Bowen Hanes & Co. Inc. Acquires 24,910 Shares of The Boeing Company $BA

Key Points

• Bowen Hanes & Co. Inc. increased its Boeing stake by 9.6% in the fourth quarter, buying 24,910 additional shares and bringing its total holdings to 283,670 shares worth about $61.6 million.
• Boeing continues to see mixed institutional and insider activity: several hedge funds added to positions, and director Bradley D. Tilden recently bought 1,370 shares at $218.50 each.
• The company posted a smaller-than-expected quarterly loss and better-than-forecast revenue, but Boeing still faces investor concerns over NASA reconsidering its role, possible 777X order risk, and heavy debt levels.

Bowen Hanes & Co. Inc. lifted its holdings in The Boeing Company (NYSE:BA - Free Report) by 9.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 283,670 shares of the aircraft producer's stock after acquiring an additional 24,910 shares during the period. Boeing accounts for about 1.5% of Bowen Hanes & Co. Inc.'s portfolio, making the stock its 28th biggest holding. Bowen Hanes & Co. Inc.'s holdings in Boeing were worth $61,590,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. Fisher Asset Management LLC boosted its stake in Boeing by 3.3% during the third quarter. Fisher Asset Management LLC now owns 5,505,040 shares of the aircraft producer's stock valued at $1,188,153,000 after buying an additional 177,597 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in Boeing by 41.1% during the third quarter. Russell Investments Group Ltd. now owns 223,824 shares of the aircraft producer's stock valued at $48,316,000 after buying an additional 65,216 shares during the last quarter. Princeton Capital Management LLC boosted its stake in Boeing by 78.3% during the fourth quarter. Princeton Capital Management LLC now owns 12,249 shares of the aircraft producer's stock valued at $2,660,000 after buying an additional 5,381 shares during the last quarter. Vaughan Nelson Investment Management L.P. bought a new position in Boeing during the fourth quarter valued at approximately $55,787,000. Finally, Granite Investment Partners LLC boosted its stake in Boeing by 1,984.0% during the third quarter. Granite Investment Partners LLC now owns 31,448 shares of the aircraft producer's stock valued at $6,787,000 after buying an additional 29,939 shares during the last quarter. Institutional investors own 64.82% of the company's stock.

Boeing Price Performance

NYSE:BA opened at $210.89 on Thursday. The firm has a market capitalization of $166.24 billion, a price-to-earnings ratio of 102.37 and a beta of 1.19. 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 simple moving average of $220.05 and a 200-day simple moving average of $220.18. 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 posted its quarterly earnings data on Wednesday, April 22nd. The aircraft producer reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate 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. Boeing's revenue for the quarter was up 14.0% on a year-over-year basis. During the same period in the previous year, the business earned ($0.49) earnings per share. Equities analysts forecast that The Boeing Company will post -0.15 EPS for the current year.

Key Headlines Impacting Boeing

Here are the key news stories impacting Boeing this week:

• Negative Sentiment: NASA is reportedly reconsidering Boeing’s role after the Starliner debacle, renewing scrutiny of Boeing’s reliability in space contracts and adding to investor concern about future aerospace business. “Under Review”: Boeing Stock NYSE: BA Slides as NASA Reconsiders
• Negative Sentiment: Another headline warned that Boeing’s 777X orders may be at risk, raising fears that certification delays could lead airlines to reconsider or reduce commitments for the long-delayed aircraft. Boeing Stock NYSE: BA Plunges, 777X Orders May be at Risk
• Positive Sentiment: Norwegian Air Shuttle agreed to buy an additional Boeing 737-800, which is a modest vote of confidence in Boeing’s narrow-body fleet and ongoing airline demand. Norwegian Air Shuttle Buys Additional Boeing 737-800 to Strengthen Fleet Ownership
• Neutral Sentiment: Several analyst-style articles highlighted that Boeing has outperformed its industry over the past six months and that its turnaround is underway, but they also noted lingering weak spots and that much of the recovery may already be reflected in the share price. BA Stock Outperforms Industry in 6 Months: Should You Stay Invested? Boeing: The Comeback Is Real, But Weak Spots Remain Boeing's Turnaround Is Real, But The Stock Already Knows It

Insider Activity

In related news, Director Bradley D. Tilden acquired 1,370 shares of the stock in a transaction dated Wednesday, May 20th. The stock was acquired at an average cost of $218.50 per share, with a total value of $299,345.00. Following the purchase, the director directly owned 1,370 shares of the company's stock, valued at approximately $299,345. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.10% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Jefferies Financial Group reissued a "buy" rating on shares of Boeing in a research note on Wednesday, March 4th. Wolfe Research reissued an "outperform" rating and set a $275.00 price target on shares of Boeing in a research note on Thursday, April 23rd. Wells Fargo & Company assumed coverage on Boeing in a research note on Wednesday, April 1st. They set an "overweight" rating and a $250.00 price target for the company. Weiss Ratings lowered Boeing from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Friday, April 24th. Finally, Citigroup increased their price target on Boeing from $256.00 to $260.00 and gave the company a "buy" rating in a research note on Monday, May 18th. Two investment 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 issued a Sell rating to the company's stock. According to data from MarketBeat.com, Boeing has an average rating of "Moderate Buy" and a consensus price target 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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