Boeing (NYSE:BA) Stock Price Down 0.3% on Analyst Downgrade

by · The Cerbat Gem

The Boeing Company (NYSE:BA – Get Free Report) shares fell 0.3% during mid-day trading on Wednesday 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 $155.16 and last traded at $155.38. 1,983,872 shares traded hands during trading, a decline of 75% from the average session volume of 7,964,970 shares. The stock had previously closed at $155.81.

A number of other equities research analysts have also recently issued reports on BA. Bank of America upped their price objective on Boeing from $180.00 to $200.00 and gave the stock a “neutral” rating in a research note on Thursday, June 13th. Susquehanna reissued a “positive” rating and issued a $230.00 price objective on shares of Boeing in a research report on Wednesday, August 14th. Baird R W upgraded shares of Boeing to a “strong-buy” rating in a research note on Monday, June 3rd. Wells Fargo & Company reiterated an “underweight” rating and issued a $119.00 target price (down from $185.00) on shares of Boeing in a research note on Tuesday, September 3rd. Finally, Jefferies Financial Group lowered 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. Three research 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. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $209.83.

Check Out Our Latest Stock Analysis on Boeing

Hedge Funds Weigh In On Boeing

Hedge funds have recently bought and sold shares of the business. Vermillion & White Wealth Management Group LLC bought a new stake in shares of Boeing during the 4th quarter valued at $26,000. Kiely Wealth Advisory Group Inc. acquired a new position in Boeing in the second quarter valued at about $33,000. Vima LLC bought a new stake in Boeing during the fourth quarter worth about $34,000. Hobbs Group Advisors LLC acquired a new stake in Boeing during the second quarter worth about $34,000. Finally, McClarren Financial Advisors Inc. increased its holdings in 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 buying an additional 158 shares during the period. 64.82% of the stock is owned by institutional investors.

Boeing Trading Up 1.6 %

The company has a market capitalization of $94.89 billion, a price-to-earnings ratio of -43.74 and a beta of 1.57. The firm’s 50-day moving average price is $169.50 and its 200 day moving average price is $176.61.

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

About Boeing

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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.

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