Scotia Capital Inc. Raises Position in The Boeing Company (NYSE:BA)

Key Points

• Scotia Capital Inc. increased its stake in Boeing by 11.4% in Q1, acquiring an additional 2,557 shares, thereby holding a total of 24,919 shares valued at $4.25 million.
• Several other institutional investors have also boosted their stakes significantly, indicating increasing confidence, with American National Bank & Trust raising its stake by 474.1%.
• Boeing's latest earnings report showed a revenue increase of 34.9% year-over-year, but the company reported a loss of ($1.24) per share, missing analysts' expectations.

Scotia Capital Inc. lifted its position in shares of The Boeing Company (NYSE:BA - Free Report) by 11.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,919 shares of the aircraft producer's stock after acquiring an additional 2,557 shares during the quarter. Scotia Capital Inc.'s holdings in Boeing were worth $4,250,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. American National Bank & Trust raised its stake in shares of Boeing by 474.1% during the 1st quarter. American National Bank & Trust now owns 155 shares of the aircraft producer's stock worth $26,000 after buying an additional 128 shares in the last quarter. REAP Financial Group LLC grew its holdings in Boeing by 60.2% during the fourth quarter. REAP Financial Group LLC now owns 173 shares of the aircraft producer's stock worth $31,000 after acquiring an additional 65 shares during the period. Dogwood Wealth Management LLC raised its position in Boeing by 167.2% in the fourth quarter. Dogwood Wealth Management LLC now owns 179 shares of the aircraft producer's stock worth $32,000 after acquiring an additional 112 shares in the last quarter. Heck Capital Advisors LLC acquired a new stake in Boeing in the fourth quarter valued at $33,000. Finally, Kayne Anderson Rudnick Investment Management LLC boosted its position in shares of Boeing by 122.1% during the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 191 shares of the aircraft producer's stock worth $34,000 after purchasing an additional 105 shares in the last quarter. 64.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BA. Benchmark cut their price target on shares of Boeing from $250.00 to $215.00 and set a "buy" rating for the company in a report on Monday, April 21st. Wells Fargo & Company reissued an "underweight" rating on shares of Boeing in a research note on Thursday, May 22nd. Cowen restated a "buy" rating on shares of Boeing in a research report on Wednesday, May 7th. Barclays increased their price target on shares of Boeing from $210.00 to $255.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Finally, The Goldman Sachs Group set a $212.00 price objective on Boeing and gave the stock a "buy" rating in a research report on Thursday, June 12th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, Boeing presently has a consensus rating of "Moderate Buy" and a consensus price target of $228.90.

Boeing Trading Up 0.2%

BA stock opened at $222.24 on Tuesday. The stock has a 50-day moving average price of $215.62 and a two-hundred day moving average price of $189.33. The company has a market cap of $168.05 billion, a PE ratio of -13.46 and a beta of 1.48. The Boeing Company has a 12-month low of $128.88 and a 12-month high of $242.69.

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

Insider Transactions at Boeing

In related news, SVP Brendan J. Nelson sold 640 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $206.28, for a total transaction of $132,019.20. Following the transaction, the senior vice president directly owned 13,258 shares of the company's stock, valued at approximately $2,734,860.24. The trade was a 4.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Jeffrey S. Shockey sold 3,205 shares of the 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 sale, the executive vice president directly owned 20,513 shares of the company's stock, valued at $4,161,472.31. This trade represents a 13.51% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.09% of the company's stock.

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.

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