Boeing (NYSE:BA) Rating Increased to Buy at Bank of America

Bank of America upgraded shares of Boeing (NYSE:BA) from a neutral rating to a buy rating in a research note issued to investors on Monday morning, MarketBeat.com reports. They currently have $260.00 price objective on the aircraft producer’s stock, up from their previous price objective of $185.00.

BA has been the subject of several other research reports. Wells Fargo & Company reaffirmed an “underweight” rating on shares of Boeing in a research note on Thursday, May 22nd. Benchmark decreased their price target on shares of Boeing from $250.00 to $215.00 and set a “buy” rating for the company in a research note on Monday, April 21st. Melius raised shares of Boeing from a “hold” rating to a “buy” rating in a research note on Monday, March 24th. Wall Street Zen downgraded shares of Boeing from a “hold” rating to a “sell” rating in a research note on Saturday, May 17th. Finally, Susquehanna reaffirmed a “positive” rating and set a $240.00 price target (up previously from $205.00) on shares of Boeing in a research note on Wednesday, May 14th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $207.35.

Boeing Price Performance

Shares of NYSE:BA opened at $211.42 on Monday. Boeing has a 1 year low of $128.88 and a 1 year high of $212.34. The business has a 50 day simple moving average of $179.49 and a two-hundred day simple moving average of $173.19. The firm has a market capitalization of $159.41 billion, a PE ratio of -11.54 and a beta of 1.41.

Boeing (NYSE:BA) last announced its earnings results on Wednesday, April 23rd. The aircraft producer reported ($0.49) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.39) by $0.90. The business had revenue of $19.50 billion for the quarter, compared to analysts’ expectations of $19.57 billion. During the same quarter last year, the firm earned ($1.13) EPS. The firm’s quarterly revenue was up 17.7% on a year-over-year basis. Equities research analysts expect that Boeing will post -2.58 EPS for the current fiscal year.

Insider Transactions at Boeing

In other news, EVP Jeffrey S. Shockey sold 3,205 shares of the business’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $202.87, for a total transaction of $650,198.35. Following the sale, the executive vice president now directly owns 20,513 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is available through this hyperlink. Also, EVP David Christopher Raymond sold 3,899 shares of the business’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $187.01, for a total transaction of $729,151.99. Following the sale, the executive vice president now directly owns 42,513 shares in the company, valued at $7,950,356.13. This trade represents a 8.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,744 shares of company stock valued at $1,511,370. Corporate insiders own 0.09% of the company’s stock.

Institutional Investors Weigh In On Boeing

Hedge funds have recently added to or reduced their stakes in the business. Sierra Ocean LLC purchased a new stake in Boeing in the fourth quarter valued at $26,000. American National Bank & Trust boosted its holdings in Boeing by 474.1% in the first quarter. American National Bank & Trust now owns 155 shares of the aircraft producer’s stock valued at $26,000 after purchasing an additional 128 shares during the last quarter. HighMark Wealth Management LLC boosted its holdings in Boeing by 121.6% in the fourth quarter. HighMark Wealth Management LLC now owns 164 shares of the aircraft producer’s stock valued at $29,000 after purchasing an additional 90 shares during the last quarter. REAP Financial Group LLC boosted its holdings in Boeing by 60.2% in the fourth quarter. REAP Financial Group LLC now owns 173 shares of the aircraft producer’s stock valued at $31,000 after purchasing an additional 65 shares during the last quarter. Finally, Anfield Capital Management LLC boosted its holdings in Boeing by 113.1% in the fourth quarter. Anfield Capital Management LLC now owns 179 shares of the aircraft producer’s stock valued at $32,000 after purchasing an additional 95 shares during the last quarter. 64.82% of the stock is owned by hedge funds and other institutional investors.

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.