Boeing (NYSE:BA) Stock Price Down 1.3% on Analyst Downgrade

The Boeing Company (NYSE:BA)’s stock price traded down 1.3% on Tuesday after Wells Fargo & Company lowered their price target on the stock from $86.00 to $85.00. Wells Fargo & Company currently has an underweight rating on the stock. Boeing traded as low as $152.30 and last traded at $153.05. 9,684,522 shares were traded during trading, an increase of 10% from the average session volume of 8,822,294 shares. The stock had previously closed at $155.07.

Several other equities research analysts also recently commented on the stock. Morgan Stanley decreased their target price on shares of Boeing from $195.00 to $170.00 and set an “equal weight” rating for the company in a research report on Thursday, October 24th. Sanford C. Bernstein downgraded Boeing from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $195.00 to $169.00 in a research note on Wednesday, October 30th. Stifel Nicolaus lifted their target price on Boeing from $230.00 to $235.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. UBS Group dropped their price objective on Boeing from $215.00 to $195.00 and set a “buy” rating on the stock in a research note on Thursday, October 24th. Finally, The Goldman Sachs Group dropped their price target on shares of Boeing from $232.00 to $202.00 and set a “buy” rating on the stock in a research report on Tuesday, September 24th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $190.37.

Hedge Funds Weigh In On Boeing

Several large investors have recently modified their holdings of BA. Kiely Wealth Advisory Group Inc. purchased a new position in Boeing in the 2nd quarter valued at approximately $33,000. Hobbs Group Advisors LLC bought a new stake in shares of Boeing during the 2nd quarter valued at $34,000. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in Boeing by 351.1% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 212 shares of the aircraft producer’s stock worth $39,000 after purchasing an additional 165 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new position in Boeing during the 2nd quarter valued at about $39,000. Finally, Strategic Financial Concepts LLC bought a new stake in shares of Boeing during the second quarter valued at about $41,000. Hedge funds and other institutional investors own 64.82% of the company’s stock.

Boeing Stock Performance

The company’s 50 day simple moving average is $156.17 and its 200-day simple moving average is $170.60. The firm has a market capitalization of $90.99 billion, a PE ratio of -11.41 and a beta of 1.57.

Boeing (NYSE:BA) last issued its quarterly earnings data on Wednesday, October 23rd. The aircraft producer reported ($10.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($10.34) by ($0.10). The company had revenue of $17.84 billion during the quarter, compared to the consensus estimate of $17.81 billion. During the same quarter in the previous year, the business earned ($3.26) EPS. The business’s quarterly revenue was down 1.5% compared to the same quarter last year. On average, equities research analysts forecast that The Boeing Company will post -16.13 earnings per share 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.