Westchester Capital Management Inc. Has $2.10 Million Stock Holdings in The Boeing Company $BA

Westchester Capital Management Inc. cut its position in shares of The Boeing Company (NYSE:BA) by 0.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,009 shares of the aircraft producer’s stock after selling 55 shares during the quarter. Boeing accounts for 0.5% of Westchester Capital Management Inc.’s portfolio, making the stock its 27th biggest holding. Westchester Capital Management Inc.’s holdings in Boeing were worth $2,097,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in BA. Piscataqua Savings Bank grew its position in Boeing by 1,712.5% during the second quarter. Piscataqua Savings Bank now owns 145 shares of the aircraft producer’s stock worth $30,000 after buying an additional 137 shares in the last quarter. Proathlete Wealth Management LLC bought a new position in Boeing during the first quarter worth about $34,000. Monetary Management Group Inc. lifted its stake in Boeing by 33.3% during the first quarter. Monetary Management Group Inc. now owns 200 shares of the aircraft producer’s stock worth $34,000 after purchasing an additional 50 shares during the period. Keener Financial Planning LLC bought a new position in Boeing during the second quarter worth about $41,000. Finally, Columbia River Financial Group LLC bought a new position in Boeing during the first quarter worth about $50,000. 64.82% of the stock is owned by institutional investors and hedge funds.

Boeing Trading Down 2.3%

NYSE:BA opened at $211.04 on Monday. The Boeing Company has a 1 year low of $128.88 and a 1 year high of $242.69. The firm has a 50 day moving average of $224.29 and a 200-day moving average of $206.57. The stock has a market capitalization of $159.58 billion, a P/E ratio of -12.78 and a beta of 1.47.

Boeing (NYSE:BA) last posted its earnings results on Tuesday, July 29th. The aircraft producer reported ($1.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.92) by ($0.32). The firm had revenue of $22.75 billion for the quarter, compared to the consensus estimate of $20.13 billion. The company’s revenue was up 34.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($2.90) EPS. As a group, analysts forecast that The Boeing Company will post -2.58 EPS for the current fiscal year.

Analysts Set New Price Targets

BA has been the subject of a number of analyst reports. Jefferies Financial Group set a $255.00 price target on shares of Boeing in a research note on Tuesday, September 30th. KGI Securities upgraded shares of Boeing from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 24th. JPMorgan Chase & Co. raised their price target on shares of Boeing from $230.00 to $251.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 30th. Barclays raised their price target on shares of Boeing from $210.00 to $255.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 29th. Finally, Morgan Stanley restated an “equal weight” rating on shares of Boeing in a research note on Monday, July 28th. Three investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $233.91.

Insider Buying and Selling

In related news, Director Mortimer J. Buckley purchased 2,200 shares of the stock in a transaction that occurred on Tuesday, August 19th. The stock was acquired at an average price of $226.10 per share, with a total value of $497,420.00. Following the completion of the acquisition, the director directly owned 2,200 shares in the company, valued at approximately $497,420. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP David Christopher Raymond sold 3,771 shares of the firm’s 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 completion of the sale, the executive vice president directly owned 35,873 shares of the company’s stock, valued at approximately $8,248,637.62. This represents a 9.51% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.09% of the company’s stock.

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.