Allstate Corp Acquires 30,303 Shares of The Boeing Company $BA

Key Points

• Allstate Corp increased its Boeing stake by 114.4% in the fourth quarter, buying 30,303 additional shares and bringing its total holding to 56,792 shares valued at about $12.3 million.
• Boeing recently reported better-than-expected quarterly results, posting a smaller loss than analysts feared and revenue slightly above estimates, with revenue up 14% year over year.
• Sentiment around Boeing was helped by insider buying and favorable developments, including a director purchase of nearly $300,000 in stock and news that Boeing received a legal boost in a long-running 737 MAX fraud case.

Allstate Corp boosted its holdings in The Boeing Company (NYSE:BA - Free Report) by 114.4% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 56,792 shares of the aircraft producer's stock after acquiring an additional 30,303 shares during the quarter. Allstate Corp's holdings in Boeing were worth $12,331,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in BA. Revolve Wealth Partners LLC bought a new position in Boeing in the 4th quarter worth about $201,000. Sivia Capital Partners LLC increased its stake in Boeing by 16.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 1,529 shares of the aircraft producer's stock worth $320,000 after acquiring an additional 217 shares during the last quarter. AXA S.A. increased its stake in Boeing by 1,225.7% in the 2nd quarter. AXA S.A. now owns 34,655 shares of the aircraft producer's stock worth $7,261,000 after acquiring an additional 32,041 shares during the last quarter. Ieq Capital LLC increased its stake in Boeing by 243.8% in the 2nd quarter. Ieq Capital LLC now owns 33,485 shares of the aircraft producer's stock worth $7,016,000 after acquiring an additional 23,746 shares during the last quarter. Finally, Alliancebernstein L.P. increased its stake in Boeing by 4.2% in the 2nd quarter. Alliancebernstein L.P. now owns 1,334,451 shares of the aircraft producer's stock worth $279,608,000 after acquiring an additional 53,736 shares during the last quarter. 64.82% of the stock is currently owned by institutional investors.

Insider Activity

In other Boeing news, Director Mortimer J. Buckley acquired 2,230 shares of the company's stock in a transaction on Tuesday, March 3rd. The stock was acquired at an average price of $224.20 per share, for a total transaction of $499,966.00. Following the acquisition, the director owned 4,430 shares in the company, valued at $993,206. This represents a 101.36% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Bradley D. Tilden acquired 1,370 shares of the company's stock in a transaction on Wednesday, May 20th. The stock was acquired at an average price of $218.50 per share, with a total value of $299,345.00. Following the acquisition, the director owned 1,370 shares in the company, valued at approximately $299,345. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 0.10% of the company's stock.

Boeing Trading Up 0.1%

Shares of BA stock opened at $219.18 on Tuesday. The stock has a market capitalization of $172.78 billion, a PE ratio of 106.40 and a beta of 1.21. The Boeing Company has a 1-year low of $176.77 and a 1-year high of $254.35. The business has a 50-day moving average of $217.63 and a 200 day moving average of $218.86. The company has a debt-to-equity ratio of 7.42, a current ratio of 1.18 and a quick ratio of 0.35.

Boeing (NYSE:BA - Get Free Report) last issued its earnings results on Wednesday, April 22nd. The aircraft producer reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.68) by $0.48. The company had revenue of $22.22 billion for the quarter, compared to analysts' expectations of $22.15 billion. The company's revenue was up 14.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.49) earnings per share. As a group, sell-side analysts anticipate that The Boeing Company will post -0.15 earnings per share for the current year.

Key Stories Impacting Boeing

Here are the key news stories impacting Boeing this week:

• Positive Sentiment: Boeing received a boost from a jury verdict in its favor in a long-running 737 MAX fraud case, reducing a legal risk that had weighed on sentiment. Boeing found not guilty of $153M 737 MAX fraud case
• Positive Sentiment: Saudi Arabia’s Riyadh Air is moving ahead with its launch and will take its first Boeing jets this week, reinforcing backlog and delivery optimism. Saudi Arabia pushes ahead with launch of new airline despite Iran war
• Positive Sentiment: Insider buying added a constructive signal, with a Boeing director purchasing nearly $300,000 of stock. Insider Buying: Boeing NYSE: BA Director Buys $299,345.00 in Stock
• Positive Sentiment: Several recent analyses argue Boeing remains attractively valued relative to peers, and some analysts view the recent weakness as an entry point. BA vs. LMT: Which Aerospace-Defense Giant Offers Better Value Today?
• Neutral Sentiment: New commentary on Boeing’s long-term outlook says the company likely needs a new narrow-body aircraft over the next decade, but the timeline and execution remain uncertain. Where Will Boeing Stock Be in 10 Years?
• Negative Sentiment: Investor disappointment is centered on China, where Boeing reportedly secured only 200 aircraft orders, less than some had hoped for after trade discussions. The Disappointing Boeing Deal: Why China Only Bought 200 Planes

Analyst Ratings Changes

Several brokerages have recently commented on BA. Weiss Ratings lowered Boeing from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, April 24th. Sanford C. Bernstein reiterated an "outperform" rating on shares of Boeing in a research report on Wednesday, January 28th. Wells Fargo & Company began coverage on Boeing in a research report on Wednesday, April 1st. They set an "overweight" rating and a $250.00 price objective on the stock. Vertical Research reiterated a "buy" rating and set a $281.00 price objective on shares of Boeing in a research report on Tuesday, January 27th. Finally, TD Cowen reiterated a "buy" rating on shares of Boeing in a research report on Wednesday, January 28th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $259.80.

Boeing Company Profile

Boeing Company NYSE: BA is an American multinational corporation that designs, manufactures and services commercial airplanes, defense systems, and space and security technologies. Founded in 1916 by William E. Boeing in Seattle, the company today operates as an integrated aerospace and defense contractor with a global customer base. Boeing relocated its corporate headquarters to Arlington, Virginia in 2022 and maintains extensive engineering, manufacturing and service operations across the United States and around the world.

Boeing's principal lines of business include Commercial Airplanes, which produces and supports a range of jetliners used by airlines globally; Defense, Space & Security, which develops military aircraft, rotorcraft, surveillance and reconnaissance systems, satellites, and launch and missile systems; and Boeing Global Services, which provides aftermarket maintenance, training, spare parts, digital analytics and logistics support.

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