The Boeing Company (NYSE:BA – Get Free Report)’s share price traded down 1.5% on Tuesday. The stock traded as low as $189.33 and last traded at $189.8130. 7,643,805 shares were traded during mid-day trading, an increase of 12% from the average session volume of 6,844,951 shares. The stock had previously closed at $192.72.
Boeing News Summary
Here are the key news stories impacting Boeing this week:
- Positive Sentiment: Boeing received a seven-year agreement from Lockheed Martin worth up to approximately $14.7 billion to accelerate production of PAC-3 Missile Segment Enhancement seekers. The deal would triple output and strengthens Boeing’s defense backlog, although some terms remain subject to finalization. Reuters PAC-3 contract article
- Positive Sentiment: The PAC-3 award follows Boeing’s wins for the Air Force F-47 and Navy F/A-XX sixth-generation fighter programs, potentially giving the company a stronger long-term position in U.S. defense and supporting future revenue visibility. Boeing fighter contract article
- Positive Sentiment: The FAA determined that a recently identified 737 MAX software issue is not a flight-safety concern, reducing near-term regulatory risk and preserving a potential path toward 737 MAX 10 certification. Jefferies reportedly maintained a Buy rating with a $265 price target. FAA clears Boeing software issue article
Wall Street Analyst Weigh In
A number of brokerages have recently issued reports on BA. The Goldman Sachs Group cut Boeing from a “buy” rating to a “hold” rating in a report on Tuesday, August 11th. Bank of America reiterated a “buy” rating and set a $270.00 target price on shares of Boeing in a research note on Friday, September 18th. Citigroup downgraded Boeing from a “buy” rating to a “sell” rating in a research note on Tuesday, August 11th. Wolfe Research raised Boeing from a “hold” rating to a “strong-buy” rating in a report on Thursday, September 24th. Finally, Jefferies Financial Group decreased their price objective on Boeing from $295.00 to $265.00 and set a “buy” rating on the stock in a report on Monday, September 21st. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, Boeing presently has an average rating of “Moderate Buy” and a consensus price target of $270.95.
Boeing Stock Performance
The stock’s 50-day simple moving average is $212.06 and its 200-day simple moving average is $216.29. The stock has a market cap of $150.02 billion, a price-to-earnings ratio of 82.17 and a beta of 1.26. The company has a current ratio of 1.14, a quick ratio of 0.33 and a debt-to-equity ratio of 6.77.
Boeing (NYSE:BA – Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The aircraft producer reported ($0.76) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.42). The business had revenue of $24.56 billion during the quarter, compared to analyst estimates of $24.26 billion. Boeing had a net margin of 2.41% and a negative return on equity of 346.82%. The firm’s quarterly revenue was up 8.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.24) earnings per share. Analysts forecast that The Boeing Company will post -0.91 earnings per share for the current fiscal year.
Institutional Trading of Boeing
A number of institutional investors have recently modified their holdings of BA. Legacy Private Trust Co. grew its holdings in shares of Boeing by 1.9% during the 3rd quarter. Legacy Private Trust Co. now owns 17,325 shares of the aircraft producer’s stock worth $3,223,000 after purchasing an additional 320 shares in the last quarter. Baker Tilly Wealth Management LLC raised its stake in Boeing by 3.8% in the third quarter. Baker Tilly Wealth Management LLC now owns 12,579 shares of the aircraft producer’s stock valued at $2,340,000 after purchasing an additional 456 shares in the last quarter. Ferguson Wellman Capital Management Inc. raised its stake in Boeing by 25.7% in the third quarter. Ferguson Wellman Capital Management Inc. now owns 7,035 shares of the aircraft producer’s stock valued at $1,309,000 after purchasing an additional 1,440 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its position in Boeing by 38.4% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 5,974 shares of the aircraft producer’s stock worth $1,111,000 after purchasing an additional 1,659 shares during the period. Finally, Boltwood Capital Management lifted its position in Boeing by 9.0% during the third quarter. Boltwood Capital Management now owns 4,461 shares of the aircraft producer’s stock worth $830,000 after purchasing an additional 368 shares during the period. 64.82% of the stock is currently owned by institutional investors.
About Boeing
The Boeing Company (NYSE: BA) is a global aerospace company that designs, manufactures and supports commercial airplanes, military aircraft, spacecraft and related systems. Its commercial portfolio includes the 737, 787 Dreamliner and 777 families, as well as the 777X program. Boeing sells aircraft to airlines, cargo operators and leasing companies around the world.
Through its defense and space operations, Boeing provides products and services for the U.S. government, allied governments and other institutional customers.
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