JPMorgan Chase & Co. Cuts Boeing (NYSE:BA) Price Target to $240.00

Boeing (NYSE:BA) had its target price cut by JPMorgan Chase & Co. from $251.00 to $240.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have an overweight rating on the aircraft producer’s stock.

BA has been the topic of a number of other research reports. Jefferies Financial Group set a $255.00 price objective on Boeing in a report on Tuesday, September 30th. Vertical Research upgraded Boeing from a “hold” rating to a “buy” rating and increased their price objective for the company from $242.00 to $270.00 in a report on Monday, September 8th. Sanford C. Bernstein increased their price objective on Boeing from $249.00 to $282.00 and gave the company an “outperform” rating in a report on Thursday, October 2nd. Morgan Stanley reiterated an “equal weight” rating on shares of Boeing in a report on Monday, July 28th. Finally, Barclays increased their price objective on Boeing from $210.00 to $255.00 and gave the company an “overweight” rating in a report on Tuesday, July 29th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, Boeing presently has an average rating of “Moderate Buy” and a consensus target price of $242.79.

Boeing Price Performance

BA opened at $201.24 on Thursday. Boeing has a 12 month low of $128.88 and a 12 month high of $242.69. The stock has a market capitalization of $152.17 billion, a price-to-earnings ratio of -14.71 and a beta of 1.47. The business has a fifty day moving average price of $220.17 and a 200 day moving average price of $212.77.

Boeing (NYSE:BA) last released its earnings results on Wednesday, October 29th. The aircraft producer reported ($7.47) EPS for the quarter, missing the consensus estimate of ($0.51) by ($6.96). The company had revenue of $23.27 billion during the quarter, compared to analysts’ expectations of $21.61 billion. During the same period last year, the firm earned ($10.44) earnings per share. Boeing’s quarterly revenue was up 30.4% compared to the same quarter last year. On average, research analysts anticipate that Boeing will post -2.58 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Mortimer J. Buckley purchased 2,200 shares of the company’s stock in a transaction that occurred on Tuesday, August 19th. The shares were purchased at an average price of $226.10 per share, for a total transaction of $497,420.00. Following the purchase, the director directly owned 2,200 shares of the company’s stock, valued at $497,420. This represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David Christopher Raymond sold 3,771 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $229.94, for a total value of $867,103.74. Following the transaction, the executive vice president owned 35,873 shares in the company, valued at $8,248,637.62. This represents a 9.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.09% of the company’s stock.

Institutional Trading of Boeing

A number of hedge funds have recently added to or reduced their stakes in the stock. Vestcor Inc raised its holdings in Boeing by 9.0% during the first quarter. Vestcor Inc now owns 14,489 shares of the aircraft producer’s stock worth $2,471,000 after purchasing an additional 1,195 shares during the last quarter. National Pension Service raised its holdings in Boeing by 19.6% during the first quarter. National Pension Service now owns 1,333,131 shares of the aircraft producer’s stock worth $227,365,000 after purchasing an additional 218,049 shares during the last quarter. McElhenny Sheffield Capital Management LLC acquired a new position in Boeing during the second quarter worth $62,859,000. Kelman Lazarov Inc. acquired a new position in Boeing during the first quarter worth $262,000. Finally, Vanguard Group Inc. raised its holdings in Boeing by 1.9% during the first quarter. Vanguard Group Inc. now owns 65,655,044 shares of the aircraft producer’s stock worth $11,197,468,000 after purchasing an additional 1,212,327 shares during the last quarter. 64.82% of the stock is owned by institutional investors and hedge funds.

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.