Bank of New York Mellon Corp Cuts Stock Holdings in The Boeing Company $BA

Key Points

• Bank of New York Mellon trimmed its Boeing stake by 1.4% in the first quarter, though it still owned 3.56 million shares valued at about $709 million.
• Boeing is seeing positive operational momentum, including strong June deliveries of 64 jets and 314 deliveries in the first half of the year, its best first-half performance since 2018.
• The company is also nearing regulatory and certification progress on the 737 MAX anti-ice fix and the 737 MAX 7/10, which could support future deliveries and production ramps, even as safety oversight concerns remain in the background.

Bank of New York Mellon Corp reduced its stake in The Boeing Company (NYSE:BA - Free Report) by 1.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,563,669 shares of the aircraft producer's stock after selling 49,793 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.45% of Boeing worth $709,277,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of BA. Vanguard Group Inc. raised its holdings in shares of Boeing by 5.1% in the fourth quarter. Vanguard Group Inc. now owns 70,989,438 shares of the aircraft producer's stock valued at $15,413,227,000 after purchasing an additional 3,460,021 shares during the last quarter. Alyeska Investment Group L.P. boosted its holdings in Boeing by 245.7% during the fourth quarter. Alyeska Investment Group L.P. now owns 2,252,450 shares of the aircraft producer's stock worth $489,052,000 after purchasing an additional 1,600,909 shares during the last quarter. Janus Henderson Group PLC grew its position in Boeing by 43.1% in the 4th quarter. Janus Henderson Group PLC now owns 3,907,876 shares of the aircraft producer's stock worth $840,204,000 after purchasing an additional 1,176,074 shares in the last quarter. Viking Global Investors LP increased its stake in Boeing by 31.3% in the 4th quarter. Viking Global Investors LP now owns 3,953,087 shares of the aircraft producer's stock valued at $858,294,000 after buying an additional 942,536 shares during the last quarter. Finally, Diamant Asset Management Inc. increased its stake in Boeing by 19,623.0% in the 1st quarter. Diamant Asset Management Inc. now owns 872,348 shares of the aircraft producer's stock valued at $173,623,000 after buying an additional 867,925 shares during the last quarter. 64.82% of the stock is currently owned by institutional investors.

Boeing News Roundup

Here are the key news stories impacting Boeing this week:

• Positive Sentiment: Boeing is nearing regulatory approval for a fix to the 737 MAX anti-ice system, which could clear the way for long-delayed 737 MAX 7 and MAX 10 deliveries and improve the outlook for near-term production. Reuters: Boeing nears approval of 737 MAX anti-ice fix, paving way for deliveries
• Positive Sentiment: The company reported strong June deliveries of 64 jets, bringing first-half deliveries to 314 aircraft, its best first-half performance since 2018 and a positive sign for cash flow and execution heading into earnings. Article: Boeing Delivered 64 Jets in June. Here's What That Means for Its July 28 Earnings.
• Positive Sentiment: Reuters also reported Boeing is near a key certification milestone for the 737 MAX 7 and MAX 10, while progress on the 737 MAX anti-icing certification and 777X program adds to investor optimism about production ramps and future deliveries. Seeking Alpha: Boeing nears key certification milestone for 737 Max 7 and Max 10
• Neutral Sentiment: Boeing is showcasing its commercial, defense, and services portfolio at major industry events, which helps visibility but is not likely to move the stock on its own. PR Newswire: Boeing highlights portfolio at aviation's largest celebration
• Negative Sentiment: A Reuters report that the U.S. will lead the probe into a Ryanair Boeing 737 incident over Greece keeps safety and oversight issues in the headlines, which can weigh on sentiment even though it does not directly change Boeing’s fundamentals. Reuters: US to take lead in probe into Ryanair Boeing 737 engine failure over Greece

Insider Transactions at Boeing

In other news, Director Bradley D. Tilden bought 1,370 shares of the stock in a transaction on Wednesday, May 20th. The shares were purchased at an average cost of $218.50 per share, for a total transaction of $299,345.00. Following the completion of the purchase, the director directly owned 1,370 shares in the company, valued at $299,345. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.10% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BA. Wells Fargo & Company assumed coverage on Boeing in a research note on Wednesday, April 1st. They issued an "overweight" rating and a $250.00 target price on the stock. Morgan Stanley increased their price target on Boeing from $245.00 to $250.00 and gave the company an "equal weight" rating in a research report on Thursday, April 23rd. Citigroup boosted their price objective on Boeing from $256.00 to $260.00 and gave the stock a "buy" rating in a research report on Monday, May 18th. Btg Pactual set a $260.00 price objective on Boeing in a research note on Tuesday. Finally, Tigress Financial raised their target price on Boeing from $290.00 to $295.00 and gave the company a "buy" rating in a research report on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $261.53.

Boeing Stock Down 1.8%

Boeing stock opened at $214.24 on Friday. The Boeing Company has a twelve month low of $176.77 and a twelve month high of $254.35. The firm has a 50 day moving average price of $222.30 and a 200-day moving average price of $224.82. The company has a market capitalization of $168.88 billion, a P/E ratio of 104.00 and a beta of 1.21. The company has a quick ratio of 0.35, a current ratio of 1.18 and a debt-to-equity ratio of 7.42.

Boeing (NYSE:BA - Get Free Report) last posted its quarterly earnings results on Wednesday, April 22nd. The aircraft producer reported ($0.20) EPS for the quarter, topping analysts' consensus estimates of ($0.68) by $0.48. The company had revenue of $22.22 billion during the quarter, compared to the consensus estimate of $22.15 billion. During the same period last year, the firm posted ($0.49) EPS. The company's revenue for the quarter was up 14.0% compared to the same quarter last year. As a group, equities analysts predict that The Boeing Company will post -0.22 EPS for the current year.

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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