KG&L Capital Management LLC Reduces Stake in The Boeing Company $BA

Key Points

• KG&L Capital Management LLC reduced its stake in The Boeing Company by 38.5%, owning 18,972 shares worth approximately $3,975,000, now comprising 1.2% of its investment portfolio.
• Several hedge funds increased their stakes in Boeing significantly, with Piscataqua Savings Bank raising its position by 1,712.5% during the second quarter.
• Despite a recent earnings miss, analysts maintain a Moderate Buy rating on Boeing, with target prices ranging from $212.00 to $275.00.

KG&L Capital Management LLC lessened its stake in The Boeing Company (NYSE:BA - Free Report) by 38.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,972 shares of the aircraft producer's stock after selling 11,897 shares during the period. Boeing comprises approximately 1.2% of KG&L Capital Management LLC's investment portfolio, making the stock its 21st largest holding. KG&L Capital Management LLC's holdings in Boeing were worth $3,975,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Piscataqua Savings Bank raised its position in Boeing by 1,712.5% during the second quarter. Piscataqua Savings Bank now owns 145 shares of the aircraft producer's stock worth $30,000 after acquiring an additional 137 shares during the period. American National Bank & Trust increased its stake in shares of Boeing by 474.1% in the 1st quarter. American National Bank & Trust now owns 155 shares of the aircraft producer's stock worth $26,000 after acquiring an additional 128 shares during the last quarter. Proathlete Wealth Management LLC acquired a new stake in shares of Boeing in the 1st quarter worth $34,000. Monetary Management Group Inc. grew its holdings in shares of Boeing by 33.3% during the 1st quarter. Monetary Management Group Inc. now owns 200 shares of the aircraft producer's stock worth $34,000 after purchasing an additional 50 shares during the period. Finally, Columbia River Financial Group LLC purchased a new position in shares of Boeing during the 1st quarter worth $50,000. Hedge funds and other institutional investors own 64.82% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on BA shares. Susquehanna restated a "positive" rating and set a $270.00 target price on shares of Boeing in a report on Monday, September 15th. The Goldman Sachs Group set a $212.00 target price on Boeing and gave the company a "buy" rating in a report on Thursday, June 12th. Vertical Research upgraded shares of Boeing from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $242.00 to $270.00 in a research report on Monday, September 8th. Rothschild & Co Redburn upgraded Boeing from a "neutral" rating to a "buy" rating and set a $275.00 price objective on the stock in a research report on Friday, June 27th. Finally, JPMorgan Chase & Co. upped their price target on Boeing from $230.00 to $251.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Three analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $230.77.

Insider Buying and Selling

In other news, Director Mortimer J. Buckley bought 2,200 shares of Boeing stock in a transaction on Tuesday, August 19th. The shares were bought at an average price of $226.10 per share, with a total value of $497,420.00. Following the acquisition, the director directly owned 2,200 shares in the company, valued at approximately $497,420. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David Christopher Raymond sold 3,771 shares of the 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 transaction, 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 position. The disclosure for this sale can be found here. Company insiders own 0.09% of the company's stock.

Boeing Stock Up 3.6%

Shares of NYSE BA opened at $221.28 on Friday. The Boeing Company has a fifty-two week low of $128.88 and a fifty-two week high of $242.69. The business has a 50 day moving average price of $226.53 and a two-hundred day moving average price of $203.15. The firm has a market cap of $167.32 billion, a PE ratio of -13.40 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) EPS for the quarter, missing analysts' consensus estimates of ($0.92) by ($0.32). The business 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) earnings per share. The firm's revenue was up 34.9% compared to the same quarter last year. On average, analysts anticipate that The Boeing Company will post -2.58 earnings per share for the current 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.

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