Penobscot Investment Management Company Inc. Reduces Position in The Boeing Company $BA

Penobscot Investment Management Company Inc. decreased its position in shares of The Boeing Company (NYSE:BA) by 6.5% during the second quarter, Holdings Channel reports. The institutional investor owned 1,440 shares of the aircraft producer’s stock after selling 100 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Boeing were worth $302,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Vestcor Inc lifted its stake in shares of Boeing by 9.0% during the 1st quarter. Vestcor Inc now owns 14,489 shares of the aircraft producer’s stock valued at $2,471,000 after buying an additional 1,195 shares in the last quarter. National Pension Service lifted its stake in shares of Boeing by 19.6% during the 1st quarter. National Pension Service now owns 1,333,131 shares of the aircraft producer’s stock valued at $227,365,000 after buying an additional 218,049 shares in the last quarter. Wynn Capital LLC purchased a new position in shares of Boeing during the 1st quarter valued at $584,000. MFG Wealth Management Inc. purchased a new position in shares of Boeing during the 1st quarter valued at $2,125,000. Finally, Kelman Lazarov Inc. purchased a new position in shares of Boeing during the 1st quarter valued at $262,000. Hedge funds and other institutional investors own 64.82% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Boeing in a research note on Saturday, September 27th. Morgan Stanley reiterated an “equal weight” rating on shares of Boeing in a research note on Monday, July 28th. Redburn Atlantic upgraded shares of Boeing from a “hold” rating to a “strong-buy” rating and boosted their price target for the stock from $180.00 to $275.00 in a research note on Friday, June 27th. Rothschild & Co Redburn upgraded shares of Boeing from a “neutral” rating to a “buy” rating and set a $275.00 price target on the stock in a research note on Friday, June 27th. Finally, Susquehanna reiterated a “positive” rating and issued a $270.00 price target on shares of Boeing in a research note on Monday, September 15th. Three analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Boeing presently has a consensus rating of “Moderate Buy” and a consensus target price of $233.91.

Insider Activity

In other news, Director Mortimer J. Buckley purchased 2,200 shares of the business’s stock in a transaction that occurred on Tuesday, August 19th. The shares were bought at an average cost of $226.10 per share, for a total transaction of $497,420.00. Following the acquisition, the director owned 2,200 shares of the company’s stock, valued at approximately $497,420. This trade represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP David Christopher Raymond sold 3,771 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $229.94, for a total transaction of $867,103.74. Following the transaction, the executive vice president owned 35,873 shares in the company, valued at $8,248,637.62. The trade was a 9.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.09% of the company’s stock.

Boeing Stock Down 0.5%

Boeing stock opened at $216.32 on Friday. The company’s 50-day moving average price is $225.06 and its 200-day moving average price is $204.98. The Boeing Company has a twelve month low of $128.88 and a twelve month high of $242.69. The company has a market cap of $163.57 billion, a PE ratio of -13.10 and a beta of 1.47.

Boeing (NYSE:BA) last posted its earnings results on Tuesday, July 29th. The aircraft producer reported ($1.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.92) by ($0.32). The firm had revenue of $22.75 billion for the quarter, compared to analysts’ expectations of $20.13 billion. During the same quarter in the previous year, the business posted ($2.90) EPS. The firm’s revenue was up 34.9% on a year-over-year basis. As a group, sell-side analysts expect that The Boeing Company will post -2.58 earnings per share for the current fiscal year.

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.