Boeing (NYSE:BA) Stock Price Down 0.5% on Analyst Downgrade

Shares of The Boeing Company (NYSE:BA) were down 0.5% on Friday after Citigroup lowered their price target on the stock from $209.00 to $207.00. Citigroup currently has a buy rating on the stock. Boeing traded as low as $174.37 and last traded at $177.57. Approximately 4,170,519 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 7,614,595 shares. The stock had previously closed at $178.50.

BA has been the topic of a number of other research reports. Benchmark reissued a “buy” rating and issued a $250.00 price objective on shares of Boeing in a research note on Thursday, October 24th. Northcoast Research raised shares of Boeing from a “sell” rating to a “neutral” rating in a research note on Thursday, December 12th. JPMorgan Chase & Co. reduced their price objective on shares of Boeing from $195.00 to $190.00 and set an “overweight” rating on the stock in a research note on Monday, November 25th. Sanford C. Bernstein cut shares of Boeing from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $195.00 to $169.00 in a research report on Wednesday, October 30th. Finally, Barclays upgraded Boeing from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $190.00 to $210.00 in a research report on Monday, January 6th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $192.11.

Hedge Funds Weigh In On Boeing

A number of large investors have recently bought and sold shares of the company. Sugar Maple Asset Management LLC bought a new position in Boeing in the fourth quarter valued at approximately $27,000. RPg Family Wealth Advisory LLC acquired a new stake in Boeing in the third quarter valued at $28,000. Fiduciary Advisors Inc. bought a new position in Boeing during the fourth quarter worth about $28,000. Cedar Wealth Management LLC bought a new position in shares of Boeing during the 3rd quarter worth approximately $30,000. Finally, Heck Capital Advisors LLC bought a new stake in Boeing in the 4th quarter valued at $33,000. Institutional investors and hedge funds own 64.82% of the company’s stock.

Boeing Price Performance

The stock has a market capitalization of $108.77 billion, a P/E ratio of -13.64 and a beta of 1.52. The stock’s 50-day simple moving average is $165.70 and its 200 day simple moving average is $164.62.

Boeing (NYSE:BA) last announced its earnings results on Wednesday, October 23rd. The aircraft producer reported ($10.44) EPS for the quarter, missing the consensus estimate of ($10.34) by ($0.10). The company had revenue of $17.84 billion for the quarter, compared to analyst estimates of $17.81 billion. The business’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same period last year, the firm earned ($3.26) earnings per share. As a group, analysts expect that The Boeing Company will post -16.39 earnings per share for the current fiscal 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.