Boeing (NYSE:BA) Trading Down 1.5% After Analyst Downgrade

The Boeing Company (NYSE:BA)’s stock price traded down 1.5% during mid-day trading on Tuesday after The Goldman Sachs Group lowered their price target on the stock from $232.00 to $202.00. The Goldman Sachs Group currently has a buy rating on the stock. Boeing traded as low as $153.83 and last traded at $153.90. 2,419,456 shares were traded during mid-day trading, a decline of 70% from the average session volume of 7,970,326 shares. The stock had previously closed at $156.30.

Several other equities analysts have also recently weighed in on BA. Jefferies Financial Group decreased their price target on shares of Boeing from $270.00 to $240.00 and set a “buy” rating for the company in a research note on Monday. Wells Fargo & Company reiterated an “underweight” rating and issued a $119.00 price target (down from $185.00) on shares of Boeing in a research note on Tuesday, September 3rd. Robert W. Baird reduced their price objective on shares of Boeing from $300.00 to $240.00 and set an “outperform” rating for the company in a research note on Monday, June 3rd. Bank of America upped their target price on Boeing from $180.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday, June 13th. Finally, Susquehanna restated a “positive” rating and issued a $230.00 price target on shares of Boeing in a research note on Wednesday, August 14th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Boeing has an average rating of “Moderate Buy” and a consensus price target of $209.83.

Hedge Funds Weigh In On Boeing

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Chicago Partners Investment Group LLC boosted its position in shares of Boeing by 0.4% during the 4th quarter. Chicago Partners Investment Group LLC now owns 14,941 shares of the aircraft producer’s stock worth $3,895,000 after purchasing an additional 56 shares in the last quarter. Madison Park Capital Advisors LLC increased its holdings in shares of Boeing by 4.9% during the second quarter. Madison Park Capital Advisors LLC now owns 1,204 shares of the aircraft producer’s stock valued at $219,000 after acquiring an additional 56 shares in the last quarter. Angeles Wealth Management LLC lifted its holdings in shares of Boeing by 4.3% in the 4th quarter. Angeles Wealth Management LLC now owns 1,463 shares of the aircraft producer’s stock worth $381,000 after purchasing an additional 60 shares in the last quarter. Bridge Creek Capital Management LLC grew its position in Boeing by 3.1% in the 1st quarter. Bridge Creek Capital Management LLC now owns 1,983 shares of the aircraft producer’s stock valued at $383,000 after purchasing an additional 60 shares during the period. Finally, Wealth Alliance Advisory Group LLC increased its stake in Boeing by 1.6% during the 2nd quarter. Wealth Alliance Advisory Group LLC now owns 3,798 shares of the aircraft producer’s stock valued at $691,000 after purchasing an additional 60 shares in the last quarter. Institutional investors own 64.82% of the company’s stock.

Boeing Price Performance

The company’s fifty day simple moving average is $170.76 and its two-hundred day simple moving average is $177.08. The stock has a market cap of $94.48 billion, a price-to-earnings ratio of -43.35 and a beta of 1.57.

Boeing (NYSE:BA) last announced its earnings results on Wednesday, July 31st. The aircraft producer reported ($2.90) EPS for the quarter, missing the consensus estimate of ($1.00) by ($1.90). The firm had revenue of $16.87 billion for the quarter, compared to the consensus estimate of $17.35 billion. During the same period in the prior year, the company posted ($0.82) EPS. Boeing’s revenue was down 14.6% compared to the same quarter last year. On average, analysts forecast that The Boeing Company will post -4.26 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.