Essex Savings Bank Cuts Stake in The Boeing Company (NYSE:BA)

Essex Savings Bank decreased its position in The Boeing Company (NYSE:BA) by 27.8% during the 4th quarter, Holdings Channel reports. The fund owned 3,363 shares of the aircraft producer’s stock after selling 1,297 shares during the quarter. Essex Savings Bank’s holdings in Boeing were worth $595,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in BA. RPg Family Wealth Advisory LLC purchased a new stake in Boeing in the 3rd quarter valued at approximately $28,000. Kiely Wealth Advisory Group Inc. acquired a new position in Boeing during the second quarter worth about $33,000. Cedar Wealth Management LLC acquired a new position in Boeing during the third quarter worth $30,000. Fairscale Capital LLC purchased a new stake in shares of Boeing during the second quarter worth about $59,000. Finally, Planning Capital Management Corp boosted its position in Boeing by 741.0% during the third quarter. Planning Capital Management Corp now owns 328 shares of the aircraft producer’s stock worth $50,000 after acquiring an additional 289 shares during the last quarter. 64.82% of the stock is currently owned by institutional investors and hedge funds.

Boeing Stock Performance

NYSE:BA opened at $166.25 on Thursday. The stock has a 50-day simple moving average of $162.02 and a 200 day simple moving average of $164.97. The Boeing Company has a one year low of $137.03 and a one year high of $217.59. The company has a market capitalization of $102.78 billion, a price-to-earnings ratio of -12.89 and a beta of 1.52.

Boeing (NYSE:BA) last issued its quarterly earnings results on Wednesday, October 23rd. The aircraft producer reported ($10.44) earnings per share for the quarter, missing analysts’ consensus estimates 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. During the same period last year, the business earned ($3.26) EPS. The company’s revenue was down 1.5% on a year-over-year basis. On average, equities research analysts forecast that The Boeing Company will post -16.18 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on BA shares. JPMorgan Chase & Co. reduced their price target on Boeing from $195.00 to $190.00 and set an “overweight” rating on the stock in a research note on Monday, November 25th. Northcoast Research raised Boeing from a “sell” rating to a “neutral” rating in a research note on Thursday, December 12th. TD Cowen cut their price objective on shares of Boeing from $200.00 to $190.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Jefferies Financial Group cut their price objective on Boeing from $270.00 to $240.00 and set a “buy” rating on the stock in a report on Monday, September 23rd. Finally, DZ Bank downgraded shares of Boeing from a “buy” rating to a “hold” rating and set a $152.00 target price for the company. in a research report on Tuesday, October 15th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Boeing has an average rating of “Moderate Buy” and a consensus target price of $192.21.

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.