Boeing (NYSE:BA) Sets New 12-Month Low – Here’s Why

The Boeing Company (NYSE:BA) reached a new 52-week low on Wednesday . The stock traded as low as $144.13 and last traded at $144.84, with a volume of 11974752 shares trading hands. The stock had previously closed at $151.00.

Analysts Set New Price Targets

Several research firms recently weighed in on BA. Wells Fargo & Company dropped their price target on Boeing from $86.00 to $85.00 and set an “underweight” rating on the stock in a research report on Monday. Robert W. Baird lowered their price objective on Boeing from $240.00 to $200.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Royal Bank of Canada reiterated an “outperform” rating and set a $200.00 price objective on shares of Boeing in a research note on Wednesday, October 30th. Benchmark reiterated a “buy” rating and set a $250.00 price objective on shares of Boeing in a research note on Thursday, October 24th. Finally, Sanford C. Bernstein cut Boeing from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $195.00 to $169.00 in a research note on Wednesday, October 30th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $190.37.

Boeing Price Performance

The business has a 50-day simple moving average of $156.17 and a 200-day simple moving average of $170.60. The firm has a market capitalization of $90.99 billion, a PE ratio of -11.41 and a beta of 1.57.

Boeing (NYSE:BA) last issued its quarterly earnings results on Wednesday, October 23rd. The aircraft producer reported ($10.44) earnings per share for the quarter, missing the consensus estimate of ($10.34) by ($0.10). The firm had revenue of $17.84 billion during the quarter, compared to analysts’ expectations of $17.81 billion. During the same quarter last year, the firm posted ($3.26) EPS. The business’s revenue for the quarter was down 1.5% on a year-over-year basis. On average, research analysts expect that The Boeing Company will post -16.13 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of BA. Catalina Capital Group LLC bought a new position in Boeing in the first quarter worth approximately $224,000. Texas Permanent School Fund Corp boosted its position in Boeing by 1.2% during the 1st quarter. Texas Permanent School Fund Corp now owns 118,553 shares of the aircraft producer’s stock valued at $22,880,000 after acquiring an additional 1,399 shares in the last quarter. Mittelman Wealth Management bought a new stake in Boeing during the 1st quarter valued at $200,000. Ballast Inc. boosted its position in Boeing by 7.9% during the 1st quarter. Ballast Inc. now owns 5,574 shares of the aircraft producer’s stock valued at $1,076,000 after acquiring an additional 408 shares in the last quarter. Finally, Concord Investment Counsel Inc. bought a new stake in Boeing during the 1st quarter valued at $135,000. Institutional investors own 64.82% 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.