Shellback Capital LP Takes Position in The Boeing Company (NYSE:BA)

Shellback Capital LP acquired a new stake in shares of The Boeing Company (NYSE:BA) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 40,000 shares of the aircraft producer’s stock, valued at approximately $7,080,000.

Other institutional investors have also added to or reduced their stakes in the company. AdvisorNet Financial Inc lifted its stake in Boeing by 54.2% during the fourth quarter. AdvisorNet Financial Inc now owns 2,021 shares of the aircraft producer’s stock worth $358,000 after purchasing an additional 710 shares during the last quarter. Accurate Wealth Management LLC purchased a new position in shares of Boeing during the 4th quarter valued at about $204,000. SeaCrest Wealth Management LLC boosted its stake in Boeing by 15.1% in the fourth quarter. SeaCrest Wealth Management LLC now owns 3,559 shares of the aircraft producer’s stock worth $630,000 after buying an additional 467 shares in the last quarter. Fifth Third Wealth Advisors LLC boosted its stake in Boeing by 15.1% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 2,860 shares of the aircraft producer’s stock worth $506,000 after buying an additional 375 shares in the last quarter. Finally, Kathmere Capital Management LLC grew its position in Boeing by 28.5% during the fourth quarter. Kathmere Capital Management LLC now owns 1,923 shares of the aircraft producer’s stock valued at $340,000 after acquiring an additional 426 shares during the last quarter. 64.82% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, EVP David Christopher Raymond sold 3,899 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $187.01, for a total value of $729,151.99. Following the sale, the executive vice president now directly owns 42,513 shares of the company’s stock, valued at approximately $7,950,356.13. This represents a 8.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Uma M. Amuluru sold 3,159 shares of Boeing stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $180.69, for a total value of $570,799.71. Following the completion of the transaction, the executive vice president now directly owns 19,213 shares of the company’s stock, valued at approximately $3,471,596.97. This represents a 14.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,263 shares of company stock valued at $1,950,150 over the last quarter. Corporate insiders own 0.09% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on BA. Benchmark lowered their price objective on shares of Boeing from $250.00 to $215.00 and set a “buy” rating for the company in a report on Monday, April 21st. Cowen reissued a “buy” rating on shares of Boeing in a research note on Wednesday, May 7th. Melius Research set a $204.00 price target on shares of Boeing in a research report on Monday, March 24th. UBS Group raised their price objective on Boeing from $207.00 to $226.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Finally, Sanford C. Bernstein upgraded Boeing from a “market perform” rating to an “outperform” rating and increased their target price for the company from $181.00 to $218.00 in a report on Monday, April 28th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $203.60.

Boeing Stock Performance

BA stock opened at $206.20 on Friday. The Boeing Company has a fifty-two week low of $128.88 and a fifty-two week high of $209.66. The company has a market capitalization of $155.48 billion, a price-to-earnings ratio of -11.26 and a beta of 1.41. The business’s 50 day moving average price is $170.78 and its two-hundred day moving average price is $168.18.

Boeing (NYSE:BA) last announced its quarterly earnings data on Wednesday, April 23rd. The aircraft producer reported ($0.49) EPS for the quarter, beating the consensus estimate of ($1.39) by $0.90. The firm had revenue of $19.50 billion for the quarter, compared to analysts’ expectations of $19.57 billion. The business’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.13) EPS. Sell-side analysts forecast that The Boeing Company will post -2.58 earnings per share for the current year.

Boeing Company 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.