Boeing (NYSE:BA) Stock Price Down 0.9% on Analyst Downgrade

Shares of The Boeing Company (NYSE:BA) dropped 0.9% during trading on Tuesday after JPMorgan Chase & Co. lowered their price target on the stock from $195.00 to $190.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Boeing traded as low as $149.80 and last traded at $151.78. Approximately 2,796,249 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 9,176,895 shares. The stock had previously closed at $153.10.

Other equities analysts also recently issued research reports about the stock. Robert W. Baird reduced their price objective on shares of Boeing from $240.00 to $200.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Susquehanna reduced their price target on Boeing from $210.00 to $200.00 and set a “positive” rating for the company in a research report on Thursday, October 24th. Benchmark restated a “buy” rating and set a $250.00 price objective on shares of Boeing in a research note on Thursday, October 24th. The Goldman Sachs Group cut their target price on Boeing from $232.00 to $202.00 and set a “buy” rating on the stock in a research note on Tuesday, September 24th. Finally, Sanford C. Bernstein lowered shares of Boeing from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $195.00 to $169.00 in a research report on Wednesday, October 30th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $190.11.

Hedge Funds Weigh In On Boeing

Institutional investors and hedge funds have recently modified their holdings of the business. RPg Family Wealth Advisory LLC acquired a new position in Boeing during the third quarter worth $28,000. Cedar Wealth Management LLC purchased a new position in Boeing in the 3rd quarter valued at about $30,000. Kiely Wealth Advisory Group Inc. purchased a new position in Boeing in the 2nd quarter valued at about $33,000. Hobbs Group Advisors LLC acquired a new stake in Boeing in the 2nd quarter worth about $34,000. Finally, Harel Insurance Investments & Financial Services Ltd. increased its stake 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 buying an additional 165 shares in the last quarter. Hedge funds and other institutional investors own 64.82% of the company’s stock.

Boeing Price Performance

The firm has a market cap of $94.23 billion, a price-to-earnings ratio of -11.82 and a beta of 1.57. The business has a fifty day simple moving average of $151.48 and a 200 day simple moving average of $167.77.

Boeing (NYSE:BA) last released its earnings results 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 firm had revenue of $17.84 billion for the quarter, compared to analyst estimates of $17.81 billion. The firm’s quarterly revenue was down 1.5% on a year-over-year basis. During the same period last year, the firm earned ($3.26) earnings per share. On average, research analysts anticipate that The Boeing Company will post -16.2 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.