Allstate Corp Grows Stake in The Boeing Company $BA

Allstate Corp grew its holdings in The Boeing Company (NYSE:BA) by 114.4% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 56,792 shares of the aircraft producer’s stock after acquiring an additional 30,303 shares during the period. Allstate Corp’s holdings in Boeing were worth $12,331,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of Boeing by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 70,989,438 shares of the aircraft producer’s stock valued at $15,413,227,000 after purchasing an additional 3,460,021 shares in the last quarter. Newport Trust Company LLC boosted its position in shares of Boeing by 1.0% during the fourth quarter. Newport Trust Company LLC now owns 29,485,294 shares of the aircraft producer’s stock valued at $6,401,847,000 after purchasing an additional 286,848 shares in the last quarter. Fisher Asset Management LLC boosted its position in shares of Boeing by 2.5% during the fourth quarter. Fisher Asset Management LLC now owns 5,640,900 shares of the aircraft producer’s stock valued at $1,224,752,000 after purchasing an additional 135,860 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Boeing by 7.1% during the third quarter. Legal & General Group Plc now owns 3,369,615 shares of the aircraft producer’s stock valued at $727,264,000 after purchasing an additional 223,995 shares in the last quarter. Finally, Viking Global Investors LP boosted its position in shares of Boeing by 6.2% during the third quarter. Viking Global Investors LP now owns 3,010,551 shares of the aircraft producer’s stock valued at $649,767,000 after purchasing an additional 175,486 shares in the last quarter. Hedge funds and other institutional investors own 64.82% of the company’s stock.

Key Boeing News

Here are the key news stories impacting Boeing this week:

• Positive Sentiment: Boeing received a boost from a jury verdict in its favor in a long-running 737 MAX fraud case, reducing a legal risk that had weighed on sentiment. Boeing found not guilty of $153M 737 MAX fraud case
• Positive Sentiment: Saudi Arabia’s Riyadh Air is moving ahead with its launch and will take its first Boeing jets this week, reinforcing backlog and delivery optimism. Saudi Arabia pushes ahead with launch of new airline despite Iran war
• Positive Sentiment: Insider buying added a constructive signal, with a Boeing director purchasing nearly $300,000 of stock. Insider Buying: Boeing (NYSE:BA) Director Buys $299,345.00 in Stock
• Positive Sentiment: Several recent analyses argue Boeing remains attractively valued relative to peers, and some analysts view the recent weakness as an entry point. BA vs. LMT: Which Aerospace-Defense Giant Offers Better Value Today?
• Neutral Sentiment: New commentary on Boeing’s long-term outlook says the company likely needs a new narrow-body aircraft over the next decade, but the timeline and execution remain uncertain. Where Will Boeing Stock Be in 10 Years?
• Negative Sentiment: Investor disappointment is centered on China, where Boeing reportedly secured only 200 aircraft orders, less than some had hoped for after trade discussions. The Disappointing Boeing Deal: Why China Only Bought 200 Planes

Insider Buying and Selling at Boeing

In other news, Director Mortimer J. Buckley acquired 2,230 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was bought at an average price of $224.20 per share, with a total value of $499,966.00. Following the completion of the acquisition, the director directly owned 4,430 shares of the company’s stock, valued at approximately $993,206. The trade was a 101.36% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Bradley D. Tilden acquired 1,370 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The stock was purchased at an average cost of $218.50 per share, with a total value of $299,345.00. Following the acquisition, the director directly owned 1,370 shares of the company’s stock, valued at $299,345. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 0.10% of the company’s stock.

Boeing Stock Performance

Shares of BA opened at $219.18 on Tuesday. The company has a debt-to-equity ratio of 7.42, a current ratio of 1.18 and a quick ratio of 0.35. The Boeing Company has a one year low of $176.77 and a one year high of $254.35. The firm has a market capitalization of $172.78 billion, a P/E ratio of 106.40 and a beta of 1.21. The business has a fifty day moving average of $217.63 and a 200 day moving average of $218.86.

Boeing (NYSE:BA) last issued its quarterly earnings data on Wednesday, April 22nd. The aircraft producer reported ($0.20) EPS for the quarter, topping the consensus estimate of ($0.68) by $0.48. The firm had revenue of $22.22 billion during the quarter, compared to the consensus estimate of $22.15 billion. During the same period in the previous year, the firm earned ($0.49) EPS. The business’s revenue was up 14.0% on a year-over-year basis. As a group, sell-side analysts anticipate that The Boeing Company will post -0.15 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. TD Cowen reiterated a “buy” rating on shares of Boeing in a research note on Wednesday, January 28th. Argus upgraded Boeing to a “hold” rating in a research note on Monday, February 2nd. Jefferies Financial Group reiterated a “buy” rating on shares of Boeing in a research note on Wednesday, March 4th. JPMorgan Chase & Co. lifted their price objective on Boeing from $245.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, January 28th. Finally, Citigroup lifted their price objective on Boeing from $256.00 to $260.00 and gave the company a “buy” rating in a research note on Monday, May 18th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $259.80.

Boeing Profile

Boeing Company (NYSE: BA) is an American multinational corporation that designs, manufactures and services commercial airplanes, defense systems, and space and security technologies. Founded in 1916 by William E. Boeing in Seattle, the company today operates as an integrated aerospace and defense contractor with a global customer base. Boeing relocated its corporate headquarters to Arlington, Virginia in 2022 and maintains extensive engineering, manufacturing and service operations across the United States and around the world.

Boeing’s principal lines of business include Commercial Airplanes, which produces and supports a range of jetliners used by airlines globally; Defense, Space & Security, which develops military aircraft, rotorcraft, surveillance and reconnaissance systems, satellites, and launch and missile systems; and Boeing Global Services, which provides aftermarket maintenance, training, spare parts, digital analytics and logistics support.