Red Door Wealth Management LLC Acquires New Holdings in The Boeing Company (NYSE:BA)

Red Door Wealth Management LLC acquired a new stake in The Boeing Company (NYSE:BA) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 780 shares of the aircraft producer’s stock, valued at approximately $203,000.

Other hedge funds also recently modified their holdings of the company. CNB Bank boosted its stake in shares of Boeing by 106.5% during the 3rd quarter. CNB Bank now owns 128 shares of the aircraft producer’s stock worth $25,000 after purchasing an additional 66 shares during the last quarter. VisionPoint Advisory Group LLC purchased a new stake in shares of Boeing during the second quarter valued at approximately $32,000. True Wealth Design LLC purchased a new stake in shares of Boeing during the fourth quarter valued at approximately $33,000. Park Place Capital Corp raised its stake in shares of Boeing by 185.1% during the third quarter. Park Place Capital Corp now owns 211 shares of the aircraft producer’s stock valued at $40,000 after purchasing an additional 137 shares during the period. Finally, Industrial Alliance Investment Management Inc. purchased a new stake in shares of Boeing during the fourth quarter valued at approximately $41,000. 64.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Wells Fargo & Company dropped their price objective on shares of Boeing from $225.00 to $215.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 1st. Edward Jones lowered shares of Boeing from a “buy” rating to a “hold” rating in a research note on Monday, January 8th. Stifel Nicolaus reissued a “buy” rating and set a $270.00 price target on shares of Boeing in a research report on Monday. JPMorgan Chase & Co. decreased their price target on shares of Boeing from $270.00 to $230.00 and set an “overweight” rating for the company in a research report on Monday. Finally, UBS Group decreased their price target on shares of Boeing from $275.00 to $250.00 and set a “buy” rating for the company in a research report on Thursday, March 21st. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $242.65.

Boeing Stock Performance

Shares of BA traded down $3.91 during midday trading on Tuesday, hitting $187.50. 8,936,887 shares of the stock traded hands, compared to its average volume of 10,547,746. The Boeing Company has a 1-year low of $176.25 and a 1-year high of $267.54. The firm has a market capitalization of $114.40 billion, a PE ratio of -51.26, a price-to-earnings-growth ratio of 24.80 and a beta of 1.52. The business’s 50 day moving average price is $201.60 and its two-hundred day moving average price is $210.30.

Boeing (NYSE:BA) last announced its quarterly earnings results on Wednesday, January 31st. The aircraft producer reported ($0.47) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.72) by $0.25. The firm had revenue of $22.02 billion for the quarter, compared to analyst estimates of $21.14 billion. During the same period last year, the firm posted ($1.75) EPS. The business’s revenue was up 10.2% compared to the same quarter last year. As a group, equities research analysts forecast that The Boeing Company will post 1.9 EPS 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.