Kovitz Investment Group Partners LLC Reduces Stock Holdings in The Boeing Company $BA

Key Points

• Kovitz Investment Group Partners reduced its Boeing stake by 62.1% in the fourth quarter, selling 19,178 shares and leaving it with 11,699 shares worth about $2.54 million.
• Boeing reported better-than-expected quarterly results, posting a smaller-than-forecast loss of $0.20 per share on revenue of $22.22 billion, up 14% year over year.
• Wall Street sentiment remains constructive, with analysts assigning Boeing a Moderate Buy rating and an average price target of $262.32.

Kovitz Investment Group Partners LLC cut its position in shares of The Boeing Company (NYSE:BA - Free Report) by 62.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,699 shares of the aircraft producer's stock after selling 19,178 shares during the period. Kovitz Investment Group Partners LLC's holdings in Boeing were worth $2,540,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of BA. Russell Investments Group Ltd. increased its holdings in Boeing by 41.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 223,824 shares of the aircraft producer's stock valued at $48,316,000 after purchasing an additional 65,216 shares during the last quarter. Fisher Asset Management LLC lifted its stake in Boeing by 3.3% during the third quarter. Fisher Asset Management LLC now owns 5,505,040 shares of the aircraft producer's stock worth $1,188,153,000 after purchasing an additional 177,597 shares in the last quarter. Princeton Capital Management LLC lifted its stake in Boeing by 78.3% during the fourth quarter. Princeton Capital Management LLC now owns 12,249 shares of the aircraft producer's stock worth $2,660,000 after purchasing an additional 5,381 shares in the last quarter. Rakuten Investment Management Inc. boosted its position in shares of Boeing by 502.3% during the fourth quarter. Rakuten Investment Management Inc. now owns 103,099 shares of the aircraft producer's stock worth $22,398,000 after buying an additional 85,982 shares during the period. Finally, Vaughan Nelson Investment Management L.P. acquired a new stake in shares of Boeing in the fourth quarter valued at $55,787,000. 64.82% of the stock is currently owned by institutional investors and hedge funds.

Boeing Trading Up 0.4%

NYSE:BA opened at $223.51 on Friday. The stock has a 50-day simple moving average of $224.23 and a 200-day simple moving average of $222.81. The stock has a market cap of $176.19 billion, a P/E ratio of 108.50 and a beta of 1.19. The Boeing Company has a 1 year low of $176.77 and a 1 year high of $254.35. The company has a debt-to-equity ratio of 7.42, a quick ratio of 0.35 and a current ratio of 1.18.

Boeing (NYSE:BA - Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The aircraft producer reported ($0.20) EPS for the quarter, beating analysts' consensus estimates of ($0.68) by $0.48. The business had revenue of $22.22 billion during the quarter, compared to analysts' expectations of $22.15 billion. The company's revenue was up 14.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.49) EPS. As a group, analysts anticipate that The Boeing Company will post -0.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Bradley D. Tilden acquired 1,370 shares of the business's stock in a transaction on Wednesday, May 20th. The shares were bought at an average price of $218.50 per share, with a total value of $299,345.00. Following the completion of the acquisition, the director owned 1,370 shares in the company, valued at $299,345. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Wolfe Research reiterated an "outperform" rating and issued a $275.00 price objective on shares of Boeing in a report on Thursday, April 23rd. Morgan Stanley raised their target price on Boeing from $245.00 to $250.00 and gave the company an "equal weight" rating in a report on Thursday, April 23rd. Wells Fargo & Company initiated coverage on Boeing in a research report on Wednesday, April 1st. They issued an "overweight" rating and a $250.00 target price for the company. Tigress Financial boosted their price target on shares of Boeing from $290.00 to $295.00 and gave the stock a "buy" rating in a research note on Wednesday, April 29th. Finally, Citigroup increased their price target on shares of Boeing from $256.00 to $260.00 and gave the stock a "buy" rating in a research report on Monday, May 18th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Boeing currently has an average rating of "Moderate Buy" and an average target price of $262.32.

Boeing Profile

Boeing Company NYSE: BA is an American multinational corporation that designs, manufactures and services commercial airplanes, defense systems, and space and security technologies. Founded in 1916 by William E. Boeing in Seattle, the company today operates as an integrated aerospace and defense contractor with a global customer base. Boeing relocated its corporate headquarters to Arlington, Virginia in 2022 and maintains extensive engineering, manufacturing and service operations across the United States and around the world.

Boeing's principal lines of business include Commercial Airplanes, which produces and supports a range of jetliners used by airlines globally; Defense, Space & Security, which develops military aircraft, rotorcraft, surveillance and reconnaissance systems, satellites, and launch and missile systems; and Boeing Global Services, which provides aftermarket maintenance, training, spare parts, digital analytics and logistics support.

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