Cordasco Financial Network Acquires 200 Shares of The Boeing Company (NYSE:BA)

Cordasco Financial Network boosted its holdings in shares of The Boeing Company (NYSE:BAGet Rating) by 133.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 350 shares of the aircraft producer’s stock after purchasing an additional 200 shares during the quarter. Cordasco Financial Network’s holdings in Boeing were worth $48,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Loomis Sayles & Co. L P lifted its position in shares of Boeing by 19.8% in the 4th quarter. Loomis Sayles & Co. L P now owns 13,367,929 shares of the aircraft producer’s stock worth $2,691,231,000 after acquiring an additional 2,210,908 shares during the period. BlackRock Inc. lifted its position in shares of Boeing by 2.9% in the 1st quarter. BlackRock Inc. now owns 31,674,287 shares of the aircraft producer’s stock worth $6,065,627,000 after acquiring an additional 887,382 shares during the period. Renaissance Technologies LLC bought a new stake in shares of Boeing in the 1st quarter worth approximately $135,429,000. Wellington Management Group LLP lifted its position in shares of Boeing by 125.0% in the 1st quarter. Wellington Management Group LLP now owns 1,139,143 shares of the aircraft producer’s stock worth $218,147,000 after acquiring an additional 632,913 shares during the period. Finally, Nuveen Asset Management LLC lifted its position in shares of Boeing by 17.9% during the 4th quarter. Nuveen Asset Management LLC now owns 3,636,168 shares of the aircraft producer’s stock worth $732,033,000 after buying an additional 552,493 shares during the period. Institutional investors own 57.10% of the company’s stock.

Boeing Trading Down 3.2 %

Shares of Boeing stock traded down $4.58 on Thursday, reaching $138.71. 6,286,047 shares of the company were exchanged, compared to its average volume of 9,398,133. The company has a market capitalization of $82.37 billion, a price-to-earnings ratio of -15.68 and a beta of 1.35. The Boeing Company has a one year low of $113.02 and a one year high of $233.94. The company has a 50-day moving average of $158.84 and a 200 day moving average of $156.29.

Boeing (NYSE:BAGet Rating) last posted its earnings results on Wednesday, July 27th. The aircraft producer reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.23). The company had revenue of $16.68 billion during the quarter, compared to analyst estimates of $17.53 billion. The company’s revenue was down 1.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.40 earnings per share. Analysts predict that The Boeing Company will post -1.95 earnings per share for the current year.

Wall Street Analyst Weigh In

BA has been the subject of several analyst reports. Benchmark cut their target price on Boeing from $250.00 to $200.00 and set a “buy” rating for the company in a research report on Friday, July 15th. JPMorgan Chase & Co. raised their target price on Boeing from $188.00 to $200.00 in a research report on Thursday, July 28th. Royal Bank of Canada set a $200.00 price target on Boeing in a report on Thursday, September 15th. Robert W. Baird reaffirmed an “outperform” rating and set a $245.00 price target on shares of Boeing in a report on Wednesday, September 7th. Finally, Morgan Stanley raised their price target on Boeing from $215.00 to $233.00 and gave the company an “overweight” rating in a report on Thursday, September 8th. Three analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, Boeing presently has an average rating of “Moderate Buy” and a consensus price target of $218.07.

About Boeing

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The Boeing Company, together with its subsidiaries, designs, develops, manufactures, sales, services, and supports commercial jetliners, military aircraft, satellites, missile defense, human space flight and launch systems, and services worldwide. The company operates through four segments: Commercial Airplanes; Defense, Space & Security; Global Services; and Boeing Capital.

Further Reading

Institutional Ownership by Quarter for Boeing (NYSE:BA)

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