Boeing (NYSE:BA) Trading 2.8% Higher After Analyst Upgrade

The Boeing Company (NYSE:BA) traded up 2.8% during mid-day trading on Friday after JPMorgan Chase & Co. raised their price target on the stock from $240.00 to $245.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Boeing traded as high as $215.98 and last traded at $214.1840. 14,693,604 shares were traded during mid-day trading, an increase of 76% from the average session volume of 8,367,768 shares. The stock had previously closed at $208.27.

A number of other research analysts also recently commented on BA. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $267.00 target price on shares of Boeing in a research report on Friday, November 14th. Loop Capital set a $223.00 price objective on Boeing in a report on Monday, November 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Boeing in a research report on Wednesday, October 8th. Citigroup began coverage on Boeing in a research report on Thursday, December 11th. They issued a “buy” rating and a $265.00 target price for the company. Finally, UBS Group reaffirmed a “buy” rating on shares of Boeing in a research report on Wednesday, December 10th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have issued a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $233.17.

Insider Activity

In other news, EVP Uma M. Amuluru sold 1,366 shares of the business’s stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $197.66, for a total transaction of $270,003.56. Following the transaction, the executive vice president directly owned 14,656 shares in the company, valued at $2,896,904.96. The trade was a 8.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Dana S. Deasy acquired 554 shares of the stock in a transaction on Monday, November 24th. The stock was acquired at an average cost of $178.88 per share, for a total transaction of $99,099.52. Following the acquisition, the senior vice president directly owned 28,442 shares in the company, valued at $5,087,704.96. This represents a 1.99% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 0.09% of the stock is owned by insiders.

Hedge Funds Weigh In On Boeing

Hedge funds have recently bought and sold shares of the company. Harbor Asset Planning Inc. purchased a new stake in Boeing during the 2nd quarter worth about $25,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of Boeing during the 3rd quarter worth about $25,000. Piscataqua Savings Bank grew its holdings in shares of Boeing by 1,712.5% during the second quarter. Piscataqua Savings Bank now owns 145 shares of the aircraft producer’s stock worth $30,000 after buying an additional 137 shares in the last quarter. Reyes Financial Architecture Inc. acquired a new position in shares of Boeing in the third quarter valued at approximately $32,000. Finally, Davis Capital Management purchased a new position in shares of Boeing during the third quarter valued at approximately $33,000. 64.82% of the stock is owned by hedge funds and other institutional investors.

Boeing Price Performance

The stock has a market cap of $162.80 billion, a price-to-earnings ratio of -15.66 and a beta of 1.18. The stock’s 50-day moving average is $201.69 and its 200-day moving average is $214.09.

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

Boeing Company Profile

Boeing Company (NYSE: BA) is an American multinational corporation that designs, manufactures and services commercial airplanes, defense systems, and space and security technologies. Founded in 1916 by William E. Boeing in Seattle, the company today operates as an integrated aerospace and defense contractor with a global customer base. Boeing relocated its corporate headquarters to Arlington, Virginia in 2022 and maintains extensive engineering, manufacturing and service operations across the United States and around the world.

Boeing’s principal lines of business include Commercial Airplanes, which produces and supports a range of jetliners used by airlines globally; Defense, Space & Security, which develops military aircraft, rotorcraft, surveillance and reconnaissance systems, satellites, and launch and missile systems; and Boeing Global Services, which provides aftermarket maintenance, training, spare parts, digital analytics and logistics support.