Bank of Nova Scotia Sells 525,893 Shares of The Boeing Company (NYSE:BA)

Key Points

• The Bank of Nova Scotia significantly reduced its stake in Boeing by 63.1%, now holding 307,900 shares worth approximately $52.5 million.
• Boeing reported earnings of ($1.24) EPS for the last quarter, missing estimates, but its revenue increased by 34.9% year-over-year.
• Analyst ratings for Boeing are mixed, with three sell ratings, three hold, and seventeen buy ratings, and a consensus price target of $228.90.

Bank of Nova Scotia trimmed its holdings in The Boeing Company (NYSE:BA - Free Report) by 63.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 307,900 shares of the aircraft producer's stock after selling 525,893 shares during the period. Bank of Nova Scotia's holdings in Boeing were worth $52,507,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. American National Bank & Trust increased its stake in shares of Boeing by 474.1% during the first quarter. American National Bank & Trust now owns 155 shares of the aircraft producer's stock worth $26,000 after purchasing an additional 128 shares during the period. REAP Financial Group LLC increased its stake in Boeing by 60.2% during the 4th quarter. REAP Financial Group LLC now owns 173 shares of the aircraft producer's stock worth $31,000 after acquiring an additional 65 shares during the period. Dogwood Wealth Management LLC increased its stake in Boeing by 167.2% during the 4th quarter. Dogwood Wealth Management LLC now owns 179 shares of the aircraft producer's stock worth $32,000 after acquiring an additional 112 shares during the period. Solstein Capital LLC bought a new position in Boeing during the 4th quarter worth $33,000. Finally, Heck Capital Advisors LLC bought a new position in Boeing during the 4th quarter worth $33,000. 64.82% of the stock is owned by institutional investors and hedge funds.

Boeing Stock Performance

Shares of NYSE:BA traded down $0.57 during midday trading on Tuesday, reaching $221.77. The company's stock had a trading volume of 1,305,293 shares, compared to its average volume of 8,558,452. The firm has a market capitalization of $167.69 billion, a price-to-earnings ratio of -13.40 and a beta of 1.48. The firm has a 50 day moving average price of $215.62 and a two-hundred day moving average price of $189.33. The Boeing Company has a fifty-two week low of $128.88 and a fifty-two week high of $242.69.

Boeing (NYSE:BA - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The aircraft producer reported ($1.24) earnings per share (EPS) 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 the consensus estimate of $20.13 billion. During the same quarter last year, the company earned ($2.90) earnings per share. Boeing's revenue for the quarter was up 34.9% compared to the same quarter last year. As a group, research analysts anticipate that The Boeing Company will post -2.58 earnings per share for the current year.

Analyst Ratings Changes

BA has been the topic of a number of recent research reports. Wells Fargo & Company restated an "underweight" rating on shares of Boeing in a research note on Thursday, May 22nd. Susquehanna raised their price objective on Boeing from $265.00 to $270.00 and gave the stock a "positive" rating in a research note on Wednesday, July 30th. Wall Street Zen lowered Boeing from a "hold" rating to a "sell" rating in a research note on Saturday, May 17th. The Goldman Sachs Group set a $212.00 price target on Boeing and gave the company a "buy" rating in a research note on Thursday, June 12th. Finally, UBS Group set a $280.00 price target on Boeing and gave the company a "buy" rating in a research note on Wednesday, July 30th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $228.90.

Insider Buying and Selling

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

Boeing 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.