Patton Fund Management Inc. Purchases New Position in The Boeing Company $BA

Key Points

• Patton Fund Management Inc. has acquired a new stake in Boeing, purchasing 1,237 shares valued at approximately $259,000 in the second quarter.
• Over 64.82% of Boeing's stock is currently owned by hedge funds and institutional investors, with significant purchases and holdings increases reported by firms like Kingstone Capital and Vanguard Group.
• Boeing recently posted quarterly earnings showing a strong revenue growth of 34.9% year-over-year, despite reporting a miss in EPS estimates.

Patton Fund Management Inc. acquired a new stake in The Boeing Company (NYSE:BA - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,237 shares of the aircraft producer's stock, valued at approximately $259,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of BA. Kingstone Capital Partners Texas LLC purchased a new stake in shares of Boeing in the second quarter worth approximately $378,459,000. Vanguard Group Inc. increased its holdings in Boeing by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 65,655,044 shares of the aircraft producer's stock worth $11,197,468,000 after purchasing an additional 1,212,327 shares during the period. GAMMA Investing LLC increased its holdings in Boeing by 19,333.1% during the 1st quarter. GAMMA Investing LLC now owns 997,888 shares of the aircraft producer's stock worth $170,190,000 after purchasing an additional 992,753 shares during the period. Strs Ohio purchased a new position in Boeing during the 1st quarter worth $98,984,000. Finally, Canada Pension Plan Investment Board increased its holdings in Boeing by 243.8% during the 1st quarter. Canada Pension Plan Investment Board now owns 754,550 shares of the aircraft producer's stock worth $128,689,000 after purchasing an additional 535,060 shares during the period. 64.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BA. Citigroup reaffirmed a "buy" rating on shares of Boeing in a research report on Monday, July 28th. Bank of America lifted 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. Barclays boosted their price objective on Boeing from $210.00 to $255.00 and gave the company an "overweight" rating in a report on Tuesday, July 29th. Rothschild & Co Redburn raised Boeing from a "neutral" rating to a "buy" rating and set a $275.00 price objective for the company in a report on Friday, June 27th. Finally, Sanford C. Bernstein reissued an "outperform" rating on shares of Boeing in a report on Monday, July 14th. Three research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $230.77.

Boeing Stock Up 3.6%

Shares of Boeing stock opened at $221.28 on Friday. The Boeing Company has a twelve month low of $128.88 and a twelve month high of $242.69. The business has a 50-day moving average price of $226.53 and a 200 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 posted its quarterly earnings data on Tuesday, July 29th. The aircraft producer reported ($1.24) EPS for the quarter, missing the consensus estimate 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 period in the prior year, the business posted ($2.90) EPS. The company's quarterly revenue was up 34.9% compared to the same quarter last year. On average, sell-side analysts expect that The Boeing Company will post -2.58 EPS for the current year.

Insider Buying and Selling

In related news, EVP David Christopher Raymond sold 3,771 shares of the company'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 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Mortimer J. Buckley purchased 2,200 shares of the firm's stock in a transaction on Tuesday, August 19th. The shares were purchased at an average price of $226.10 per share, for a total transaction of $497,420.00. Following the completion of the purchase, the director directly owned 2,200 shares of the company's stock, valued at $497,420. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.09% of the company's stock.

Boeing 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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