Pinnacle Associates Ltd. Raises Position in The Boeing Company (NYSE:BA)

Key Points

• Pinnacle Associates Ltd. has raised its stake in The Boeing Company by 2.1%, owning 51,643 shares, valued at approximately $8.8 million.
• Equities analysts have mixed views on Boeing, with TD Securities downgrading it to a "cautious" rating while others, like Rothschild & Co Redburn, upgraded it to a "buy" with a price target of $275.
• As of the most recent quarter, Boeing's shares experienced a price increase of 0.8%, trading at $233.02, and the company reported a revenue of $19.5 billion, up 17.7% from the previous year.

Pinnacle Associates Ltd. increased its stake in shares of The Boeing Company (NYSE:BA - Free Report) by 2.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,643 shares of the aircraft producer's stock after buying an additional 1,086 shares during the quarter. Pinnacle Associates Ltd.'s holdings in Boeing were worth $8,808,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Noesis Capital Mangement Corp acquired a new position in Boeing during the 1st quarter worth $429,000. AE Wealth Management LLC grew its stake in shares of Boeing by 6.2% in the first quarter. AE Wealth Management LLC now owns 10,899 shares of the aircraft producer's stock worth $1,859,000 after purchasing an additional 634 shares in the last quarter. Vestor Capital LLC grew its stake in shares of Boeing by 4.4% in the first quarter. Vestor Capital LLC now owns 2,934 shares of the aircraft producer's stock worth $500,000 after purchasing an additional 123 shares in the last quarter. NCP Inc. grew its stake in shares of Boeing by 8.7% in the first quarter. NCP Inc. now owns 9,834 shares of the aircraft producer's stock worth $1,677,000 after purchasing an additional 790 shares in the last quarter. Finally, AllSquare Wealth Management LLC grew its stake in shares of Boeing by 7.7% in the first quarter. AllSquare Wealth Management LLC now owns 3,514 shares of the aircraft producer's stock worth $599,000 after purchasing an additional 252 shares in the last quarter. 64.82% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Boeing news, EVP Jeffrey S. Shockey sold 3,205 shares of Boeing stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $202.87, for a total transaction of $650,198.35. Following the transaction, the executive vice president directly owned 20,513 shares of the company's stock, valued at approximately $4,161,472.31. The trade was a 13.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Brendan J. Nelson sold 640 shares of the business's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $206.28, for a total value of $132,019.20. Following the completion of the transaction, the senior vice president directly owned 13,258 shares in the company, valued at $2,734,860.24. This represents a 4.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 7,744 shares of company stock worth $1,511,370 in the last 90 days. Insiders own 0.09% of the company's stock.

Boeing Stock Up 0.4%

Shares of BA traded up $0.87 during midday trading on Monday, hitting $233.93. The company's stock had a trading volume of 2,595,873 shares, compared to its average volume of 8,508,587. The stock has a market capitalization of $176.38 billion, a price-to-earnings ratio of -13.05 and a beta of 1.41. The Boeing Company has a one year low of $128.88 and a one year high of $235.65. The company's fifty day simple moving average is $213.01 and its two-hundred day simple moving average is $186.96.

Wall Street Analysts Forecast Growth

BA has been the subject of several recent analyst reports. JPMorgan Chase & Co. increased their price target on Boeing from $200.00 to $230.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Wall Street Zen lowered Boeing from a "hold" rating to a "sell" rating in a report on Saturday, May 17th. Cowen restated a "buy" rating on shares of Boeing in a report on Wednesday, May 7th. Redburn Atlantic upgraded Boeing from a "hold" rating to a "strong-buy" rating and upped their price objective for the company from $180.00 to $275.00 in a report on Friday, June 27th. Finally, TD Securities lowered Boeing to a "cautious" rating in a report on Thursday, May 22nd. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $221.55.

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.