Boeing (NYSE:BA) Stock Price Down 2.4% – Here’s What Happened

The Boeing Company (NYSE:BA)’s stock price fell 2.4% during trading on Friday . The company traded as low as $195.28 and last traded at $198.77. 7,567,649 shares changed hands during trading, a decline of 19% from the average session volume of 9,353,638 shares. The stock had previously closed at $203.75.

Analysts Set New Price Targets

A number of brokerages have recently commented on BA. Susquehanna reaffirmed a “positive” rating and set a $240.00 target price (up from $205.00) on shares of Boeing in a research report on Wednesday, May 14th. UBS Group raised their target price on shares of Boeing from $207.00 to $226.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Benchmark dropped their price objective on shares of Boeing from $250.00 to $215.00 and set a “buy” rating on the stock in a research note on Monday, April 21st. Sanford C. Bernstein upgraded shares of Boeing from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $181.00 to $218.00 in a research note on Monday, April 28th. Finally, Jefferies Financial Group increased their price objective on shares of Boeing from $230.00 to $250.00 and gave the company a “buy” rating in a research note on Wednesday, June 4th. Three research analysts have rated the stock with a sell rating, three have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Boeing has an average rating of “Moderate Buy” and an average target price of $209.85.

Boeing Stock Performance

The company’s 50-day simple moving average is $188.93 and its 200-day simple moving average is $176.94. The company has a market capitalization of $150.96 billion, a PE ratio of -10.93 and a beta of 1.43.

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 company had revenue of $19.50 billion during the quarter, compared to analyst estimates of $19.57 billion. During the same quarter last year, the business earned ($1.13) EPS. The firm’s revenue for the quarter was up 17.7% on a year-over-year basis. Analysts expect that The Boeing Company will post -2.58 EPS for the current year.

Insider Transactions at Boeing

In related news, EVP Jeffrey S. Shockey sold 3,205 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $202.87, for a total value of $650,198.35. Following the completion of the sale, the executive vice president now directly owns 20,513 shares in the company, valued at approximately $4,161,472.31. The trade was a 13.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Brendan J. Nelson sold 640 shares of Boeing stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $206.28, for a total transaction of $132,019.20. Following the transaction, the senior vice president now directly owns 13,258 shares in the company, valued at approximately $2,734,860.24. This trade represents a 4.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 7,744 shares of company stock worth $1,511,370 over the last ninety days. 0.09% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Optima Capital LLC raised its holdings in Boeing by 18.6% in the first quarter. Optima Capital LLC now owns 1,843 shares of the aircraft producer’s stock valued at $314,000 after acquiring an additional 289 shares in the last quarter. Osterweis Capital Management Inc. raised its holdings in Boeing by 31.8% in the first quarter. Osterweis Capital Management Inc. now owns 109,881 shares of the aircraft producer’s stock valued at $18,740,000 after acquiring an additional 26,522 shares in the last quarter. Integrity Wealth Advisors Inc. raised its holdings in Boeing by 36.2% in the first quarter. Integrity Wealth Advisors Inc. now owns 8,217 shares of the aircraft producer’s stock valued at $1,401,000 after acquiring an additional 2,186 shares in the last quarter. Modern Wealth Management LLC raised its holdings in Boeing by 22.8% in the first quarter. Modern Wealth Management LLC now owns 37,638 shares of the aircraft producer’s stock valued at $6,419,000 after acquiring an additional 7,000 shares in the last quarter. Finally, Strs Ohio acquired a new stake in Boeing in the first quarter valued at $98,984,000. 64.82% of the stock is owned by institutional investors and hedge funds.

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.