly earnings results on Tuesday, January 28th. The aircraft producer reported ($5.90) earnings per share for the quarter, missing the consensus estimate of ($1.60) by ($4.30). During the same quarter in the prior year, the firm posted ($0.47) earnings per share. On average, equities research analysts anticipate that The Boeing Company will post -2.58 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Uma M. Amuluru sold 3,159 shares of the firm’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $180.69, for a total value of $570,799.71. Following the transaction, the executive vice president now directly owns 19,213 shares of the company’s stock, valued at approximately $3,471,596.97. This trade represents a 14.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.09% of the company’s stock.

Institutional Trading of Boeing

Several large investors have recently added to or reduced their stakes in BA. Vanguard Group Inc. raised its stake in Boeing by 24.4% during the fourth quarter. Vanguard Group Inc. now owns 64,442,717 shares of the aircraft producer’s stock worth $11,406,361,000 after purchasing an additional 12,641,715 shares during the period. Geode Capital Management LLC raised its position in shares of Boeing by 29.5% during the 4th quarter. Geode Capital Management LLC now owns 15,171,869 shares of the aircraft producer’s stock valued at $2,677,170,000 after buying an additional 3,452,075 shares during the period. Castlekeep Investment Advisors LLC acquired a new position in Boeing in the fourth quarter valued at approximately $568,000. Alyeska Investment Group L.P. purchased a new position in Boeing in the fourth quarter worth approximately $526,889,000. Finally, Zimmer Partners LP acquired a new stake in Boeing during the fourth quarter worth $393,736,000. 64.82% of the stock is currently owned by hedge funds and other institutional investors.

About Boeing

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.