Bank of New York Mellon Corp boosted its stake in The Boeing Company (NYSE:BA – Free Report) by 2.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,613,462 shares of the aircraft producer’s stock after acquiring an additional 89,106 shares during the period. Bank of New York Mellon Corp’s holdings in Boeing were worth $784,555,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in the stock. Measured Wealth Private Client Group LLC bought a new position in shares of Boeing during the 3rd quarter worth approximately $25,000. Ares Financial Consulting LLC bought a new position in shares of Boeing during the 4th quarter worth approximately $26,000. Strategic Wealth Advisors LLC bought a new position in shares of Boeing during the 4th quarter worth approximately $27,000. Kohmann Bosshard Financial Services LLC bought a new position in shares of Boeing during the 4th quarter worth approximately $28,000. Finally, American National Bank & Trust boosted its holdings in shares of Boeing by 124.2% during the 4th quarter. American National Bank & Trust now owns 139 shares of the aircraft producer’s stock worth $30,000 after buying an additional 77 shares in the last quarter. 64.82% of the stock is currently owned by institutional investors.
Boeing Trading Down 3.1%
NYSE BA opened at $210.89 on Thursday. The firm has a market capitalization of $166.24 billion, a P/E ratio of 102.37 and a beta of 1.19. The company has a current ratio of 1.18, a quick ratio of 0.35 and a debt-to-equity ratio of 7.42. The business has a fifty day simple moving average of $220.05 and a 200 day simple moving average of $220.18. The Boeing Company has a 12 month low of $176.77 and a 12 month high of $254.35.
Wall Street Analyst Weigh In
A number of equities analysts have issued reports on BA shares. Jefferies Financial Group restated a “buy” rating on shares of Boeing in a report on Wednesday, March 4th. Tigress Financial increased their price target on Boeing from $290.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Wells Fargo & Company started coverage on Boeing in a report on Wednesday, April 1st. They set an “overweight” rating and a $250.00 price target on the stock. Wolfe Research restated an “outperform” rating and set a $275.00 price target on shares of Boeing in a report on Thursday, April 23rd. Finally, Morgan Stanley increased their price target on Boeing from $245.00 to $250.00 and gave the stock an “equal weight” rating in a report on Thursday, April 23rd. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $259.80.
View Our Latest Report on Boeing
Insider Transactions at Boeing
In other news, Director Bradley D. Tilden purchased 1,370 shares of the business’s stock in a transaction dated Wednesday, May 20th. The stock was bought at an average price of $218.50 per share, for a total transaction of $299,345.00. Following the purchase, the director owned 1,370 shares of the company’s stock, valued at $299,345. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.10% of the stock is owned by company insiders.
Boeing News Roundup
Here are the key news stories impacting Boeing this week:
- Negative Sentiment: NASA is reportedly reconsidering Boeing’s role after the Starliner debacle, renewing scrutiny of Boeing’s reliability in space contracts and adding to investor concern about future aerospace business. “Under Review”: Boeing Stock (NYSE:BA) Slides as NASA Reconsiders
- Negative Sentiment: Another headline warned that Boeing’s 777X orders may be at risk, raising fears that certification delays could lead airlines to reconsider or reduce commitments for the long-delayed aircraft. Boeing Stock (NYSE:BA) Plunges, 777X Orders May be at Risk
- Positive Sentiment: Norwegian Air Shuttle agreed to buy an additional Boeing 737-800, which is a modest vote of confidence in Boeing’s narrow-body fleet and ongoing airline demand. Norwegian Air Shuttle Buys Additional Boeing 737-800 to Strengthen Fleet Ownership
- Neutral Sentiment: Several analyst-style articles highlighted that Boeing has outperformed its industry over the past six months and that its turnaround is underway, but they also noted lingering weak spots and that much of the recovery may already be reflected in the share price. BA Stock Outperforms Industry in 6 Months: Should You Stay Invested? Boeing: The Comeback Is Real, But Weak Spots Remain Boeing’s Turnaround Is Real, But The Stock Already Knows It
About Boeing
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.
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