Boeing (NYSE:BA) Stock Price Down 2.8% – Here’s Why

Shares of The Boeing Company (NYSE:BA) fell 2.8% during mid-day trading on Wednesday . The stock traded as low as $148.80 and last traded at $150.36. 5,328,896 shares changed hands during mid-day trading, a decline of 33% from the average session volume of 7,986,479 shares. The stock had previously closed at $154.65.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Sanford C. Bernstein cut their target price on shares of Boeing from $222.00 to $207.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Boeing from $225.00 to $195.00 and set a “buy” rating on the stock in a report on Thursday, October 3rd. TD Cowen reduced their target price on shares of Boeing from $230.00 to $200.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. Wells Fargo & Company reduced their target price on shares of Boeing from $119.00 to $110.00 and set an “underweight” rating for the company in a research note on Tuesday, October 1st. Finally, Jefferies Financial Group reduced their target price on shares of Boeing from $270.00 to $240.00 and set a “buy” rating for the company in a research note on Monday, September 23rd. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Boeing currently has a consensus rating of “Moderate Buy” and a consensus target price of $206.00.

Boeing Stock Performance

The stock has a market cap of $92.51 billion, a P/E ratio of -42.35 and a beta of 1.57. The stock’s fifty day simple moving average is $164.24 and its 200-day simple moving average is $174.59.

Boeing (NYSE:BA) last posted its quarterly earnings data on Wednesday, July 31st. The aircraft producer reported ($2.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.00) by ($1.90). The business had revenue of $16.87 billion for the quarter, compared to analysts’ expectations of $17.35 billion. The firm’s revenue for the quarter was down 14.6% on a year-over-year basis. During the same period in the prior year, the company earned ($0.82) earnings per share. As a group, equities research analysts forecast that The Boeing Company will post -4.27 earnings per share for the current year.

Hedge Funds Weigh In On Boeing

A number of institutional investors have recently added to or reduced their stakes in the stock. Kiely Wealth Advisory Group Inc. bought a new stake in shares of Boeing in the 2nd quarter valued at $33,000. Vima LLC bought a new stake in shares of Boeing in the 4th quarter valued at $34,000. Hobbs Group Advisors LLC bought a new stake in shares of Boeing in the 2nd quarter valued at $34,000. McClarren Financial Advisors Inc. boosted its stake in shares of Boeing by 451.4% in the 1st quarter. McClarren Financial Advisors Inc. now owns 193 shares of the aircraft producer’s stock valued at $37,000 after purchasing an additional 158 shares during the last quarter. Finally, Accent Capital Management LLC bought a new stake in shares of Boeing in the 4th quarter valued at $39,000. 64.82% of the stock is currently owned by institutional investors and hedge funds.

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.