Boeing (NYSE:BA) Sees 1.3% Share Price Drop After Analyst Downgrade

The Boeing Company (NYSE:BA – Get Free Report) experienced a decline of 1.3% in its share price on Tuesday following a downgrade from Wells Fargo & Company. The firm reduced its price target for Boeing stock from $86.00 to $85.00, maintaining an underweight rating on the stock. During the trading day, shares reached a low of $152.30 before closing at $153.05. A total of approximately 9,684,522 shares were traded, representing a 10% increase from the average daily trading volume of 8,822,294 shares. The previous closing price was $155.07.

Other research analysts have also made recent comments on Boeing shares. On October 24th, Susquehanna lowered its target price from $210.00 to $200.00, while affirming a positive rating. Jefferies Financial Group reduced its price objective from $270.00 to $240.00 and rated Boeing as a buy in a report dated September 23rd. Goldman Sachs followed suit with a cut from $232.00 to $202.00, labeling the stock as a buy on September 24th. Additionally, Sanford C. Bernstein changed its rating from outperform to market perform, adjusting the price target from $195.00 to $169.00 on October 30th. Conversely, Stifel Nicolaus increased its price target from $230.00 to $235.00, assigning a buy rating on August 1st. Cumulatively, three analysts have issued sell ratings, nine have given hold ratings, thirteen have recommended buy ratings, and one analyst has provided a strong buy rating. Currently, the average rating stands at a Hold with an average price target of $190.37, according to MarketBeat.

Institutional Investor Activity

Changes in positions by institutional investors and hedge funds indicate growing interest in Boeing. Madison Park Capital Advisors LLC raised its position by 4.9% during the second quarter, now owning 1,204 shares valued at $219,000 after acquiring an additional 56 shares. Similarly, Wealth Alliance Advisory Group LLC increased its holdings by 1.6%, owning 3,798 shares with a value of $691,000 following the purchase of another 60 shares. Angeles Wealth Management LLC also boosted its stake by 4.2% in the first quarter, now holding 1,524 shares worth $294,000 due to an additional buy of 61 shares. IMS Capital Management grew its position by 0.4%, now at 16,032 shares valued at $2,759,000 after acquiring 62 more shares in the last quarter. Meeder Advisory Services Inc. raised its stake by 0.9% during the first quarter and now possesses 7,559 shares valued at $1,459,000 after an additional purchase of 65 shares. Overall, 64.82% of Boeing's stock is owned by institutional investors and hedge funds.

Boeing's Stock Performance Summary

The stock of Boeing has a 50-day moving average of $156.65 and a 200-day moving average of $170.77. The company boasts a market capitalization of $93.34 billion with a price-to-earnings ratio of -11.70 and a beta of 1.57.

On October 23rd, Boeing released its latest earnings report. The company reported earnings of ($10.44) per share, falling short of analysts' expectations, which estimated losses of ($10.34) per share. Boeing generated revenue of $17.84 billion for the quarter, slightly beating the forecast of $17.81 billion, though this represents a 1.5% decline compared to the same quarter from the previous year. A year earlier, the company posted earnings of ($3.26) per share. Analysts project that Boeing will have a total earnings per share of -16.13 for the current fiscal year.

About Boeing

(Get Free Report) The Boeing Company, along with its subsidiaries, is engaged in the design, development, manufacture, sale, service, and support of various aircraft, including commercial jetliners and military aircraft, as well as satellites, missile defense systems, human space flight and launch systems, and related services worldwide. The company operates in three segments: Commercial Airplanes, Defense, Space & Security, and Global Services.

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