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

The Boeing Company (NYSE:BA)’s stock price was down 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. Approximately 2,796,249 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 9,176,895 shares. The stock had previously closed at $153.10.

Several other analysts have also recently issued reports on BA. Stifel Nicolaus upped their price objective on Boeing from $230.00 to $235.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Jefferies Financial Group dropped their price target on Boeing from $270.00 to $240.00 and set a “buy” rating on the stock in a research report on Monday, September 23rd. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Boeing from $225.00 to $195.00 and set a “buy” rating for the company in a report on Thursday, October 3rd. Sanford C. Bernstein cut shares of Boeing from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $195.00 to $169.00 in a report on Wednesday, October 30th. Finally, Citigroup decreased 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. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $190.11.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Van ECK Associates Corp boosted its stake in Boeing by 122.0% during the 3rd quarter. Van ECK Associates Corp now owns 2,277,548 shares of the aircraft producer’s stock valued at $357,712,000 after purchasing an additional 1,251,456 shares in the last quarter. International Assets Investment Management LLC boosted its stake in Boeing by 289.8% during the third quarter. International Assets Investment Management LLC now owns 1,682,970 shares of the aircraft producer’s stock valued at $2,558,790,000 after buying an additional 1,251,165 shares in the last quarter. Wulff Hansen & CO. grew its holdings in Boeing by 15,039.0% during the second quarter. Wulff Hansen & CO. now owns 967,383 shares of the aircraft producer’s stock worth $176,073,000 after acquiring an additional 960,993 shares during the period. State Street Corp raised its position in Boeing by 2.3% in the third quarter. State Street Corp now owns 27,778,195 shares of the aircraft producer’s stock worth $4,223,397,000 after acquiring an additional 636,594 shares in the last quarter. Finally, Jennison Associates LLC lifted its holdings in Boeing by 9.9% in the 3rd quarter. Jennison Associates LLC now owns 6,700,706 shares of the aircraft producer’s stock valued at $1,018,775,000 after acquiring an additional 602,143 shares during the last quarter. Institutional investors and hedge funds own 64.82% of the company’s stock.

Boeing Trading Down 1.6 %

The company’s 50-day moving average price is $151.53 and its two-hundred day moving average price is $167.88. The company has a market cap of $93.18 billion, a P/E ratio of -11.68 and a beta of 1.57.

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

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.