State of Alaska Department of Revenue Has $17.81 Million Stock Holdings in The Boeing Company $BA

Key Points

• The State of Alaska Department of Revenue reduced its stake in The Boeing Company by 3.2% during the 2nd quarter, now holding $17.81 million worth of shares.
• Boeing received several upgrades from analysts, including a shift to a "strong-buy" rating and a price target increase from $180 to $275 by Redburn Atlantic.
• Boeing's recent quarterly earnings showed a significant revenue increase of 34.9% year-over-year, despite reporting an earnings per share loss that missed analyst expectations.

State of Alaska Department of Revenue decreased its stake in shares of The Boeing Company (NYSE:BA - Free Report) by 3.2% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 85,004 shares of the aircraft producer's stock after selling 2,840 shares during the quarter. State of Alaska Department of Revenue's holdings in Boeing were worth $17,810,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Patton Fund Management Inc. acquired a new position in Boeing during the second quarter worth $259,000. Kathmere Capital Management LLC grew its position in shares of Boeing by 17.9% in the 2nd quarter. Kathmere Capital Management LLC now owns 1,944 shares of the aircraft producer's stock valued at $407,000 after acquiring an additional 295 shares during the period. Crowley Wealth Management Inc. raised its holdings in shares of Boeing by 12.3% in the 2nd quarter. Crowley Wealth Management Inc. now owns 802 shares of the aircraft producer's stock valued at $168,000 after purchasing an additional 88 shares during the period. ST Germain D J Co. Inc. raised its holdings in shares of Boeing by 7.7% in the 2nd quarter. ST Germain D J Co. Inc. now owns 1,749 shares of the aircraft producer's stock valued at $366,000 after purchasing an additional 125 shares during the period. Finally, Beaumont Financial Advisors LLC lifted its stake in Boeing by 4.5% in the 2nd quarter. Beaumont Financial Advisors LLC now owns 1,424 shares of the aircraft producer's stock valued at $298,000 after purchasing an additional 61 shares during the last quarter. Institutional investors and hedge funds own 64.82% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. 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 research note on Friday, June 27th. KGI Securities upgraded Boeing from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 24th. Citigroup reaffirmed a "buy" rating on shares of Boeing in a research report on Monday, July 28th. Jefferies Financial Group increased their price objective on shares of Boeing from $230.00 to $250.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Finally, JPMorgan Chase & Co. raised their target price on shares of Boeing from $230.00 to $251.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Three investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $230.77.

Boeing Stock Performance

BA stock opened at $221.28 on Friday. The company's 50-day simple moving average is $226.53 and its 200 day simple moving average is $202.84. 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 $167.32 billion, a PE ratio of -13.40 and a beta of 1.48.

Boeing (NYSE:BA - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The aircraft producer reported ($1.24) earnings per share for the quarter, missing the consensus estimate of ($0.92) by ($0.32). The business had revenue of $22.75 billion for the quarter, compared to analyst estimates of $20.13 billion. During the same period last year, the business earned ($2.90) EPS. The firm's quarterly revenue was up 34.9% on a year-over-year basis. On average, analysts forecast that The Boeing Company will post -2.58 EPS for the current year.

Insider Buying and Selling

In related news, EVP David Christopher Raymond sold 3,771 shares of the firm's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $229.94, for a total value of $867,103.74. Following the transaction, the executive vice president owned 35,873 shares in the company, valued at approximately $8,248,637.62. This trade represents a 9.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mortimer J. Buckley acquired 2,200 shares of the business's stock in a transaction that occurred on Tuesday, August 19th. The shares were purchased at an average cost of $226.10 per share, with a total value of $497,420.00. Following the transaction, the director directly owned 2,200 shares of the company's stock, valued at $497,420. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.09% of the company's stock.

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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