Boeing (NYSE:BA) Stock Price Up 6.8% Following Strong Earnings

The Boeing Company (NYSE:BA) rose 6.8% during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $176.58 and last traded at $173.52. Approximately 8,438,943 shares were traded during trading, a decline of 7% from the average daily volume of 9,075,764 shares. The stock had previously closed at $162.52.

The aircraft producer reported ($0.49) earnings per share for the quarter, topping the consensus estimate of ($1.39) by $0.90. The company had revenue of $19.50 billion for the quarter, compared to analyst estimates of $19.57 billion.

Analyst Ratings Changes

Several research firms have recently commented on BA. Melius raised Boeing from a “hold” rating to a “buy” rating in a report on Monday, March 24th. StockNews.com upgraded shares of Boeing to a “sell” rating in a research report on Saturday, April 5th. Wells Fargo & Company reiterated an “underweight” rating on shares of Boeing in a research note on Wednesday. Deutsche Bank Aktiengesellschaft upped their target price on shares of Boeing from $184.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, January 2nd. Finally, UBS Group lifted their price target on shares of Boeing from $208.00 to $217.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $197.11.

Insiders Place Their Bets

In other news, EVP Uma M. Amuluru sold 3,159 shares of Boeing stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $180.69, for a total value of $570,799.71. Following the completion of the transaction, the executive vice president now owns 19,213 shares in the company, valued at approximately $3,471,596.97. This trade represents a 14.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.09% of the stock is owned by company insiders.

Hedge Funds Weigh In On Boeing

A number of hedge funds have recently added to or reduced their stakes in the business. AdvisorNet Financial Inc boosted its stake in Boeing by 54.2% in the fourth quarter. AdvisorNet Financial Inc now owns 2,021 shares of the aircraft producer’s stock valued at $358,000 after acquiring an additional 710 shares during the period. Carnegie Investment Counsel lifted its position in Boeing by 175.6% in the 4th quarter. Carnegie Investment Counsel now owns 4,619 shares of the aircraft producer’s stock valued at $818,000 after purchasing an additional 2,943 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Boeing by 6.1% in the third quarter. Principal Financial Group Inc. now owns 666,244 shares of the aircraft producer’s stock valued at $101,296,000 after purchasing an additional 38,332 shares during the period. World Investment Advisors LLC grew its holdings in Boeing by 243.4% in the 3rd quarter. World Investment Advisors LLC now owns 5,381 shares of the aircraft producer’s stock worth $818,000 after buying an additional 3,814 shares in the last quarter. Finally, Amundi increased its position in Boeing by 473.6% in the 4th quarter. Amundi now owns 1,565,337 shares of the aircraft producer’s stock valued at $268,862,000 after acquiring an additional 1,292,417 shares during the period. Institutional investors and hedge funds own 64.82% of the company’s stock.

Boeing Trading Up 6.1 %

The stock has a 50-day simple moving average of $165.18 and a 200-day simple moving average of $164.29. The company has a market cap of $129.37 billion, a price-to-earnings ratio of -9.41 and a beta of 1.24.

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.