ICONIQ Capital LLC Increases Stock Position in The Boeing Company $BA

Key Points

• ICONIQ Capital LLC increased its stake in Boeing by 85.3%, acquiring an additional 1,752 shares, bringing its total holdings to 3,806 shares valued at $649,000.
• Institutional investors now own 64.82% of Boeing's stock, with several funds like Revolve Wealth Partners LLC and Bank Pictet & Cie Europe AG also increasing their positions.
• Boeing's average analyst rating is a Moderate Buy with a consensus target price of $228.90, as analysts maintain generally positive outlooks despite recent earnings misses.

ICONIQ Capital LLC grew its stake in shares of The Boeing Company (NYSE:BA - Free Report) by 85.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,806 shares of the aircraft producer's stock after buying an additional 1,752 shares during the quarter. ICONIQ Capital LLC's holdings in Boeing were worth $649,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in BA. Revolve Wealth Partners LLC bought a new stake in Boeing during the fourth quarter worth about $201,000. Bank Pictet & Cie Europe AG bought a new stake in Boeing during the fourth quarter worth about $7,837,000. Capital Analysts LLC lifted its stake in Boeing by 2.2% during the fourth quarter. Capital Analysts LLC now owns 17,534 shares of the aircraft producer's stock worth $3,103,000 after purchasing an additional 383 shares during the last quarter. Coldstream Capital Management Inc. lifted its stake in Boeing by 11.0% during the fourth quarter. Coldstream Capital Management Inc. now owns 21,626 shares of the aircraft producer's stock worth $3,828,000 after purchasing an additional 2,145 shares during the last quarter. Finally, Johnson Financial Group Inc. lifted its stake in Boeing by 19.5% during the fourth quarter. Johnson Financial Group Inc. now owns 1,224 shares of the aircraft producer's stock worth $216,000 after purchasing an additional 200 shares during the last quarter. Institutional investors own 64.82% of the company's stock.

Boeing Price Performance

NYSE:BA traded up $0.64 during mid-day trading on Thursday, reaching $236.26. 4,034,600 shares of the company's stock traded hands, compared to its average volume of 8,322,139. The Boeing Company has a 12-month low of $128.88 and a 12-month high of $242.69. The firm has a market capitalization of $178.65 billion, a price-to-earnings ratio of -14.31 and a beta of 1.48. The company has a 50 day moving average price of $223.12 and a 200-day moving average price of $195.28.

Boeing (NYSE:BA - Get Free Report) last announced its quarterly 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 the consensus estimate of $20.13 billion. During the same quarter in the previous year, the company posted ($2.90) EPS. Boeing's revenue for the quarter was up 34.9% compared to the same quarter last year. As a group, analysts forecast that The Boeing Company will post -2.58 EPS for the current year.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

BA has been the subject of several research analyst reports. TD Securities lowered Boeing to a "cautious" rating in a research note on Thursday, May 22nd. The Goldman Sachs Group set a $212.00 price target on shares of Boeing and gave the company a "buy" rating in a research report on Thursday, June 12th. Royal Bank Of Canada reissued an "outperform" rating and issued a $250.00 target price on shares of Boeing in a research note on Wednesday, July 30th. 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. Finally, Redburn Atlantic raised Boeing from a "hold" rating to a "strong-buy" rating and lifted their price target for the stock from $180.00 to $275.00 in a research note on Friday, June 27th. Three analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $228.90.

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.