Horizon Wealth Management LLC Cuts Stock Position in The Boeing Company $BA

Horizon Wealth Management LLC lowered its position in The Boeing Company (NYSE:BA) by 38.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,332 shares of the aircraft producer’s stock after selling 2,065 shares during the period. Horizon Wealth Management LLC’s holdings in Boeing were worth $698,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of BA. Kingstone Capital Partners Texas LLC purchased a new position in shares of Boeing in the 2nd quarter worth approximately $378,459,000. Vanguard Group Inc. boosted its stake in Boeing by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 65,655,044 shares of the aircraft producer’s stock worth $11,197,468,000 after purchasing an additional 1,212,327 shares in the last quarter. Bessemer Group Inc. boosted its stake in Boeing by 3,581.5% in the 2nd quarter. Bessemer Group Inc. now owns 711,824 shares of the aircraft producer’s stock worth $149,149,000 after purchasing an additional 692,489 shares in the last quarter. Strs Ohio acquired a new stake in Boeing in the 1st quarter worth approximately $98,984,000. Finally, Canada Pension Plan Investment Board boosted its stake in Boeing by 243.8% in the 1st quarter. Canada Pension Plan Investment Board now owns 754,550 shares of the aircraft producer’s stock worth $128,689,000 after purchasing an additional 535,060 shares in the last quarter. Hedge funds and other institutional investors own 64.82% of the company’s stock.

Boeing Trading Down 4.3%

Shares of NYSE BA opened at $213.77 on Thursday. The Boeing Company has a 12 month low of $128.88 and a 12 month high of $242.69. The company has a 50 day simple moving average of $221.23 and a two-hundred day simple moving average of $212.16. The stock has a market cap of $161.64 billion, a price-to-earnings ratio of -12.95 and a beta of 1.47.

Boeing (NYSE:BA) last announced its quarterly earnings data on Wednesday, October 29th. The aircraft producer reported ($7.47) EPS for the quarter, missing the consensus estimate of ($0.51) by ($6.96). The business had revenue of $23.27 billion for the quarter, compared to analyst estimates of $21.61 billion. During the same period last year, the firm posted ($10.44) EPS. The company’s revenue for the quarter was up 30.4% on a year-over-year basis. Analysts forecast that The Boeing Company will post -2.58 EPS for the current year.

Insider Activity at Boeing

In other Boeing news, EVP David Christopher Raymond sold 3,771 shares of Boeing stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $229.94, for a total transaction of $867,103.74. Following the completion of the sale, the executive vice president directly owned 35,873 shares in the company, valued at approximately $8,248,637.62. The trade was a 9.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Mortimer J. Buckley acquired 2,200 shares of the firm’s stock in a transaction on Tuesday, August 19th. The shares were acquired at an average price of $226.10 per share, with a total value of $497,420.00. Following the completion of the purchase, the director owned 2,200 shares in the company, valued at approximately $497,420. This trade represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 0.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on BA shares. Deutsche Bank Aktiengesellschaft cut shares of Boeing from a “buy” rating to a “hold” rating in a research note on Thursday. Sanford C. Bernstein lifted their target price on shares of Boeing from $249.00 to $282.00 and gave the stock an “outperform” rating in a research note on Thursday, October 2nd. Barclays lifted their target price on shares of Boeing from $210.00 to $255.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 29th. Bank of America lifted their target price on shares of Boeing from $260.00 to $270.00 and gave the stock a “buy” rating in a research note on Friday, August 1st. Finally, Morgan Stanley reiterated an “equal weight” rating on shares of Boeing in a research note on Monday, July 28th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Boeing has an average rating of “Moderate Buy” and a consensus target price of $242.32.

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.