Connective Portfolio Management LLC Invests $1.06 Million in The Boeing Company (NYSE:BA)

Connective Portfolio Management LLC purchased a new stake in shares of The Boeing Company (NYSE:BA) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 6,000 shares of the aircraft producer’s stock, valued at approximately $1,062,000. Boeing comprises approximately 1.6% of Connective Portfolio Management LLC’s investment portfolio, making the stock its 28th largest holding.

Several other large investors have also added to or reduced their stakes in the stock. Van ECK Associates Corp increased its position in shares of Boeing by 122.0% during the 3rd quarter. Van ECK Associates Corp now owns 2,277,548 shares of the aircraft producer’s stock valued at $357,712,000 after purchasing an additional 1,251,456 shares during the last quarter. International Assets Investment Management LLC raised its holdings in Boeing by 289.8% during the third quarter. International Assets Investment Management LLC now owns 1,682,970 shares of the aircraft producer’s stock valued at $2,558,790,000 after acquiring an additional 1,251,165 shares during the period. Franklin Resources Inc. lifted its holdings in Boeing by 1,296.3% in the 3rd quarter. Franklin Resources Inc. now owns 1,136,895 shares of the aircraft producer’s stock worth $169,386,000 after purchasing an additional 1,055,472 shares in the last quarter. State Street Corp boosted its position in shares of Boeing by 2.3% during the third quarter. State Street Corp now owns 27,778,195 shares of the aircraft producer’s stock worth $4,223,397,000 after acquiring an additional 636,594 shares during the last quarter. Finally, Jennison Associates LLC grew its position in shares of Boeing by 9.9% during the third quarter. Jennison Associates LLC now owns 6,700,706 shares of the aircraft producer’s stock valued at $1,018,775,000 after purchasing an additional 602,143 shares in the last quarter. Institutional investors own 64.82% of the company’s stock.

Boeing Stock Performance

Boeing stock opened at $166.25 on Thursday. The company has a market cap of $102.78 billion, a price-to-earnings ratio of -12.89 and a beta of 1.52. The firm has a 50 day moving average price of $162.02 and a 200 day moving average price of $164.97. The Boeing Company has a 1 year low of $137.03 and a 1 year high of $217.59.

Boeing (NYSE:BA) last announced its earnings results on Wednesday, October 23rd. The aircraft producer reported ($10.44) earnings per share for the quarter, missing the consensus estimate of ($10.34) by ($0.10). The firm had revenue of $17.84 billion during the quarter, compared to the consensus estimate of $17.81 billion. Boeing’s quarterly revenue was down 1.5% on a year-over-year basis. During the same period in the previous year, the company earned ($3.26) EPS. Sell-side analysts predict that The Boeing Company will post -16.18 EPS for the current year.

Analysts Set New Price Targets

Several research analysts recently commented on BA shares. Wells Fargo & Company dropped their price target on Boeing from $86.00 to $85.00 and set an “underweight” rating for the company in a research report on Monday, November 4th. TD Cowen lowered their price objective on shares of Boeing from $200.00 to $190.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Benchmark restated a “buy” rating and issued a $250.00 price objective on shares of Boeing in a report on Thursday, October 24th. DZ Bank downgraded Boeing from a “buy” rating to a “hold” rating and set a $152.00 price target on the stock. in a report on Tuesday, October 15th. Finally, 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. 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 given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $192.21.

Boeing Profile

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.