Bessemer Group Inc. Acquires 591,936 Shares of The Boeing Company $BA

Key Points

• Bessemer Group Inc. boosted its Boeing stake by 59.3% in the first quarter, buying an additional 591,936 shares and bringing its total holdings to 1.59 million shares worth about $316.5 million.
• Institutional interest in Boeing remained strong, with several other hedge funds increasing positions and 64.82% of the stock now held by institutional investors.
• Wall Street sentiment is mostly positive: analysts assign Boeing a Moderate Buy consensus rating with a consensus price target of $261.53, while Boeing recently beat earnings and revenue estimates in its latest quarterly report.

Bessemer Group Inc. increased its holdings in shares of The Boeing Company (NYSE:BA - Free Report) by 59.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,590,290 shares of the aircraft producer's stock after purchasing an additional 591,936 shares during the period. Bessemer Group Inc. owned approximately 0.20% of Boeing worth $316,516,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in BA. Gerald Baker Financial Group LLC acquired a new stake in Boeing in the first quarter worth $614,000. SteelPeak Wealth LLC increased its stake in Boeing by 38.2% in the first quarter. SteelPeak Wealth LLC now owns 28,205 shares of the aircraft producer's stock valued at $5,614,000 after purchasing an additional 7,796 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Boeing by 5.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 194,902 shares of the aircraft producer's stock valued at $40,407,000 after purchasing an additional 10,272 shares during the period. Independent Financial Group LLC acquired a new position in shares of Boeing during the first quarter valued at about $3,625,000. Finally, Enterprise Financial Services Corp boosted its position in shares of Boeing by 1.8% during the 1st quarter. Enterprise Financial Services Corp now owns 2,821 shares of the aircraft producer's stock worth $561,000 after purchasing an additional 51 shares in the last quarter. 64.82% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on BA. Morgan Stanley raised their target price on Boeing from $245.00 to $250.00 and gave the company an "equal weight" rating in a research note on Thursday, April 23rd. Citigroup upped their price target on Boeing from $256.00 to $260.00 and gave the stock a "buy" rating in a research note on Monday, May 18th. Tigress Financial increased their price target on Boeing from $290.00 to $295.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. Wolfe Research reissued an "outperform" rating and issued a $275.00 price objective on shares of Boeing in a research note on Thursday, April 23rd. Finally, Wells Fargo & Company began coverage on Boeing in a report on Wednesday, April 1st. They set an "overweight" rating and a $250.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $261.53.

Boeing Stock Down 1.8%

Shares of NYSE BA opened at $214.24 on Friday. The company has a debt-to-equity ratio of 7.42, a current ratio of 1.18 and a quick ratio of 0.35. The company has a 50-day moving average price of $222.30 and a 200-day moving average price of $224.82. The stock has a market capitalization of $168.88 billion, a P/E ratio of 104.00 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.

Boeing (NYSE:BA - Get Free Report) last posted its earnings results on Wednesday, April 22nd. The aircraft producer reported ($0.20) earnings per share for the quarter, topping analysts' consensus estimates of ($0.68) by $0.48. The business had revenue of $22.22 billion during the quarter, compared to analyst estimates of $22.15 billion. During the same quarter in the prior year, the company earned ($0.49) EPS. The company's revenue was up 14.0% on a year-over-year basis. On average, equities research analysts forecast that The Boeing Company will post -0.22 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Bradley D. Tilden acquired 1,370 shares of the firm's stock in a transaction on Wednesday, May 20th. The stock was purchased at an average cost of $218.50 per share, with a total value of $299,345.00. Following the acquisition, the director owned 1,370 shares of the company's stock, valued at approximately $299,345. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.10% of the company's stock.

Key Stories Impacting Boeing

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

About Boeing

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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