The Boeing Company $BA Shares Sold by Wells Trecaso Financial Group LLC

Key Points

• Wells Trecaso Financial Group LLC reduced its stake in Boeing by 6.2% in Q2 2023, holding 24,725 shares worth approximately $5.18 million.
• Several institutional investors increased their stakes in Boeing, with Piscataqua Savings Bank raising its stake by an impressive 1,712.5% in the same period.
• Boeing's recent quarterly earnings report showed a loss of ($1.24) EPS, missing estimates but achieving revenue of $22.75 billion, significantly exceeding expectations of $20.13 billion.

Wells Trecaso Financial Group LLC cut its position in shares of The Boeing Company (NYSE:BA - Free Report) by 6.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 24,725 shares of the aircraft producer's stock after selling 1,623 shares during the quarter. Boeing comprises 1.6% of Wells Trecaso Financial Group LLC's portfolio, making the stock its 22nd biggest position. Wells Trecaso Financial Group LLC's holdings in Boeing were worth $5,181,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BA. Piscataqua Savings Bank increased its stake in Boeing by 1,712.5% during the second quarter. Piscataqua Savings Bank now owns 145 shares of the aircraft producer's stock worth $30,000 after acquiring an additional 137 shares during the last quarter. Proathlete Wealth Management LLC acquired a new stake in Boeing during the first quarter worth about $34,000. Monetary Management Group Inc. increased its stake in Boeing by 33.3% during the first quarter. Monetary Management Group Inc. now owns 200 shares of the aircraft producer's stock worth $34,000 after acquiring an additional 50 shares during the last quarter. Columbia River Financial Group LLC acquired a new stake in Boeing during the first quarter worth about $50,000. Finally, Iron Horse Wealth Management LLC increased its stake in Boeing by 33.8% during the first quarter. Iron Horse Wealth Management LLC now owns 297 shares of the aircraft producer's stock worth $51,000 after acquiring an additional 75 shares during the last quarter. 64.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Boeing

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

Analyst Upgrades and Downgrades

Several brokerages have commented on BA. UBS Group set a $280.00 price target on Boeing and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Rothschild & Co Redburn raised Boeing from a "neutral" rating to a "buy" rating and set a $275.00 target price for the company in a research report on Friday, June 27th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Boeing in a research report on Saturday, September 27th. Morgan Stanley reaffirmed an "equal weight" rating on shares of Boeing in a research report on Monday, July 28th. Finally, KGI Securities raised Boeing from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 24th. 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 three have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $233.91.

Boeing Stock Performance

Shares of BA opened at $216.32 on Friday. The company has a market capitalization of $163.57 billion, a P/E ratio of -13.10 and a beta of 1.47. The Boeing Company has a one year low of $128.88 and a one year high of $242.69. The stock has a 50-day moving average price of $225.06 and a 200 day moving average price of $204.76.

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 analysts' consensus estimates of ($0.92) by ($0.32). The company had revenue of $22.75 billion during the quarter, compared to analysts' expectations of $20.13 billion. The business's revenue was up 34.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($2.90) earnings per share. As a group, equities research analysts forecast that The Boeing Company will post -2.58 earnings per share for the current fiscal year.

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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