Prosperity Wealth Management Inc. Decreases Stake in The Boeing Company (NYSE:BA)

Prosperity Wealth Management Inc. reduced its position in The Boeing Company (NYSE:BA) by 3.3% during the first quarter, Holdings Channel.com reports. The institutional investor owned 2,258 shares of the aircraft producer’s stock after selling 76 shares during the period. Prosperity Wealth Management Inc.’s holdings in Boeing were worth $385,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Keynote Financial Services LLC raised its stake in Boeing by 3.8% in the 4th quarter. Keynote Financial Services LLC now owns 1,542 shares of the aircraft producer’s stock worth $273,000 after acquiring an additional 57 shares during the last quarter. Trek Financial LLC raised its stake in Boeing by 2.7% in the 4th quarter. Trek Financial LLC now owns 2,307 shares of the aircraft producer’s stock worth $408,000 after acquiring an additional 60 shares during the last quarter. Colonial Trust Co SC raised its stake in Boeing by 6.1% in the 4th quarter. Colonial Trust Co SC now owns 1,042 shares of the aircraft producer’s stock worth $184,000 after acquiring an additional 60 shares during the last quarter. Transcend Capital Advisors LLC raised its stake in Boeing by 1.3% in the 4th quarter. Transcend Capital Advisors LLC now owns 4,923 shares of the aircraft producer’s stock worth $871,000 after acquiring an additional 61 shares during the last quarter. Finally, HBW Advisory Services LLC raised its stake in Boeing by 4.3% in the 1st quarter. HBW Advisory Services LLC now owns 1,557 shares of the aircraft producer’s stock worth $266,000 after acquiring an additional 64 shares during the last quarter. 64.82% of the stock is currently owned by hedge funds and other institutional investors.

Boeing Stock Down 0.7%

NYSE:BA opened at $200.21 on Wednesday. The Boeing Company has a 52 week low of $128.88 and a 52 week high of $218.80. The stock has a market capitalization of $150.96 billion, a PE ratio of -11.17 and a beta of 1.43. The stock’s 50-day moving average price is $190.97 and its 200-day moving average price is $177.59.

Boeing (NYSE:BA) last posted its earnings results on Wednesday, April 23rd. The aircraft producer reported ($0.49) EPS for the quarter, beating analysts’ consensus estimates of ($1.39) by $0.90. The business had revenue of $19.50 billion for the quarter, compared to analyst estimates of $19.57 billion. During the same quarter last year, the business earned ($1.13) earnings per share. Boeing’s revenue was up 17.7% on a year-over-year basis. Sell-side analysts expect that The Boeing Company will post -2.58 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP Brendan J. Nelson sold 640 shares of Boeing stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $206.28, for a total value of $132,019.20. Following the sale, the senior vice president now directly owns 13,258 shares in the company, valued at approximately $2,734,860.24. The trade was a 4.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Jeffrey S. Shockey sold 3,205 shares of Boeing 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 owns 20,513 shares in the company, valued at approximately $4,161,472.31. The trade was a 13.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 7,744 shares of company stock worth $1,511,370 in the last ninety days. Company insiders own 0.09% of the company’s stock.

Analyst Upgrades and Downgrades

BA has been the subject of a number of research analyst reports. Sanford C. Bernstein upgraded Boeing from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $181.00 to $218.00 in a research note on Monday, April 28th. TD Securities lowered Boeing to a “cautious” rating in a research note on Thursday, May 22nd. Morgan Stanley set a $200.00 price target on Boeing and gave the stock an “equal weight” rating in a research report on Thursday, June 12th. Cowen reaffirmed a “buy” rating on shares of Boeing in a research report on Wednesday, May 7th. Finally, Jefferies Financial Group increased their price target on Boeing from $230.00 to $250.00 and gave the stock a “buy” rating in a research report on Wednesday, June 4th. Four research analysts have rated the stock with a sell rating, three have given a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $209.85.

Boeing 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.