Boeing (NYSE:BA) Shares Down 2.5% Following Weak Earnings

The Boeing Company (NYSE:BA)’s share price fell 2.5% during mid-day trading on Wednesday following a dissappointing earnings announcement. The company traded as low as $172.86 and last traded at $173.37. 4,215,642 shares changed hands during mid-day trading, a decline of 51% from the average session volume of 8,531,303 shares. The stock had previously closed at $177.78.

The aircraft producer reported ($5.90) EPS for the quarter, missing analysts’ consensus estimates of ($1.60) by ($4.30). During the same quarter in the previous year, the company earned ($0.47) earnings per share.

Analysts Set New Price Targets

Several analysts have recently weighed in on BA shares. Wells Fargo & Company lifted their target price on Boeing from $85.00 to $103.00 and gave the stock an “underweight” rating in a research report on Wednesday. Royal Bank of Canada reiterated an “outperform” rating and set a $200.00 price objective on shares of Boeing in a report on Wednesday. Citigroup dropped their target price on shares of Boeing from $209.00 to $207.00 and set a “buy” rating on the stock in a research note on Friday, January 24th. DZ Bank downgraded shares of Boeing from a “buy” rating to a “hold” rating and set a $152.00 price target for the company. in a research note on Tuesday, October 15th. Finally, Susquehanna boosted their price target on Boeing from $200.00 to $205.00 and gave the company a “positive” rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, eight have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $195.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quarry LP increased its holdings in shares of Boeing by 68.3% during the second quarter. Quarry LP now owns 611 shares of the aircraft producer’s stock valued at $111,000 after acquiring an additional 248 shares in the last quarter. Regal Investment Advisors LLC raised its holdings in shares of Boeing by 10.2% in the second quarter. Regal Investment Advisors LLC now owns 3,440 shares of the aircraft producer’s stock worth $626,000 after buying an additional 317 shares during the last quarter. Granite Bay Wealth Management LLC acquired a new stake in shares of Boeing during the second quarter worth $561,000. Clearbridge Investments LLC lifted its stake in shares of Boeing by 6,763.5% during the second quarter. Clearbridge Investments LLC now owns 287,237 shares of the aircraft producer’s stock worth $52,280,000 after buying an additional 283,052 shares during the period. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in shares of Boeing during the second quarter valued at $82,000. 64.82% of the stock is currently owned by hedge funds and other institutional investors.

Boeing Trading Down 2.1 %

The firm has a 50-day moving average of $167.68 and a 200-day moving average of $164.19. The stock has a market capitalization of $107.58 billion, a price-to-earnings ratio of -13.49 and a beta of 1.52.

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.