Corebridge Financial Inc. Lowers Stock Position in The Boeing Company $BA

Key Points

• Corebridge Financial Inc. has reduced its stake in Boeing by 2.6%, selling 4,523 shares and now holds 167,293 shares valued at $28.53 million.
• Boeing's stock performance shows a 52-week low of $128.88 and a high of $242.69, with shares currently trading at $229.775.
• Analysts maintain a generally positive outlook for Boeing, with a consensus target price of $228.90 and ratings ranging from "Strong Buy" to "Sell."

Corebridge Financial Inc. lessened its stake in The Boeing Company (NYSE:BA - Free Report) by 2.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 167,293 shares of the aircraft producer's stock after selling 4,523 shares during the period. Corebridge Financial Inc.'s holdings in Boeing were worth $28,532,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of BA. American National Bank & Trust lifted 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 lifted its position in shares of Boeing by 60.2% during the 4th quarter. REAP Financial Group LLC now owns 173 shares of the aircraft producer's stock valued at $31,000 after buying an additional 65 shares in the last quarter. Dogwood Wealth Management LLC lifted its position in shares of Boeing by 167.2% during the 4th quarter. Dogwood Wealth Management LLC now owns 179 shares of the aircraft producer's stock valued at $32,000 after buying an additional 112 shares in the last quarter. Heck Capital Advisors LLC purchased a new position in shares of Boeing during the 4th quarter valued at approximately $33,000. Finally, Proathlete Wealth Management LLC purchased a new position in shares of Boeing during the 1st quarter valued at approximately $34,000. Hedge funds and other institutional investors own 64.82% of the company's stock.

Insider Activity

In other Boeing news, Director Mortimer J. Buckley bought 2,200 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The stock was purchased at an average price of $226.10 per share, for a total transaction of $497,420.00. Following the completion of the purchase, the director directly owned 2,200 shares in the company, valued at $497,420. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP David Christopher Raymond sold 3,771 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $229.94, for a total transaction of $867,103.74. Following the completion of the sale, the executive vice president directly owned 35,873 shares of the company's stock, valued at $8,248,637.62. The trade was a 9.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.09% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on BA shares. TD Securities lowered Boeing to a "cautious" rating in a research report on Thursday, May 22nd. Cowen restated a "buy" rating on shares of Boeing in a report on Wednesday, May 7th. Redburn Atlantic upgraded Boeing from a "hold" rating to a "strong-buy" rating and raised their price objective for the company from $180.00 to $275.00 in a report on Friday, June 27th. Wall Street Zen lowered Boeing from a "hold" rating to a "sell" rating in a report on Saturday, May 17th. Finally, UBS Group set a $280.00 price objective on Boeing and gave the company a "buy" rating in a report on Wednesday, July 30th. Three analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $228.90.

Boeing Price Performance

Shares of NYSE:BA traded down $1.27 during midday trading on Friday, reaching $234.89. 4,990,101 shares of the company's stock were exchanged, compared to its average volume of 8,301,852. The firm's 50 day simple moving average is $223.89 and its two-hundred day simple moving average is $195.66. The stock has a market cap of $177.61 billion, a price-to-earnings ratio of -14.23 and a beta of 1.48. The Boeing Company has a fifty-two week low of $128.88 and a fifty-two week high of $242.69.

Boeing (NYSE:BA - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The aircraft producer reported ($1.24) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.92) by ($0.32). The company had revenue of $22.75 billion during the quarter, compared to analysts' expectations of $20.13 billion. The company's revenue was up 34.9% on a year-over-year basis. During the same period last year, the firm earned ($2.90) earnings per share. Equities research analysts predict that The Boeing Company will post -2.58 earnings per share for the current fiscal year.

Boeing Company Profile

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.