Pinnacle West Asset Management Inc. Sells 65 Shares of The Boeing Company $BA

Pinnacle West Asset Management Inc. trimmed its position in The Boeing Company (NYSE:BA) by 1.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,695 shares of the aircraft producer’s stock after selling 65 shares during the period. Pinnacle West Asset Management Inc.’s holdings in Boeing were worth $984,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Boeing by 1.9% in the first quarter. Vanguard Group Inc. now owns 65,655,044 shares of the aircraft producer’s stock valued at $11,197,468,000 after purchasing an additional 1,212,327 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Boeing by 0.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,198,059 shares of the aircraft producer’s stock valued at $715,979,000 after purchasing an additional 19,615 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Boeing by 3.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,933,139 shares of the aircraft producer’s stock worth $500,247,000 after acquiring an additional 91,707 shares in the last quarter. Swiss National Bank boosted its position in Boeing by 2.5% during the first quarter. Swiss National Bank now owns 2,110,200 shares of the aircraft producer’s stock valued at $359,895,000 after purchasing an additional 51,700 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its position in Boeing by 3.7% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,968,748 shares of the aircraft producer’s stock valued at $335,770,000 after purchasing an additional 69,560 shares during the last quarter. 64.82% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on BA. Jefferies Financial Group set a $255.00 price target on Boeing in a research report on Tuesday, September 30th. Vertical Research raised Boeing from a “hold” rating to a “buy” rating and increased their price target for the company from $242.00 to $270.00 in a research report on Monday, September 8th. Royal Bank Of Canada reissued an “outperform” rating and set a $250.00 price target on shares of Boeing in a research report on Monday, September 29th. Weiss Ratings reissued a “sell (d-)” rating on shares of Boeing in a research report on Wednesday. Finally, Sanford C. Bernstein increased their price target on Boeing from $249.00 to $282.00 and gave the company an “outperform” rating in a research report on Thursday, October 2nd. Three equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $233.91.

Boeing Stock Down 2.3%

NYSE:BA opened at $211.04 on Friday. The stock’s 50 day moving average price is $224.29 and its two-hundred day moving average price is $206.19. The firm has a market capitalization of $159.58 billion, a price-to-earnings ratio of -12.78 and a beta of 1.47. The Boeing Company has a 12-month low of $128.88 and a 12-month high of $242.69.

Boeing (NYSE:BA) last released its quarterly earnings data on Tuesday, July 29th. The aircraft producer reported ($1.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.92) by ($0.32). The business had revenue of $22.75 billion during the quarter, compared to analysts’ expectations of $20.13 billion. The firm’s revenue for the quarter was up 34.9% on a year-over-year basis. During the same quarter last year, the company earned ($2.90) EPS. Equities research analysts expect that The Boeing Company will post -2.58 EPS for the current year.

Insider Activity at Boeing

In other Boeing news, EVP David Christopher Raymond sold 3,771 shares of the company’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 sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Mortimer J. Buckley bought 2,200 shares of the stock in a transaction dated 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 owned 2,200 shares of the company’s stock, valued at $497,420. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. 0.09% of the stock is owned by corporate insiders.

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.