Boeing (NYSE:BA) Hits New 12-Month High After Analyst Upgrade

The Boeing Company (NYSE:BA) hit a new 52-week high during mid-day trading on Tuesday after Royal Bank of Canada raised their price target on the stock from $200.00 to $230.00. Royal Bank of Canada currently has an outperform rating on the stock. Boeing traded as high as $218.80 and last traded at $217.45, with a volume of 9398364 shares changing hands. The stock had previously closed at $210.80.

A number of other equities analysts have also weighed in on the stock. Benchmark dropped their target price on shares of Boeing from $250.00 to $215.00 and set a “buy” rating for the company in a research report on Monday, April 21st. Jefferies Financial Group upped their target price on shares of Boeing from $230.00 to $250.00 and gave the stock a “buy” rating in a research report on Wednesday, June 4th. Susquehanna restated a “positive” rating and set a $240.00 target price (up previously from $205.00) on shares of Boeing in a research report on Wednesday, May 14th. Melius Research set a $204.00 target price on shares of Boeing in a research report on Monday, March 24th. Finally, Wells Fargo & Company restated an “underweight” rating on shares of Boeing in a research report on Thursday, May 22nd. Three analysts have rated the stock with a sell rating, three have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $209.35.

Insider Activity

In related news, EVP Jeffrey S. Shockey sold 3,205 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $202.87, for a total value of $650,198.35. Following the completion of the transaction, the executive vice president now directly owns 20,513 shares of the company’s stock, valued at $4,161,472.31. This trade represents a 13.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP David Christopher Raymond sold 3,899 shares of the stock in a transaction that occurred 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 completion of the transaction, the executive vice president now directly owns 42,513 shares of the company’s stock, valued at $7,950,356.13. The trade was a 8.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,744 shares of company stock worth $1,511,370. Corporate insiders own 0.09% of the company’s stock.

Hedge Funds Weigh In On Boeing

A number of institutional investors have recently bought and sold shares of the business. Osterweis Capital Management Inc. increased its holdings in shares of Boeing by 31.8% during the 1st quarter. Osterweis Capital Management Inc. now owns 109,881 shares of the aircraft producer’s stock valued at $18,740,000 after purchasing an additional 26,522 shares in the last quarter. Integrity Wealth Advisors Inc. increased its holdings in shares of Boeing by 36.2% during the 1st quarter. Integrity Wealth Advisors Inc. now owns 8,217 shares of the aircraft producer’s stock valued at $1,401,000 after purchasing an additional 2,186 shares in the last quarter. Modern Wealth Management LLC increased its holdings in shares of Boeing by 22.8% during the 1st quarter. Modern Wealth Management LLC now owns 37,638 shares of the aircraft producer’s stock valued at $6,419,000 after purchasing an additional 7,000 shares in the last quarter. Strs Ohio purchased a new position in shares of Boeing during the 1st quarter valued at approximately $98,984,000. Finally, GK Wealth Management LLC increased its holdings in shares of Boeing by 3.6% during the 1st quarter. GK Wealth Management LLC now owns 3,010 shares of the aircraft producer’s stock valued at $513,000 after purchasing an additional 105 shares in the last quarter. 64.82% of the stock is owned by hedge funds and other institutional investors.

Boeing Trading Up 3.2%

The stock has a market capitalization of $163.96 billion, a PE ratio of -11.87 and a beta of 1.43. The firm’s fifty day moving average price is $183.57 and its two-hundred day moving average price is $175.53.

Boeing (NYSE:BA) last posted its quarterly earnings results on Wednesday, April 23rd. The aircraft producer reported ($0.49) earnings per share for the quarter, topping the consensus estimate of ($1.39) by $0.90. The business had revenue of $19.50 billion during the quarter, compared to analysts’ expectations of $19.57 billion. During the same period in the prior year, the business posted ($1.13) earnings per share. The business’s quarterly revenue was up 17.7% on a year-over-year basis. As a group, sell-side analysts anticipate that The Boeing Company will post -2.58 earnings per share for the current fiscal year.

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.