iA Global Asset Management Inc. Has $393,000 Stake in The Boeing Company (NYSE:BA)

Key Points

• iA Global Asset Management Inc. significantly cut its stake in Boeing by 97%, owning only 2,306 shares valued at $393,000 after selling 74,507 shares in the first quarter.
• Following Boeing's recent earnings call, the company's stocks were reported to be trading at $229.08, and analysts have a consensus price target of $228.90 with a majority recommending a "buy" rating.
• Company insiders have sold a total of 3,845 shares recently, leading to a notable decrease in their overall ownership of Boeing stock.

iA Global Asset Management Inc. reduced its position in The Boeing Company (NYSE:BA - Free Report) by 97.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,306 shares of the aircraft producer's stock after selling 74,507 shares during the quarter. iA Global Asset Management Inc.'s holdings in Boeing were worth $393,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BA. American National Bank & Trust boosted its stake in Boeing by 474.1% in the first quarter. American National Bank & Trust now owns 155 shares of the aircraft producer's stock valued at $26,000 after acquiring an additional 128 shares during the period. REAP Financial Group LLC boosted its stake in Boeing by 60.2% in the fourth quarter. REAP Financial Group LLC now owns 173 shares of the aircraft producer's stock valued at $31,000 after acquiring an additional 65 shares during the period. Dogwood Wealth Management LLC boosted its stake in Boeing by 167.2% in the fourth quarter. Dogwood Wealth Management LLC now owns 179 shares of the aircraft producer's stock valued at $32,000 after acquiring an additional 112 shares during the period. Heck Capital Advisors LLC acquired a new position in Boeing in the fourth quarter valued at approximately $33,000. Finally, Kayne Anderson Rudnick Investment Management LLC boosted its stake in Boeing by 122.1% in the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 191 shares of the aircraft producer's stock valued at $34,000 after acquiring an additional 105 shares during the period. 64.82% of the stock is owned by institutional investors.

Insider Activity

In related news, SVP Brendan J. Nelson sold 640 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $206.28, for a total value of $132,019.20. Following the completion of the transaction, the senior vice president owned 13,258 shares of the company's stock, valued at $2,734,860.24. This represents a 4.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Jeffrey S. Shockey sold 3,205 shares of the stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $202.87, for a total transaction of $650,198.35. Following the completion of the transaction, the executive vice president directly owned 20,513 shares of the company's stock, valued at $4,161,472.31. This trade represents a 13.51% decrease in their position. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by company insiders.

Boeing Price Performance

Shares of NYSE BA traded up $1.75 during mid-day trading on Friday, hitting $229.08. The company had a trading volume of 4,716,407 shares, compared to its average volume of 7,343,935. The business's 50-day simple moving average is $217.39 and its 200-day simple moving average is $190.57. The Boeing Company has a 12 month low of $128.88 and a 12 month high of $242.69. The firm has a market cap of $173.22 billion, a P/E ratio of -13.88 and a beta of 1.48.

Boeing (NYSE:BA - Get Free Report) last released its earnings results on Tuesday, July 29th. The aircraft producer reported ($1.24) earnings per share for the quarter, missing the consensus estimate of ($0.92) by ($0.32). The company had revenue of $22.75 billion for the quarter, compared to analyst estimates of $20.13 billion. During the same period in the previous year, the firm posted ($2.90) EPS. The business's revenue for the quarter was up 34.9% compared to the same quarter last year. As a group, sell-side analysts predict that The Boeing Company will post -2.58 EPS for the current year.

Analyst Ratings Changes

Several brokerages have recently issued reports on BA. JPMorgan Chase & Co. boosted their price objective on Boeing from $230.00 to $251.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Jefferies Financial Group upped their target price on Boeing from $230.00 to $250.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. Redburn Atlantic upgraded Boeing from a "hold" rating to a "strong-buy" rating and upped their target price for the stock from $180.00 to $275.00 in a research report on Friday, June 27th. Citigroup restated a "buy" rating on shares of Boeing in a research report on Monday, July 28th. Finally, KGI Securities upgraded Boeing from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 24th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $228.90.

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.