PNC Financial Services Group Inc. Purchases 18,412 Shares of The Boeing Company (NYSE:BA)

Key Points

• PNC Financial Services Group Inc. increased its stake in The Boeing Company by 5.2%, owning 373,297 shares valued at $63.67 million as of the end of the first quarter.
• Several hedge funds, including TIAA Trust National Association and Baker Avenue Asset Management LP, also boosted their positions in Boeing during the same period.
• Analysts have differing views on Boeing's stock, with Goldman Sachs setting a price target of $212 and citing a "buy" rating, while Wall Street Zen downgraded the stock from "hold" to "sell."

PNC Financial Services Group Inc. raised its position in The Boeing Company (NYSE:BA - Free Report) by 5.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 373,297 shares of the aircraft producer's stock after purchasing an additional 18,412 shares during the period. PNC Financial Services Group Inc.'s holdings in Boeing were worth $63,666,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of BA. American National Bank & Trust raised its position in Boeing by 474.1% in the 1st quarter. American National Bank & Trust now owns 155 shares of the aircraft producer's stock worth $26,000 after purchasing an additional 128 shares during the period. REAP Financial Group LLC raised its position in Boeing by 60.2% in the 4th quarter. REAP Financial Group LLC now owns 173 shares of the aircraft producer's stock worth $31,000 after purchasing an additional 65 shares during the period. Dogwood Wealth Management LLC increased its position in shares of Boeing by 167.2% in the fourth quarter. Dogwood Wealth Management LLC now owns 179 shares of the aircraft producer's stock valued at $32,000 after acquiring an additional 112 shares during the period. Heck Capital Advisors LLC purchased a new position in shares of Boeing in the fourth quarter valued at about $33,000. Finally, Kayne Anderson Rudnick Investment Management LLC increased its position in shares of Boeing by 122.1% in the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 191 shares of the aircraft producer's stock valued at $34,000 after acquiring an additional 105 shares during the period. 64.82% of the stock is owned by institutional investors.

Insider Activity at Boeing

In other news, EVP Jeffrey S. Shockey sold 3,205 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $202.87, for a total transaction of $650,198.35. Following the completion of the transaction, the executive vice president directly owned 20,513 shares of the company's stock, valued at $4,161,472.31. The trade was a 13.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Brendan J. Nelson sold 640 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $206.28, for a total transaction of $132,019.20. Following the sale, the senior vice president directly owned 13,258 shares of the company's stock, valued at approximately $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. 0.09% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Wall Street Zen cut shares of Boeing from a "hold" rating to a "sell" rating in a research report on Saturday, May 17th. TD Securities cut shares of Boeing to a "cautious" rating in a research report on Thursday, May 22nd. Benchmark decreased their price objective on shares of Boeing from $250.00 to $215.00 and set a "buy" rating on the stock in a research report on Monday, April 21st. Citigroup restated a "buy" rating on shares of Boeing in a research report on Monday, July 28th. Finally, Susquehanna boosted their price objective on shares of Boeing from $265.00 to $270.00 and gave the company a "positive" rating in a research report on Wednesday, July 30th. Three analysts have rated the stock with a sell rating, three have given a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $228.90.

Boeing Stock Up 1.0%

Shares of NYSE BA traded up $2.28 during midday trading on Tuesday, hitting $224.62. The stock had a trading volume of 5,680,116 shares, compared to its average volume of 8,103,891. The business's 50 day moving average is $215.62 and its 200-day moving average is $189.33. The company has a market cap of $169.85 billion, a P/E ratio of -13.61 and a beta of 1.48. The Boeing Company has a 52 week low of $128.88 and a 52 week high of $242.69.

Boeing (NYSE:BA - Get Free Report) last issued its earnings results on Tuesday, July 29th. The aircraft producer reported ($1.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.92) by ($0.32). The firm had revenue of $22.75 billion for the quarter, compared to analysts' expectations of $20.13 billion. The business's quarterly revenue was up 34.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($2.90) EPS. As a group, analysts expect that The Boeing Company will post -2.58 EPS for the current fiscal year.

Boeing Company 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.