Perigon Wealth Management LLC Invests $2.27 Million in The Boeing Company $BA

Key Points

• Perigon Wealth Management initiated a $2.27 million position in Boeing during the second quarter by purchasing 10,477 shares. Institutional investors collectively own 64.82% of Boeing’s stock, with Mitsubishi UFJ Asset Management making a particularly large new investment.
• Boeing reported quarterly revenue of $24.56 billion, up 8% year over year and above estimates, but its $0.76 per-share loss was wider than analysts expected. Analysts forecast a full-year loss of $0.87 per share.
• BA shares opened at $226.48, while analyst sentiment remains a consensus “Moderate Buy” with an average price target of $272.58; however, recent recommendations included downgrades from Citigroup and Wolfe Research.

Perigon Wealth Management LLC purchased a new position in shares of The Boeing Company (NYSE:BA - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 10,477 shares of the aircraft producer's stock, valued at approximately $2,268,000.

Other hedge funds also recently modified their holdings of the company. Trust Co. of Vermont bought a new stake in Boeing in the 2nd quarter valued at about $630,000. Principle Wealth Partners LLC purchased a new stake in shares of Boeing in the second quarter valued at about $4,242,000. Capital Financial Group Inc. Co. ADV bought a new position in shares of Boeing during the 2nd quarter worth approximately $316,000. Focused Wealth Management Inc purchased a new position in Boeing in the second quarter worth $910,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Boeing in the second quarter valued at about $441,997,000. Institutional investors own 64.82% of the company's stock.

Boeing Price Performance

BA stock opened at $226.48 on Tuesday. The company has a market capitalization of $179.00 billion, a PE ratio of 98.04 and a beta of 1.21. The company's fifty day moving average price is $221.91 and its 200-day moving average price is $222.66. The company has a debt-to-equity ratio of 6.77, a quick ratio of 0.33 and a current ratio of 1.14. The Boeing Company has a one year low of $176.77 and a one year high of $254.35.

Boeing (NYSE:BA - Get Free Report) last posted its earnings results on Tuesday, July 28th. The aircraft producer reported ($0.76) earnings per share for the quarter, missing analysts' consensus estimates of ($0.34) by ($0.42). The business had revenue of $24.56 billion during the quarter, compared to the consensus estimate of $24.26 billion. Boeing had a negative return on equity of 346.82% and a net margin of 2.41%.The business's quarterly revenue was up 8.0% on a year-over-year basis. During the same quarter last year, the firm earned ($1.24) earnings per share. On average, equities analysts anticipate that The Boeing Company will post -0.87 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have commented on BA shares. Morgan Stanley raised their target price on Boeing from $245.00 to $250.00 and gave the stock an "equal weight" rating in a research note on Thursday, April 23rd. JPMorgan Chase & Co. lifted their price target on shares of Boeing from $270.00 to $290.00 and gave the company an "overweight" rating in a research report on Wednesday, July 29th. Btg Pactual set a $260.00 price objective on Boeing in a report on Tuesday, July 14th. Citigroup cut Boeing from a "buy" rating to a "sell" rating in a research report on Tuesday, August 11th. Finally, Wolfe Research downgraded shares of Boeing from an "outperform" rating to a "hold" rating in a report on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $272.58.

Insider Activity at Boeing

In other news, Director Bradley D. Tilden acquired 1,370 shares of the firm's stock in a transaction that occurred on Wednesday, May 20th. The stock was purchased at an average cost of $218.50 per share, for a total transaction of $299,345.00. Following the completion of the acquisition, the director directly owned 1,370 shares of the company's stock, valued at $299,345. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.10% of the company's stock.

Boeing Company 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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