Alberta Investment Management Corp Grows Position in The Boeing Company (NYSE:BA)

Key Points

• Alberta Investment Management Corp significantly increased its holdings in Boeing by 173.9% in Q1, bringing their total shares to 47,229, valued at approximately $8.05 million.
• Several hedge funds also increased their stakes in Boeing, contributing to institutional investors owning 64.82% of the company's stock.
• Analysts have a positive outlook for Boeing, with many upgrades and a consensus average target price of $228.90, despite the company reporting a loss in its latest earnings.

Alberta Investment Management Corp boosted its holdings in shares of The Boeing Company (NYSE:BA - Free Report) by 173.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 47,229 shares of the aircraft producer's stock after purchasing an additional 29,988 shares during the quarter. Alberta Investment Management Corp's holdings in Boeing were worth $8,055,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Wood Tarver Financial Group LLC raised its stake in Boeing by 14.3% during the first quarter. Wood Tarver Financial Group LLC now owns 439 shares of the aircraft producer's stock valued at $75,000 after purchasing an additional 55 shares in the last quarter. Byrne Financial Freedom LLC raised its stake in Boeing by 3.0% during the first quarter. Byrne Financial Freedom LLC now owns 1,993 shares of the aircraft producer's stock valued at $340,000 after purchasing an additional 58 shares in the last quarter. HighPoint Advisor Group LLC increased its position in Boeing by 0.3% during the first quarter. HighPoint Advisor Group LLC now owns 19,657 shares of the aircraft producer's stock valued at $3,578,000 after acquiring an additional 58 shares during the last quarter. Trek Financial LLC increased its position in Boeing by 2.7% during the fourth quarter. Trek Financial LLC now owns 2,307 shares of the aircraft producer's stock valued at $408,000 after acquiring an additional 60 shares during the last quarter. Finally, Colonial Trust Co SC increased its position in Boeing by 6.1% during the fourth quarter. Colonial Trust Co SC now owns 1,042 shares of the aircraft producer's stock valued at $184,000 after acquiring an additional 60 shares during the last quarter. Hedge funds and other institutional investors own 64.82% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on BA. Rothschild & Co Redburn upgraded shares of Boeing from a "neutral" rating to a "buy" rating and set a $275.00 price objective on the stock in a research report on Friday, June 27th. UBS Group set a $280.00 price objective on shares of Boeing and gave the company a "buy" rating in a research report on Wednesday. Cowen reiterated a "buy" rating on shares of Boeing in a research report on Wednesday, May 7th. Barclays boosted their price objective on shares of Boeing from $210.00 to $255.00 and gave the company an "overweight" rating in a research report on Tuesday. Finally, Susquehanna boosted their price objective on shares of Boeing from $265.00 to $270.00 and gave the company a "positive" rating in a research report on Wednesday. Three analysts have rated the stock with a sell rating, three have given a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $228.90.

Insider Activity at Boeing

In related news, SVP Brendan J. Nelson sold 640 shares of the stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $206.28, for a total value of $132,019.20. Following the transaction, the senior vice president owned 13,258 shares in the company, valued at approximately $2,734,860.24. This represents a 4.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jeffrey S. Shockey sold 3,205 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $202.87, for a total transaction of $650,198.35. Following the sale, the executive vice president directly owned 20,513 shares in the company, valued at $4,161,472.31. The trade was a 13.51% decrease in their position. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by corporate insiders.

Boeing Price Performance

Shares of Boeing stock opened at $221.94 on Friday. The stock has a market cap of $167.82 billion, a price-to-earnings ratio of -13.44 and a beta of 1.48. The firm's 50-day moving average is $215.23 and its two-hundred day moving average is $188.67. The Boeing Company has a 1 year low of $128.88 and a 1 year high of $242.69.

Boeing (NYSE:BA - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The aircraft producer reported ($1.24) earnings per share for the quarter, missing the consensus estimate of ($0.92) by ($0.32). The company had revenue of $22.75 billion for the quarter, compared to the consensus estimate of $20.13 billion. During the same quarter in the previous year, the business posted ($2.90) EPS. The company's revenue for the quarter was up 34.9% compared to the same quarter last year. On average, equities analysts expect that The Boeing Company will post -2.58 earnings per share for the current year.

Boeing Company Profile

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.

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