State of Michigan Retirement System Boosts Stock Holdings in The Boeing Company $BA

State of Michigan Retirement System grew its stake in shares of The Boeing Company (NYSE:BA) by 0.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 204,996 shares of the aircraft producer’s stock after acquiring an additional 1,500 shares during the period. State of Michigan Retirement System’s holdings in Boeing were worth $42,953,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Vestcor Inc boosted its position in shares of Boeing by 9.0% in the first quarter. Vestcor Inc now owns 14,489 shares of the aircraft producer’s stock valued at $2,471,000 after acquiring an additional 1,195 shares during the period. National Pension Service boosted its position in shares of Boeing by 19.6% in the first quarter. National Pension Service now owns 1,333,131 shares of the aircraft producer’s stock valued at $227,365,000 after acquiring an additional 218,049 shares during the period. McElhenny Sheffield Capital Management LLC bought a new position in shares of Boeing in the second quarter valued at approximately $62,859,000. Kelman Lazarov Inc. purchased a new stake in shares of Boeing in the first quarter worth $262,000. Finally, Vanguard Group Inc. raised its position 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 worth $11,197,468,000 after buying an additional 1,212,327 shares in the last quarter. Hedge funds and other institutional investors own 64.82% of the company’s stock.

Insider Activity at Boeing

In other Boeing news, EVP David Christopher Raymond sold 3,771 shares of Boeing stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $229.94, for a total transaction of $867,103.74. Following the transaction, the executive vice president directly owned 35,873 shares of the company’s stock, valued at approximately $8,248,637.62. This trade represents a 9.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Mortimer J. Buckley purchased 2,200 shares of the firm’s stock in a transaction on Tuesday, August 19th. The shares were acquired at an average cost of $226.10 per share, for a total transaction of $497,420.00. Following the completion of the purchase, the director directly owned 2,200 shares of the company’s stock, valued at approximately $497,420. This represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 0.09% of the company’s stock.

Analysts Set New Price Targets

BA has been the topic of a number of recent analyst reports. Barclays increased their price objective on Boeing from $210.00 to $255.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 29th. UBS Group reiterated a “buy” rating on shares of Boeing in a research report on Thursday. Sanford C. Bernstein increased their price objective on Boeing from $249.00 to $282.00 and gave the stock an “outperform” rating in a research report on Thursday, October 2nd. Bank of America increased their price objective on Boeing from $260.00 to $270.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. Finally, Jefferies Financial Group set a $255.00 price objective on Boeing in a research report on Tuesday, September 30th. Three research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have given a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $242.79.

Boeing Stock Up 0.6%

NYSE BA opened at $201.24 on Friday. The stock’s 50-day simple moving average is $220.17 and its two-hundred day simple moving average is $212.77. The Boeing Company has a twelve month low of $128.88 and a twelve month high of $242.69. The company has a market capitalization of $152.17 billion, a price-to-earnings ratio of -14.71 and a beta of 1.47.

Boeing (NYSE:BA) last posted its quarterly 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 business had revenue of $23.27 billion for the quarter, compared to analysts’ expectations of $21.61 billion. The business’s quarterly revenue was up 30.4% on a year-over-year basis. During the same quarter in the previous year, the business earned ($10.44) earnings per share. On average, equities analysts expect 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.