Harrell Investment Partners LLC Purchases New Stake in The Boeing Company $BA

Key Points

• Harrell Investment Partners LLC acquired a new stake in The Boeing Company, purchasing 13,908 shares valued at approximately $2.91 million.
• Boeing reported a disappointing earnings report for the second quarter, with an EPS of ($1.24), missing estimates and a revenue of $22.75 billion, exceeding expectations.
• Several hedge funds including Vanguard Group and UBS have increased their stakes in Boeing, reflecting a growing interest in the company's stock among institutional investors.

Harrell Investment Partners LLC purchased a new stake in The Boeing Company (NYSE:BA - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 13,908 shares of the aircraft producer's stock, valued at approximately $2,914,000.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Boeing by 1.9% in the first quarter. Vanguard Group Inc. now owns 65,655,044 shares of the aircraft producer's stock valued at $11,197,468,000 after buying an additional 1,212,327 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Boeing by 0.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,198,059 shares of the aircraft producer's stock valued at $715,979,000 after buying an additional 19,615 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Boeing by 3.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,933,139 shares of the aircraft producer's stock valued at $500,247,000 after buying an additional 91,707 shares during the period. Swiss National Bank lifted its stake in Boeing by 2.5% in the first quarter. Swiss National Bank now owns 2,110,200 shares of the aircraft producer's stock valued at $359,895,000 after buying an additional 51,700 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in Boeing by 3.7% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,968,748 shares of the aircraft producer's stock valued at $335,770,000 after buying an additional 69,560 shares during the period. Institutional investors own 64.82% of the company's stock.

Boeing Stock Performance

Shares of Boeing stock opened at $215.36 on Thursday. The business's 50 day simple moving average is $227.04 and its 200 day simple moving average is $201.93. The Boeing Company has a 52-week low of $128.88 and a 52-week high of $242.69. The firm has a market cap of $162.84 billion, a PE ratio of -13.04 and a beta of 1.48.

Boeing (NYSE:BA - Get Free Report) last announced its earnings results 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 analyst estimates of $20.13 billion. During the same quarter in the previous year, the company posted ($2.90) earnings per share. The business's revenue was up 34.9% compared to the same quarter last year. As a group, equities research analysts predict that The Boeing Company will post -2.58 EPS for the current year.

Analyst Upgrades and Downgrades

BA has been the topic of several analyst reports. UBS Group set a $280.00 target price on Boeing and gave the company a "buy" rating in a research note on Wednesday, July 30th. Bank of America raised their price target on Boeing from $260.00 to $270.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Jefferies Financial Group raised their price target on Boeing from $230.00 to $250.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. Rothschild & Co Redburn raised Boeing from a "neutral" rating to a "buy" rating and set a $275.00 price target on the stock in a research report on Friday, June 27th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $250.00 price target on shares of Boeing in a research report on Wednesday, July 30th. Three equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, Boeing currently has a consensus rating of "Moderate Buy" and an average target price of $230.77.

Insider Buying and Selling

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.