Wells Fargo & Company Cuts Boeing (NYSE:BA) Price Target to $111.00
Wells Fargo & Company has lowered its price target for Boeing (NYSE:BA) from $113.00 to $111.00, maintaining an "underweight" rating. This new target suggests a potential downside of 28.83% from the current stock price. Other analysts have varied opinions, with some upgrading and others downgrading their ratings. Boeing's stock recently traded down to $155.96, with a consensus rating of "Moderate Buy" and a target price of $196.00. The company reported a significant earnings miss in its last quarterly results.
Boeing (NYSE:BA - Get Free Report) had its price objective decreased by Wells Fargo & Company from $113.00 to $111.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an "underweight" rating on the aircraft producer's stock. Wells Fargo & Company's price objective indicates a potential downside of 28.83% from the stock's current price.
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A number of other analysts have also issued reports on BA. StockNews.com raised Boeing to a "sell" rating in a report on Saturday, April 5th. Barclays upgraded shares of Boeing from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $190.00 to $210.00 in a research note on Monday, January 6th. Royal Bank of Canada reissued an "outperform" rating and set a $200.00 target price on shares of Boeing in a research report on Wednesday, January 29th. Citigroup lifted their price objective on Boeing from $207.00 to $210.00 and gave the stock a "buy" rating in a report on Monday, February 10th. Finally, JPMorgan Chase & Co. raised their target price on Boeing from $190.00 to $200.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 29th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $196.00.
Check Out Our Latest Stock Report on BA
Boeing Stock Performance
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Shares of BA traded down $3.32 during trading hours on Tuesday, hitting $155.96. 4,359,541 shares of the company were exchanged, compared to its average volume of 8,692,822. The firm's 50 day moving average is $168.23 and its 200-day moving average is $164.02. Boeing has a 52 week low of $128.88 and a 52 week high of $196.95. The company has a market cap of $116.98 billion, a PE ratio of -8.51 and a beta of 1.24.
Boeing (NYSE:BA - Get Free Report) last issued its quarterly earnings data on Tuesday, January 28th. The aircraft producer reported ($5.90) earnings per share for the quarter, missing analysts' consensus estimates of ($1.60) by ($4.30). During the same period last year, the business posted ($0.47) EPS. As a group, equities analysts forecast that Boeing will post -2.58 earnings per share for the current fiscal year.
Insider Transactions at Boeing
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In other news, EVP Uma M. Amuluru sold 3,159 shares of the company's stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $180.69, for a total transaction of $570,799.71. Following the transaction, the executive vice president now owns 19,213 shares of the company's stock, valued at $3,471,596.97. This represents a 14.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.09% of the stock is owned by company insiders.
Institutional Trading of Boeing
Several institutional investors and hedge funds have recently added to or reduced their stakes in BA. Virtu Financial LLC bought a new position in shares of Boeing in the 3rd quarter worth $7,544,000. World Investment Advisors LLC increased its stake in shares of Boeing by 243.4% in the 3rd quarter. World Investment Advisors LLC now owns 5,381 shares of the aircraft producer's stock valued at $818,000 after acquiring an additional 3,814 shares during the last quarter. Wilmington Savings Fund Society FSB raised its position in shares of Boeing by 290.0% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 17,053 shares of the aircraft producer's stock valued at $2,593,000 after acquiring an additional 12,680 shares during the period. Tidal Investments LLC grew its holdings in Boeing by 2.1% during the third quarter. Tidal Investments LLC now owns 38,230 shares of the aircraft producer's stock valued at $5,812,000 after purchasing an additional 804 shares during the period. Finally, Franklin Resources Inc. increased its stake in Boeing by 1,296.3% in the third quarter. Franklin Resources Inc. now owns 1,136,895 shares of the aircraft producer's stock valued at $169,386,000 after purchasing an additional 1,055,472 shares in the last quarter. 64.82% of the stock is owned by institutional investors.
About Boeing
(Get Free Report)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.
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