Penobscot Investment Management Company Inc. Cuts Stock Position in The Boeing Company (NYSE:BA)

Penobscot Investment Management Company Inc. reduced its position in The Boeing Company (NYSE:BA) by 6.1% in the first quarter, Holdings Channel.com reports. The firm owned 1,540 shares of the aircraft producer’s stock after selling 100 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Boeing were worth $263,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BA. American National Bank & Trust boosted its holdings in shares of Boeing by 474.1% in the 1st quarter. American National Bank & Trust now owns 155 shares of the aircraft producer’s stock worth $26,000 after purchasing an additional 128 shares in the last quarter. REAP Financial Group LLC boosted its holdings in shares of Boeing by 60.2% in the 4th quarter. REAP Financial Group LLC now owns 173 shares of the aircraft producer’s stock worth $31,000 after purchasing an additional 65 shares in the last quarter. Anfield Capital Management LLC boosted its holdings in shares of Boeing by 113.1% in the 4th quarter. Anfield Capital Management LLC now owns 179 shares of the aircraft producer’s stock worth $32,000 after purchasing an additional 95 shares in the last quarter. Dogwood Wealth Management LLC lifted its stake in shares of Boeing by 167.2% in the 4th quarter. Dogwood Wealth Management LLC now owns 179 shares of the aircraft producer’s stock valued at $32,000 after acquiring an additional 112 shares during the last quarter. Finally, Solstein Capital LLC bought a new stake in shares of Boeing in the 4th quarter valued at about $33,000. 64.82% of the stock is currently owned by hedge funds and other institutional investors.

Boeing Stock Performance

BA stock opened at $202.61 on Friday. The Boeing Company has a fifty-two week low of $128.88 and a fifty-two week high of $218.80. The business’s 50 day moving average price is $196.80 and its two-hundred day moving average price is $179.54. The company has a market capitalization of $152.77 billion, a price-to-earnings ratio of -11.31 and a beta of 1.43.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on BA shares. Bank of America raised Boeing from a “neutral” rating to a “buy” rating and boosted their target price for the company from $185.00 to $260.00 in a research note on Monday, June 2nd. Benchmark lowered their target price on Boeing from $250.00 to $215.00 and set a “buy” rating for the company in a research note on Monday, April 21st. Wells Fargo & Company reissued an “underweight” rating on shares of Boeing 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. Finally, Jefferies Financial Group boosted their target price on Boeing from $230.00 to $250.00 and gave the company a “buy” rating in a research note on Wednesday, June 4th. Four investment 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, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $209.85.

Insiders Place Their Bets

In related news, EVP David Christopher Raymond sold 3,899 shares of the company’s 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 owns 42,513 shares in the company, valued at $7,950,356.13. This represents a 8.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Brendan J. Nelson sold 640 shares of the company’s stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $206.28, for a total value of $132,019.20. Following the completion of the sale, the senior vice president now owns 13,258 shares in the company, valued at $2,734,860.24. The trade was a 4.60% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,744 shares of company stock worth $1,511,370. Company insiders own 0.09% of the company’s stock.

About Boeing

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.