Boeing (NYSE:BA) Sets New 52-Week Low on Analyst Downgrade

The Boeing Company (NYSE:BA)’s share price reached a new 52-week low on Thursday after Citigroup lowered their price target on the stock from $252.00 to $224.00. Citigroup currently has a buy rating on the stock. Boeing traded as low as $160.61 and last traded at $161.66, with a volume of 3521363 shares traded. The stock had previously closed at $164.33.

Several other equities analysts have also recently issued reports on BA. The Goldman Sachs Group decreased their price objective on Boeing from $268.00 to $257.00 and set a “buy” rating for the company in a research note on Monday, March 25th. Benchmark reiterated a “buy” rating and set a $250.00 price target on shares of Boeing in a report on Tuesday, March 26th. JPMorgan Chase & Co. dropped their target price on Boeing from $230.00 to $210.00 and set an “overweight” rating on the stock in a report on Friday, April 12th. Edward Jones downgraded Boeing from a “buy” rating to a “hold” rating in a report on Monday, January 8th. Finally, Barclays dropped their price objective on Boeing from $235.00 to $190.00 and set an “equal weight” rating on the stock in a report on Monday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $222.41.

Institutional Trading of Boeing

A number of hedge funds have recently added to or reduced their stakes in the stock. CNB Bank grew its position in Boeing by 106.5% in the 3rd quarter. CNB Bank now owns 128 shares of the aircraft producer’s stock valued at $25,000 after buying an additional 66 shares during the last quarter. Vermillion & White Wealth Management Group LLC purchased a new position in Boeing during the fourth quarter worth about $26,000. Evolution Advisers Inc. acquired a new stake in Boeing in the fourth quarter valued at about $28,000. DiNuzzo Private Wealth Inc. purchased a new stake in Boeing in the 4th quarter valued at approximately $28,000. Finally, Vima LLC acquired a new position in Boeing during the 4th quarter worth approximately $34,000. 64.82% of the stock is owned by institutional investors and hedge funds.

Boeing Trading Up 1.5 %

The business has a 50 day moving average price of $187.26 and a 200-day moving average price of $206.61. The firm has a market capitalization of $101.78 billion, a PE ratio of -45.33, a P/E/G ratio of 133.97 and a beta of 1.52.

Boeing (NYSE:BA) last announced its quarterly earnings data on Wednesday, January 31st. The aircraft producer reported ($0.47) EPS for the quarter, beating the consensus estimate of ($0.72) by $0.25. The company had revenue of $22.02 billion during the quarter, compared to analyst estimates of $21.14 billion. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the business earned ($1.75) EPS. On average, equities research analysts forecast that The Boeing Company will post 0.32 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.