Carnegie Investment Counsel Sells 2,348 Shares of The Boeing Company (NYSE:BA)

Key Points

• Carnegie Investment Counsel reduced its stake in Boeing by 50.8%, selling 2,348 shares during the 1st quarter, leaving it with a total of 2,271 shares valued at approximately $387,000.
• Several analysts have updated their ratings on Boeing, with Bank of America raising its rating to buy and increasing the price target to $260.00, while others have maintained or adjusted their targets, contributing to an overall consensus rating of Moderate Buy.
• Boeing reported a quarterly earnings of ($0.49) per share, which was better than analyst expectations, and showed a revenue increase of 17.7% year-over-year, despite the firm still posting negative earnings overall.

Carnegie Investment Counsel lowered its position in The Boeing Company (NYSE:BA - Free Report) by 50.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,271 shares of the aircraft producer's stock after selling 2,348 shares during the quarter. Carnegie Investment Counsel's holdings in Boeing were worth $387,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. American National Bank & Trust raised its position in shares of Boeing by 474.1% during the 1st quarter. American National Bank & Trust now owns 155 shares of the aircraft producer's stock valued at $26,000 after buying an additional 128 shares in the last quarter. REAP Financial Group LLC boosted its stake in shares of Boeing by 60.2% in the 4th quarter. REAP Financial Group LLC now owns 173 shares of the aircraft producer's stock valued at $31,000 after purchasing an additional 65 shares in the last quarter. Dogwood Wealth Management LLC boosted its stake in shares of Boeing by 167.2% in the 4th quarter. Dogwood Wealth Management LLC now owns 179 shares of the aircraft producer's stock valued at $32,000 after purchasing an additional 112 shares in the last quarter. Solstein Capital LLC purchased a new stake in shares of Boeing in the 4th quarter valued at $33,000. Finally, Heck Capital Advisors LLC purchased a new stake in shares of Boeing in the 4th quarter valued at $33,000. Hedge funds and other institutional investors own 64.82% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Bank of America raised shares of Boeing from a "neutral" rating to a "buy" rating and upped their price objective for the company from $185.00 to $260.00 in a research note on Monday, June 2nd. Morgan Stanley upped their price objective on shares of Boeing from $200.00 to $235.00 and gave the company an "equal weight" rating in a research note on Thursday, July 17th. Jefferies Financial Group upped their price objective on shares of Boeing from $230.00 to $250.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. Wall Street Zen cut shares of Boeing from a "hold" rating to a "sell" rating in a research note on Saturday, May 17th. Finally, Wells Fargo & Company reaffirmed an "underweight" rating on shares of Boeing in a research note on Thursday, May 22nd. Four analysts have rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $221.55.

Boeing Price Performance

NYSE:BA opened at $233.02 on Friday. The Boeing Company has a one year low of $128.88 and a one year high of $235.27. The company's 50-day simple moving average is $213.01 and its 200 day simple moving average is $186.85. The firm has a market capitalization of $175.70 billion, a P/E ratio of -13.00 and a beta of 1.41.

Boeing (NYSE:BA - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The aircraft producer reported ($0.49) earnings per share for the quarter, beating analysts' consensus estimates of ($1.39) by $0.90. The firm had revenue of $19.50 billion for the quarter, compared to the consensus estimate of $19.57 billion. The firm's revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($1.13) earnings per share. On average, equities research analysts expect that The Boeing Company will post -2.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Boeing

In other Boeing news, SVP Brendan J. Nelson sold 640 shares of the firm's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $206.28, for a total transaction of $132,019.20. Following the completion of the sale, the senior vice president directly owned 13,258 shares in the company, valued at approximately $2,734,860.24. This trade represents a 4.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Jeffrey S. Shockey sold 3,205 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $202.87, for a total transaction of $650,198.35. Following the sale, the executive vice president owned 20,513 shares of the company's stock, valued at approximately $4,161,472.31. This represents a 13.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,744 shares of company stock worth $1,511,370. 0.09% of the stock is owned by corporate insiders.

About Boeing

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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