Boeing (NYSE:BA) Hits New 12-Month High After Analyst Upgrade

Shares of The Boeing Company (NYSE:BA) reached a new 52-week high during mid-day trading on Tuesday after Royal Bank of Canada raised their price target on the stock from $200.00 to $230.00. Royal Bank of Canada currently has an outperform rating on the stock. Boeing traded as high as $218.80 and last traded at $217.45, with a volume of 9398364 shares trading hands. The stock had previously closed at $210.80.

Other research analysts have also recently issued reports about the company. Sanford C. Bernstein raised Boeing from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $181.00 to $218.00 in a research note on Monday, April 28th. TD Securities cut Boeing to a “cautious” rating in a research note on Thursday, May 22nd. Cowen reissued a “buy” rating on shares of Boeing in a research note on Wednesday, May 7th. UBS Group boosted their target price on Boeing from $207.00 to $226.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Finally, Wells Fargo & Company reissued an “underweight” rating on shares of Boeing in a research note on Thursday, May 22nd. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $209.35.

Insider Activity at Boeing

In related news, EVP Jeffrey S. Shockey sold 3,205 shares of the company’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $202.87, for a total value of $650,198.35. Following the completion of the sale, the executive vice president now directly owns 20,513 shares of the company’s stock, valued at $4,161,472.31. This represents a 13.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David Christopher Raymond sold 3,899 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $187.01, for a total value of $729,151.99. Following the sale, the executive vice president now directly owns 42,513 shares of the company’s stock, valued at $7,950,356.13. The trade was a 8.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 7,744 shares of company stock valued at $1,511,370 in the last three months. 0.09% of the stock is currently owned by company insiders.

Institutional Trading of Boeing

Hedge funds have recently added to or reduced their stakes in the stock. Monetary Management Group Inc. grew its holdings in shares of Boeing by 33.3% during the 1st quarter. Monetary Management Group Inc. now owns 200 shares of the aircraft producer’s stock worth $34,000 after purchasing an additional 50 shares in the last quarter. Anchor Investment Management LLC grew its holdings in shares of Boeing by 0.9% during the 1st quarter. Anchor Investment Management LLC now owns 5,411 shares of the aircraft producer’s stock worth $923,000 after purchasing an additional 50 shares in the last quarter. Heritage Financial Services LLC grew its holdings in shares of Boeing by 4.2% during the 1st quarter. Heritage Financial Services LLC now owns 1,264 shares of the aircraft producer’s stock worth $216,000 after purchasing an additional 51 shares in the last quarter. Wood Tarver Financial Group LLC grew its holdings in shares of Boeing by 14.3% during the 1st quarter. Wood Tarver Financial Group LLC now owns 439 shares of the aircraft producer’s stock worth $75,000 after purchasing an additional 55 shares in the last quarter. Finally, Keynote Financial Services LLC grew its holdings in shares of Boeing by 3.8% during the 4th quarter. Keynote Financial Services LLC now owns 1,542 shares of the aircraft producer’s stock worth $273,000 after purchasing an additional 57 shares in the last quarter. 64.82% of the stock is owned by institutional investors and hedge funds.

Boeing Trading Up 3.2%

The company has a market cap of $163.96 billion, a price-to-earnings ratio of -11.87 and a beta of 1.43. The company has a fifty day moving average price of $183.57 and a two-hundred day moving average price of $175.53.

Boeing (NYSE:BA) last announced its quarterly earnings data on Wednesday, April 23rd. The aircraft producer reported ($0.49) earnings per share for the quarter, topping the consensus estimate of ($1.39) by $0.90. The firm had revenue of $19.50 billion for the quarter, compared to analyst estimates of $19.57 billion. During the same period in the previous year, the business posted ($1.13) EPS. Boeing’s revenue for the quarter was up 17.7% compared to the same quarter last year. Sell-side analysts anticipate that The Boeing Company will post -2.58 EPS for the current fiscal year.

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.