Fortis Capital Management LLC Cuts Position in The Boeing Company (NYSE:BA)

Fortis Capital Management LLC trimmed its holdings in The Boeing Company (NYSE:BA) by 8.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,602 shares of the aircraft producer’s stock after selling 595 shares during the quarter. Fortis Capital Management LLC’s holdings in Boeing were worth $1,004,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Madison Park Capital Advisors LLC lifted its position in shares of Boeing by 4.9% in the second quarter. Madison Park Capital Advisors LLC now owns 1,204 shares of the aircraft producer’s stock worth $219,000 after buying an additional 56 shares during the last quarter. Wealth Alliance Advisory Group LLC lifted its stake in shares of Boeing by 1.6% in the second quarter. Wealth Alliance Advisory Group LLC now owns 3,798 shares of the aircraft producer’s stock worth $691,000 after buying an additional 60 shares during the last quarter. IMS Capital Management boosted its holdings in shares of Boeing by 0.4% during the 2nd quarter. IMS Capital Management now owns 16,032 shares of the aircraft producer’s stock worth $2,759,000 after buying an additional 62 shares during the period. ADE LLC grew its stake in Boeing by 4.4% in the 2nd quarter. ADE LLC now owns 1,539 shares of the aircraft producer’s stock valued at $280,000 after buying an additional 65 shares during the last quarter. Finally, Towercrest Capital Management raised its position in shares of Boeing by 5.2% during the first quarter. Towercrest Capital Management now owns 1,357 shares of the aircraft producer’s stock valued at $262,000 after buying an additional 67 shares during the last quarter. Institutional investors and hedge funds own 64.82% of the company’s stock.

Boeing Price Performance

Shares of BA stock opened at $139.98 on Thursday. The company has a market cap of $86.54 billion, a PE ratio of -10.85 and a beta of 1.57. The Boeing Company has a 1 year low of $139.10 and a 1 year high of $267.54. The stock’s 50 day simple moving average is $154.49 and its two-hundred day simple moving average is $170.11.

Boeing (NYSE:BA) last issued its quarterly earnings data on Wednesday, October 23rd. The aircraft producer reported ($10.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($10.34) by ($0.10). The company had revenue of $17.84 billion during the quarter, compared to analysts’ expectations of $17.81 billion. During the same period in the prior year, the business earned ($3.26) EPS. Boeing’s revenue was down 1.5% compared to the same quarter last year. Equities research analysts expect that The Boeing Company will post -16.09 EPS for the current year.

Wall Street Analysts Forecast Growth

BA has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Boeing from $225.00 to $195.00 and set a “buy” rating for the company in a research report on Thursday, October 3rd. The Goldman Sachs Group decreased their price objective on shares of Boeing from $232.00 to $202.00 and set a “buy” rating for the company in a report on Tuesday, September 24th. Citigroup reduced their price target on shares of Boeing from $224.00 to $209.00 and set a “buy” rating for the company in a report on Tuesday, October 15th. Wells Fargo & Company reduced their price objective on shares of Boeing from $86.00 to $85.00 and set an “underweight” rating for the company in a research note on Monday, November 4th. Finally, TD Cowen decreased their price target on Boeing from $200.00 to $190.00 and set a “buy” rating for the company in a research note on Monday, October 14th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Boeing has a consensus rating of “Hold” and a consensus price target of $190.37.

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.