Boeing (NYSE:BA) Stock Price Down 2.7% After Earnings Miss

by · The Cerbat Gem

Shares of The Boeing Company (NYSE:BA – Get Free Report) traded down 2.7% on Wednesday after the company announced weaker than expected quarterly earnings. The company traded as low as $153.53 and last traded at $155.56. 6,174,160 shares changed hands during mid-day trading, a decline of 23% from the average session volume of 8,066,009 shares. The stock had previously closed at $159.88.

The aircraft producer reported ($10.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($10.34) by ($0.10). The firm had revenue of $17.84 billion during the quarter, compared to analyst estimates of $17.81 billion. The firm’s revenue was down 1.5% on a year-over-year basis. During the same period in the previous year, the business earned ($3.26) earnings per share.

Analyst Ratings Changes

A number of brokerages have recently weighed in on BA. The Goldman Sachs Group lowered their price target on Boeing from $232.00 to $202.00 and set a “buy” rating for the company in a report on Tuesday, September 24th. Sanford C. Bernstein lowered their price objective on Boeing from $207.00 to $195.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Jefferies Financial Group lowered their price objective on Boeing from $270.00 to $240.00 and set a “buy” rating for the company in a research note on Monday, September 23rd. Stifel Nicolaus increased their price target on Boeing from $230.00 to $235.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, Morgan Stanley decreased their price target on Boeing from $195.00 to $170.00 and set an “equal weight” rating for the company in a research note on Thursday. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $191.79.

Check Out Our Latest Stock Report on Boeing

Institutional Investors Weigh In On Boeing

Institutional investors have recently made changes to their positions in the company. Mutual Advisors LLC boosted its stake in shares of Boeing by 125.5% during the 3rd quarter. Mutual Advisors LLC now owns 25,581 shares of the aircraft producer’s stock worth $3,970,000 after acquiring an additional 14,239 shares during the last quarter. Nicholas Hoffman & Company LLC. increased its holdings in shares of Boeing by 9.3% in the 3rd quarter. Nicholas Hoffman & Company LLC. now owns 5,855 shares of the aircraft producer’s stock worth $890,000 after buying an additional 500 shares during the last quarter. Valmark Advisers Inc. increased its holdings in shares of Boeing by 4.9% in the 3rd quarter. Valmark Advisers Inc. now owns 3,139 shares of the aircraft producer’s stock worth $477,000 after buying an additional 147 shares during the last quarter. Tyche Wealth Partners LLC boosted its stake in shares of Boeing by 3.8% during the 3rd quarter. Tyche Wealth Partners LLC now owns 2,701 shares of the aircraft producer’s stock worth $411,000 after purchasing an additional 98 shares during the period. Finally, Diversify Advisory Services LLC boosted its stake in shares of Boeing by 1.7% during the 3rd quarter. Diversify Advisory Services LLC now owns 6,415 shares of the aircraft producer’s stock worth $1,026,000 after purchasing an additional 110 shares during the period. Hedge funds and other institutional investors own 64.82% of the company’s stock.

Boeing Trading Down 0.1 %

The company has a market capitalization of $95.16 billion, a PE ratio of -43.93 and a beta of 1.57. The firm’s 50-day simple moving average is $160.18 and its 200-day simple moving average is $171.89.

Boeing Company Profile

(Get Free Report)

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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