Canada Pension Plan Investment Board Increases Stock Position in The Boeing Company $BA

Key Points

• The Canada Pension Plan Investment Board increased its stake in Boeing by 243.8% during the 1st quarter, owning approximately 754,550 shares valued at $128.7 million.
• Wall Street analysts have recently upgraded Boeing’s stock ratings, with three analysts giving it a Strong Buy rating and an average price target of $228.90.
• Boeing reported a revenue increase of 34.9% year-over-year for the last quarter, though it missed earnings per share estimates by ($0.32).

Canada Pension Plan Investment Board grew its holdings in The Boeing Company (NYSE:BA - Free Report) by 243.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 754,550 shares of the aircraft producer's stock after purchasing an additional 535,060 shares during the quarter. Canada Pension Plan Investment Board owned about 0.10% of Boeing worth $128,689,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Castlekeep Investment Advisors LLC acquired a new stake in shares of Boeing during the 4th quarter worth approximately $568,000. Alyeska Investment Group L.P. acquired a new stake in shares of Boeing during the 4th quarter worth approximately $526,889,000. Zimmer Partners LP acquired a new stake in shares of Boeing during the 4th quarter worth approximately $393,736,000. Sculptor Capital LP acquired a new stake in shares of Boeing during the 4th quarter worth approximately $265,500,000. Finally, Vanguard Group Inc. increased its holdings in shares of Boeing by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 65,655,044 shares of the aircraft producer's stock worth $11,197,468,000 after buying an additional 1,212,327 shares during the last quarter. 64.82% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Boeing

In other Boeing news, Director Mortimer J. Buckley purchased 2,200 shares of the firm's stock in a transaction on Tuesday, August 19th. The stock was bought at an average price 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 approximately $497,420. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP David Christopher Raymond sold 3,771 shares of Boeing stock in a transaction on Friday, August 8th. The stock was sold at an average price of $229.94, for a total transaction of $867,103.74. Following the sale, the executive vice president directly owned 35,873 shares of the company's stock, valued at approximately $8,248,637.62. This trade represents a 9.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.09% of the company's stock.

Analyst Upgrades and Downgrades

BA has been the subject of a number of recent analyst reports. Bank of America raised their price target on shares of Boeing from $260.00 to $270.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Wall Street Zen downgraded shares of Boeing from a "hold" rating to a "sell" rating in a report on Saturday, May 17th. Wells Fargo & Company reiterated an "underweight" rating on shares of Boeing in a report on Thursday, May 22nd. Sanford C. Bernstein reiterated an "outperform" rating on shares of Boeing in a report on Monday, July 14th. Finally, Cowen reiterated a "buy" rating on shares of Boeing in a report on Wednesday, May 7th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $228.90.

Boeing Stock Up 1.1%

BA stock traded up $2.55 during midday trading on Tuesday, hitting $237.23. The company's stock had a trading volume of 6,331,206 shares, compared to its average volume of 8,290,214. The Boeing Company has a 52-week low of $128.88 and a 52-week high of $242.69. The firm has a market capitalization of $179.38 billion, a P/E ratio of -14.37 and a beta of 1.48. The firm has a 50-day simple moving average of $225.29 and a 200-day simple moving average of $196.53.

Boeing (NYSE:BA - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The aircraft producer reported ($1.24) EPS 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 the consensus estimate of $20.13 billion. During the same period in the previous year, the company earned ($2.90) earnings per share. The firm's revenue for the quarter was up 34.9% compared to the same quarter last year. On average, sell-side analysts expect that The Boeing Company will post -2.58 earnings per share 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.