Primecap Management Co. CA Acquires 57,120 Shares of The Boeing Company (NYSE:BA)

Key Points

• Primecap Management Co. CA increased its stake in Boeing by 17.9%, owning 376,420 shares valued at approximately $64.2 million by the end of the recent quarter.
• Boeing reported a quarterly revenue of $22.75 billion, exceeding analysts' expectations, but posted an earnings loss of ($1.24) per share, missing estimates by ($0.32).
• The stock has experienced a significant price range over the past year, with a low of $128.88 and a high of $242.69, currently trading around $225.03.

Primecap Management Co. CA grew its position in shares of The Boeing Company (NYSE:BA - Free Report) by 17.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 376,420 shares of the aircraft producer's stock after acquiring an additional 57,120 shares during the period. Primecap Management Co. CA's holdings in Boeing were worth $64,198,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Wood Tarver Financial Group LLC lifted its position in Boeing by 14.3% in the 1st quarter. Wood Tarver Financial Group LLC now owns 439 shares of the aircraft producer's stock valued at $75,000 after acquiring an additional 55 shares in the last quarter. Signature Wealth Management Partners LLC lifted its position in Boeing by 2.0% in the 1st quarter. Signature Wealth Management Partners LLC now owns 2,888 shares of the aircraft producer's stock valued at $493,000 after acquiring an additional 57 shares in the last quarter. Byrne Financial Freedom LLC lifted its position in Boeing by 3.0% in the 1st quarter. Byrne Financial Freedom LLC now owns 1,993 shares of the aircraft producer's stock valued at $340,000 after acquiring an additional 58 shares in the last quarter. HighPoint Advisor Group LLC lifted its position in Boeing by 0.3% in the 1st quarter. HighPoint Advisor Group LLC now owns 19,657 shares of the aircraft producer's stock valued at $3,578,000 after acquiring an additional 58 shares in the last quarter. Finally, Colonial Trust Co SC lifted its position in Boeing by 6.1% in the 4th quarter. Colonial Trust Co SC now owns 1,042 shares of the aircraft producer's stock valued at $184,000 after acquiring an additional 60 shares in the last quarter. Hedge funds and other institutional investors own 64.82% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on BA shares. Barclays upped their price objective on Boeing from $210.00 to $255.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. UBS Group set a $280.00 price objective on Boeing and gave the company a "buy" rating in a research report on Wednesday, July 30th. Susquehanna upped their price objective on Boeing from $265.00 to $270.00 and gave the company a "positive" rating in a research report on Wednesday, July 30th. Jefferies Financial Group upped their price objective on Boeing from $230.00 to $250.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Finally, Redburn Atlantic raised Boeing from a "hold" rating to a "strong-buy" rating and increased their price target for the company from $180.00 to $275.00 in a report on Friday, June 27th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $228.90.

Insider Activity

In other Boeing news, EVP Jeffrey S. Shockey sold 3,205 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $202.87, for a total transaction of $650,198.35. Following the completion of the transaction, the executive vice president owned 20,513 shares in the company, valued at $4,161,472.31. The trade was a 13.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Brendan J. Nelson sold 640 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $206.28, for a total value of $132,019.20. Following the transaction, the senior vice president owned 13,258 shares of the company's stock, valued at $2,734,860.24. This trade represents a 4.60% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.09% of the company's stock.

Boeing Price Performance

Shares of Boeing stock traded up $1.75 during trading on Friday, reaching $229.08. 4,716,407 shares of the stock traded hands, compared to its average volume of 7,343,935. The company has a market capitalization of $173.22 billion, a price-to-earnings ratio of -13.88 and a beta of 1.48. The business has a fifty day simple moving average of $216.95 and a two-hundred day simple moving average of $190.20. The Boeing Company has a 52-week low of $128.88 and a 52-week high of $242.69.

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 analysts' consensus estimates of ($0.92) by ($0.32). The firm had revenue of $22.75 billion during the quarter, compared to analysts' expectations of $20.13 billion. The firm's quarterly revenue was up 34.9% on a year-over-year basis. During the same period last year, the firm posted ($2.90) EPS. On average, research analysts predict 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.