CIBC Asset Management Inc Acquires 79,723 Shares of The Boeing Company $BA

Key Points

• CIBC Asset Management increased its Boeing stake by 72.7% in the fourth quarter, buying 79,723 additional shares and bringing its total holdings to 189,333 shares worth about $41.1 million.
• Boeing’s stock was down 3.1% in Thursday trading, opening at $210.89, even as the company remains heavily owned by institutions, which hold 64.82% of its shares.
• Boeing recently beat earnings expectations, reporting EPS of -$0.20 versus an expected -$0.68 and revenue of $22.22 billion, while analysts still mostly rate the stock a Moderate Buy with an average price target of $259.80.

CIBC Asset Management Inc grew its holdings in The Boeing Company (NYSE:BA - Free Report) by 72.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 189,333 shares of the aircraft producer's stock after purchasing an additional 79,723 shares during the quarter. CIBC Asset Management Inc's holdings in Boeing were worth $41,108,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of BA. Measured Wealth Private Client Group LLC bought a new stake in shares of Boeing in the 3rd quarter valued at about $25,000. Ares Financial Consulting LLC bought a new stake in shares of Boeing in the 4th quarter valued at about $26,000. Strategic Wealth Advisors LLC bought a new stake in shares of Boeing in the 4th quarter valued at about $27,000. Kohmann Bosshard Financial Services LLC bought a new stake in shares of Boeing in the 4th quarter valued at about $28,000. Finally, American National Bank & Trust raised its holdings in shares of Boeing by 124.2% in the 4th quarter. American National Bank & Trust now owns 139 shares of the aircraft producer's stock valued at $30,000 after purchasing an additional 77 shares in the last quarter. Institutional investors own 64.82% of the company's stock.

Boeing Trading Down 3.1%

NYSE BA opened at $210.89 on Thursday. The company has a quick ratio of 0.35, a current ratio of 1.18 and a debt-to-equity ratio of 7.42. The firm has a market cap of $166.24 billion, a PE ratio of 102.37 and a beta of 1.19. The company has a 50 day moving average price of $220.05 and a 200 day moving average price of $220.18. The Boeing Company has a 52 week low of $176.77 and a 52 week high of $254.35.

Boeing (NYSE:BA - Get Free Report) last posted its quarterly earnings data on Wednesday, April 22nd. The aircraft producer reported ($0.20) EPS for the quarter, topping the consensus estimate of ($0.68) by $0.48. The firm had revenue of $22.22 billion for the quarter, compared to the consensus estimate of $22.15 billion. During the same quarter last year, the firm earned ($0.49) EPS. The company's revenue was up 14.0% compared to the same quarter last year. As a group, sell-side analysts forecast that The Boeing Company will post -0.15 EPS for the current fiscal year.

Insider Transactions at Boeing

In related news, Director Bradley D. Tilden purchased 1,370 shares of the business's stock in a transaction on Wednesday, May 20th. The shares were acquired at an average price of $218.50 per share, for a total transaction of $299,345.00. Following the purchase, the director owned 1,370 shares of the company's stock, valued at $299,345. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.10% of the company's stock.

Analyst Ratings Changes

BA has been the subject of several recent research reports. Jefferies Financial Group restated a "buy" rating on shares of Boeing in a report on Wednesday, March 4th. Tigress Financial boosted their price objective on shares of Boeing from $290.00 to $295.00 and gave the stock a "buy" rating in a research note on Wednesday, April 29th. Citigroup boosted their price objective on shares of Boeing from $256.00 to $260.00 and gave the stock a "buy" rating in a research note on Monday, May 18th. Morgan Stanley boosted their price objective on shares of Boeing from $245.00 to $250.00 and gave the stock an "equal weight" rating in a research note on Thursday, April 23rd. Finally, Weiss Ratings lowered shares of Boeing from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Friday, April 24th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $259.80.

More Boeing News

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

Boeing 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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