Phoenix Financial Ltd. Cuts Stake in The Boeing Company $BA

Key Points

• Phoenix Financial Ltd. reduced its stake in The Boeing Company by 71.8%, owning 42,434 shares after selling 107,895 shares during the second quarter, with a total value of $8.89 million.
• The Boeing Company reported a net loss of ($1.24) EPS for the latest quarter, missing expectations, despite a 34.9% year-over-year revenue increase to $22.75 billion.
• Several analysts have set price targets for Boeing, with UBS Group estimating a $280.00 target, while the average rating from analysts is a "Moderate Buy" with an average price target of $240.20.

Phoenix Financial Ltd. cut its holdings in shares of The Boeing Company (NYSE:BA - Free Report) by 71.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 42,434 shares of the aircraft producer's stock after selling 107,895 shares during the period. Phoenix Financial Ltd.'s holdings in Boeing were worth $8,891,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of BA. Harbor Asset Planning Inc. purchased a new stake in shares of Boeing during the second quarter valued at $25,000. Piscataqua Savings Bank boosted its position in shares of Boeing by 1,712.5% during the second quarter. Piscataqua Savings Bank now owns 145 shares of the aircraft producer's stock valued at $30,000 after buying an additional 137 shares during the last quarter. Monetary Management Group Inc. boosted its position in shares of Boeing by 33.3% during the first quarter. Monetary Management Group Inc. now owns 200 shares of the aircraft producer's stock valued at $34,000 after buying an additional 50 shares during the last quarter. Keener Financial Planning LLC purchased a new stake in shares of Boeing during the second quarter valued at $41,000. Finally, Columbia River Financial Group LLC purchased a new stake in shares of Boeing during the first quarter valued at $50,000. 64.82% of the stock is owned by hedge funds and other institutional investors.

Boeing Stock Up 1.8%

NYSE BA opened at $216.78 on Tuesday. The stock's 50-day moving average price is $222.92 and its 200-day moving average price is $208.79. The Boeing Company has a 52 week low of $128.88 and a 52 week high of $242.69. The company has a market capitalization of $163.92 billion, a P/E ratio of -13.13 and a beta of 1.47.

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 firm had revenue of $22.75 billion during the quarter, compared to analysts' expectations of $20.13 billion. During the same quarter in the prior year, the business earned ($2.90) earnings per share. The firm's revenue for the quarter was up 34.9% on a year-over-year basis. Research analysts anticipate that The Boeing Company will post -2.58 EPS for the current year.

Insider Activity

In related news, Director Mortimer J. Buckley acquired 2,200 shares of the firm's stock in a transaction dated Tuesday, August 19th. The shares were purchased at an average price of $226.10 per share, with a total value 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 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 firm's stock in a transaction dated 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 transaction, the executive vice president directly owned 35,873 shares in the company, valued at $8,248,637.62. This trade represents a 9.51% decrease in their position. The disclosure for this sale can be found here. 0.09% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on BA. UBS Group set a $280.00 price objective on Boeing and gave the company a "buy" rating in a research report on Wednesday, July 30th. Morgan Stanley reissued an "equal weight" rating on shares of Boeing in a report on Monday, July 28th. Susquehanna reissued a "positive" rating and issued a $270.00 target price on shares of Boeing in a report on Monday, September 15th. Bank of America increased their target price on Boeing from $260.00 to $270.00 and gave the company a "buy" rating in a report on Friday, August 1st. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Boeing in a report on Wednesday, October 8th. Three analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Boeing presently has an average rating of "Moderate Buy" and an average price target of $240.20.

About Boeing

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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