PCG Asset Management LLC Cuts Stake in The Boeing Company (NYSE:BA)

PCG Asset Management LLC cut its stake in The Boeing Company (NYSE:BA) by 19.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,565 shares of the aircraft producer’s stock after selling 368 shares during the quarter. PCG Asset Management LLC’s holdings in Boeing were worth $267,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Vestcor Inc increased its position in shares of Boeing by 9.0% during the first quarter. Vestcor Inc now owns 14,489 shares of the aircraft producer’s stock worth $2,471,000 after acquiring an additional 1,195 shares during the last quarter. KKM Financial LLC increased its position in shares of Boeing by 50.8% during the fourth quarter. KKM Financial LLC now owns 15,368 shares of the aircraft producer’s stock worth $2,720,000 after acquiring an additional 5,175 shares during the last quarter. Wynn Capital LLC purchased a new stake in shares of Boeing during the first quarter worth about $584,000. Advanced Portfolio Management LLC increased its position in shares of Boeing by 182.2% during the fourth quarter. Advanced Portfolio Management LLC now owns 15,000 shares of the aircraft producer’s stock worth $2,655,000 after acquiring an additional 9,684 shares during the last quarter. Finally, Zimmer Partners LP purchased a new stake in shares of Boeing during the fourth quarter worth about $393,736,000. 64.82% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Boeing

In other news, EVP Jeffrey S. Shockey sold 3,205 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $202.87, for a total transaction of $650,198.35. Following the completion of the transaction, the executive vice president directly owned 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Brendan J. Nelson sold 640 shares of the business’s stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $206.28, for a total value of $132,019.20. Following the transaction, the senior vice president owned 13,258 shares of the company’s stock, valued at approximately $2,734,860.24. This represents a 4.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BA. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $250.00 target price on shares of Boeing in a research report on Wednesday, July 30th. TD Securities lowered Boeing to a “cautious” rating in a research report on Thursday, May 22nd. Redburn Atlantic raised Boeing from a “hold” rating to a “strong-buy” rating and lifted their target price for the stock from $180.00 to $275.00 in a research report on Friday, June 27th. Bank of America lifted their target price on Boeing from $260.00 to $270.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. Finally, Cowen reiterated a “buy” rating on shares of Boeing in a research note on Wednesday, May 7th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, Boeing currently has a consensus rating of “Moderate Buy” and an average target price of $228.90.

Boeing Stock Up 0.8%

Shares of BA stock opened at $229.08 on Monday. The business has a 50 day moving average of $217.39 and a two-hundred day moving average of $190.77. The Boeing Company has a 52 week low of $128.88 and a 52 week high of $242.69. The company has a market cap of $173.22 billion, a P/E ratio of -13.88 and a beta of 1.48.

Boeing (NYSE:BA) last issued its quarterly earnings data on Tuesday, July 29th. The aircraft producer reported ($1.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.92) by ($0.32). The firm had revenue of $22.75 billion during the quarter, compared to analyst estimates of $20.13 billion. The company’s revenue for the quarter was up 34.9% on a year-over-year basis. During the same period in the previous year, the company posted ($2.90) EPS. Analysts expect that The Boeing Company will post -2.58 EPS for the current fiscal year.

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.