Boeing (NYSE:BA) Shares Down 1% After Earnings Miss

The Boeing Company (NYSE:BA) shares dropped 1% during mid-day trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $151.98 and last traded at $155.49. Approximately 4,423,834 shares were traded during mid-day trading, a decline of 45% from the average daily volume of 8,101,830 shares. The stock had previously closed at $157.06.

The aircraft producer reported ($10.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($4.85) by ($5.59). The firm had revenue of $17.84 billion during the quarter, compared to the consensus estimate of $17.81 billion. During the same quarter in the previous year, the business posted ($3.26) earnings per share. The company’s revenue was down 1.5% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BA. The Goldman Sachs Group lowered their price target on Boeing from $232.00 to $202.00 and set a “buy” rating on the stock in a report on Tuesday, September 24th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Boeing from $225.00 to $195.00 and set a “buy” rating for the company in a research note on Thursday, October 3rd. Robert W. Baird cut their target price on Boeing from $240.00 to $200.00 and set an “outperform” rating for the company in a research report on Thursday. Sanford C. Bernstein lowered their price target on Boeing from $207.00 to $195.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. Finally, JPMorgan Chase & Co. lowered their target price on Boeing from $235.00 to $195.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. Three analysts have rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $195.47.

Hedge Funds Weigh In On Boeing

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of Boeing by 2.5% during the 1st quarter. Vanguard Group Inc. now owns 49,724,770 shares of the aircraft producer’s stock valued at $9,596,383,000 after acquiring an additional 1,222,816 shares in the last quarter. Newport Trust Company LLC grew its stake in shares of Boeing by 1.2% in the 2nd quarter. Newport Trust Company LLC now owns 31,640,184 shares of the aircraft producer’s stock valued at $5,758,830,000 after buying an additional 388,633 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Boeing by 1.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,619,126 shares of the aircraft producer’s stock worth $1,386,757,000 after buying an additional 106,513 shares during the last quarter. Jennison Associates LLC raised its position in Boeing by 14.1% during the first quarter. Jennison Associates LLC now owns 4,203,435 shares of the aircraft producer’s stock valued at $811,221,000 after acquiring an additional 518,952 shares in the last quarter. Finally, Legal & General Group Plc grew its position in Boeing by 2.0% in the second quarter. Legal & General Group Plc now owns 3,432,485 shares of the aircraft producer’s stock worth $624,749,000 after acquiring an additional 67,474 shares in the last quarter. Institutional investors and hedge funds own 64.82% of the company’s stock.

Boeing Stock Performance

The company has a market cap of $95.45 billion, a price-to-earnings ratio of -43.80 and a beta of 1.57. The company’s 50 day moving average price is $160.61 and its 200 day moving average price is $172.01.

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.