Grove Bank & Trust decreased its holdings in The Boeing Company (NYSE:BA – Free Report) by 31.4% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,045 shares of the aircraft producer’s stock after selling 3,227 shares during the quarter. Grove Bank & Trust’s holdings in Boeing were worth $1,311,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Highland Investment Advisors LLC bought a new stake in Boeing in the second quarter valued at about $26,000. 1 North Wealth Services LLC acquired a new position in Boeing in the fourth quarter worth about $27,000. Wealth Preservation Advisors LLC lifted its stake in Boeing by 66.7% during the fourth quarter. Wealth Preservation Advisors LLC now owns 125 shares of the aircraft producer’s stock worth $27,000 after purchasing an additional 50 shares during the period. Strategic Wealth Advisors LLC acquired a new stake in Boeing during the second quarter valued at approximately $27,000. Finally, Bell Investment Advisors Inc acquired a new stake in Boeing during the second quarter valued at approximately $29,000. 64.82% of the stock is owned by institutional investors.
Key Boeing News
Here are the key news stories impacting Boeing this week:
- Positive Sentiment: Potential Southwest 787 order: Southwest Airlines is reportedly leaning toward Boeing’s 787 Dreamliner as it evaluates launching long-haul international service. A selection could provide Boeing with a meaningful new customer and support future commercial-aircraft demand. Reuters article
- Positive Sentiment: Large defense contract strengthens backlog: Lockheed Martin awarded Boeing an approximately $14.7 billion, seven-year contract to scale production of PAC-3 Missile Segment Enhancement seekers. The program is expected to triple output and adds longer-term visibility to Boeing’s defense business. Boeing wins PAC-3 contract article
- Neutral Sentiment: $715 billion backlog offers opportunity but not immediate cash flow: Boeing’s substantial order book indicates strong long-term demand, but aircraft must still be produced and delivered before orders translate into revenue, cash generation and earnings. Investors therefore remain focused on production rates and delivery execution. Boeing backlog article
- Negative Sentiment: Financial and execution risks remain central: Coverage highlights Boeing’s heavy debt burden, production delays and poor return on invested capital. Despite recent contract wins and potential debt reduction, these issues make the backlog less valuable until Boeing can improve deliveries, cash flow and profitability. Boeing financial outlook article
- Negative Sentiment: Profitability quality is being questioned: Analysts are scrutinizing Boeing’s combination of positive reported net income and negative EBITDA, while the company’s prior earnings miss and weak operating metrics reinforce concerns about the sustainability of its recovery. Boeing EBITDA and net income article
- Negative Sentiment: Competitive pressure in airline technology: American Airlines’ expansion of SpaceX Starlink connectivity to more than 1,000 aircraft could raise customer expectations for onboard internet, potentially requiring Boeing and airline customers to respond with comparable offerings. Starlink airline rollout article
Boeing Price Performance
Boeing (NYSE:BA – Get Free Report) last announced its earnings results on Tuesday, July 28th. The aircraft producer reported ($0.76) EPS for the quarter, missing the consensus estimate 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 negative return on equity of 346.82% and a net margin of 2.41%.The firm’s revenue was up 8.0% compared to the same quarter last year. During the same period in the previous year, the firm earned ($1.24) earnings per share. As a group, equities analysts predict that The Boeing Company will post -0.91 earnings per share for the current year.
Analysts Set New Price Targets
A number of equities analysts have recently issued reports on the company. Robert W. Baird set a $300.00 target price on Boeing in a report on Wednesday, July 29th. Tigress Financial upped their price target on Boeing from $295.00 to $305.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Citigroup lowered Boeing from a “buy” rating to a “sell” rating in a research note on Tuesday, August 11th. Jefferies Financial Group cut their price objective on Boeing from $295.00 to $265.00 and set a “buy” rating for the company in a report on Monday, September 21st. Finally, Sanford C. Bernstein restated an “outperform” rating on shares of Boeing in a research note on Wednesday, September 30th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $272.33.
Get Our Latest Stock Report on BA
Boeing Company Profile
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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