SteelPeak Wealth LLC Decreases Stock Position in The Boeing Company $BA

Key Points

• SteelPeak Wealth LLC reduced its stake in The Boeing Company by 55.7% during the second quarter, selling 22,063 shares and holding 17,527 shares valued at $3.67 million.
• Boeing reported an earnings loss of ($1.24) EPS for the quarter, missing analysts' expectations, despite a year-over-year revenue increase of 34.9%.
• Equities analysts have raised their price targets for Boeing, with estimates now ranging from $255.00 to $282.00, indicating a generally positive market outlook with a consensus rating of "Moderate Buy."

SteelPeak Wealth LLC lessened its position in The Boeing Company (NYSE:BA - Free Report) by 55.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,527 shares of the aircraft producer's stock after selling 22,063 shares during the quarter. SteelPeak Wealth LLC's holdings in Boeing were worth $3,672,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in BA. Revolve Wealth Partners LLC purchased a new position in shares of Boeing in the fourth quarter valued at approximately $201,000. UMB Bank n.a. lifted its position in Boeing by 2.1% during the first quarter. UMB Bank n.a. now owns 19,565 shares of the aircraft producer's stock worth $3,337,000 after buying an additional 400 shares in the last quarter. Wedmont Private Capital lifted its position in Boeing by 19.3% during the first quarter. Wedmont Private Capital now owns 5,907 shares of the aircraft producer's stock worth $926,000 after buying an additional 957 shares in the last quarter. RDA Financial Network lifted its position in Boeing by 4.7% during the first quarter. RDA Financial Network now owns 2,104 shares of the aircraft producer's stock worth $359,000 after buying an additional 95 shares in the last quarter. Finally, Miracle Mile Advisors LLC lifted its position in Boeing by 2.5% during the first quarter. Miracle Mile Advisors LLC now owns 26,927 shares of the aircraft producer's stock worth $4,592,000 after buying an additional 665 shares in the last quarter. Hedge funds and other institutional investors own 64.82% of the company's stock.

Boeing Stock Up 1.5%

NYSE:BA opened at $219.62 on Tuesday. 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 $166.07 billion, a P/E ratio of -13.30 and a beta of 1.47. The stock's fifty day moving average is $224.72 and its two-hundred day moving average is $205.50.

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

Analysts Set New Price Targets

A number of equities analysts recently commented on BA shares. Sanford C. Bernstein lifted their price objective on Boeing from $249.00 to $282.00 and gave the stock an "outperform" rating in a research report on Thursday, October 2nd. Barclays lifted their price objective on Boeing from $210.00 to $255.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Bank of America lifted their price objective on Boeing from $260.00 to $270.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Jefferies Financial Group set a $255.00 price objective on Boeing in a research report on Tuesday, September 30th. Finally, Rothschild & Co Redburn upgraded Boeing from a "neutral" rating to a "buy" rating and set a $275.00 price objective on the stock in a research report on Friday, June 27th. Three analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $233.91.

Insider Buying and Selling at Boeing

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

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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