Rossmore Private Capital Cuts Position in The Boeing Company (NYSE:BA)

Key Points

• Rossmore Private Capital reduced its position in Boeing by 16.6%, selling 1,531 shares and owning 7,674 shares valued at approximately $1.31 million.
• Boeing reported earnings of ($1.24) per share, missing estimates, but saw revenue rise by 34.9% year-over-year to $22.75 billion.
• Analysts have mixed views on Boeing, with 17 buy ratings, three holds, and three sells, while the stock has an average price target of $228.90.

Rossmore Private Capital lowered its position in shares of The Boeing Company (NYSE:BA - Free Report) by 16.6% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,674 shares of the aircraft producer's stock after selling 1,531 shares during the period. Rossmore Private Capital's holdings in Boeing were worth $1,309,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in BA. Castlekeep Investment Advisors LLC bought a new stake in shares of Boeing in the fourth quarter worth approximately $568,000. Alyeska Investment Group L.P. bought a new stake in shares of Boeing in the fourth quarter worth approximately $526,889,000. Zimmer Partners LP bought a new stake in shares of Boeing in the fourth quarter worth approximately $393,736,000. Northern Trust Corp grew its stake in shares of Boeing by 33.6% in the fourth quarter. Northern Trust Corp now owns 6,504,610 shares of the aircraft producer's stock worth $1,151,316,000 after acquiring an additional 1,634,231 shares during the period. Finally, Sculptor Capital LP purchased a new position in shares of Boeing in the fourth quarter worth approximately $265,500,000. Hedge funds and other institutional investors own 64.82% of the company's stock.

Boeing Stock Up 0.3%

Shares of Boeing stock traded up $0.71 during midday trading on Wednesday, hitting $233.32. The company had a trading volume of 6,665,849 shares, compared to its average volume of 6,966,942. The Boeing Company has a 12-month low of $128.88 and a 12-month high of $242.69. The stock has a market cap of $176.43 billion, a price-to-earnings ratio of -14.13 and a beta of 1.48. The company has a fifty day simple moving average of $218.48 and a 200 day simple moving average of $191.69.

Boeing (NYSE:BA - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $22.75 billion for the quarter, compared to analyst estimates of $20.13 billion. During the same quarter last year, the firm earned ($2.90) earnings per share. Boeing's revenue for the quarter was up 34.9% on a year-over-year basis. As a group, analysts expect that The Boeing Company will post -2.58 EPS for the current year.

Insiders Place Their Bets

In other Boeing news, SVP Brendan J. Nelson sold 640 shares of the firm's stock in a transaction on Thursday, May 15th. The stock was 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 in the company, valued at approximately $2,734,860.24. This trade represents a 4.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP David Christopher Raymond sold 3,771 shares of the firm's stock in a transaction on Friday, August 8th. The shares were 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 in the company, valued at $8,248,637.62. The trade was a 9.51% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.09% of the company's stock.

Wall Street Analyst Weigh In

BA has been the topic of a number of research reports. Rothschild & Co Redburn raised shares of Boeing from a "neutral" rating to a "buy" rating and set a $275.00 price objective on the stock in a report on Friday, June 27th. Cowen reissued a "buy" rating on shares of Boeing in a report on Wednesday, May 7th. Bank of America raised their price objective on shares of Boeing from $260.00 to $270.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Citigroup reaffirmed a "buy" rating on shares of Boeing in a report on Monday, July 28th. Finally, The Goldman Sachs Group set a $212.00 price target on shares of Boeing and gave the company a "buy" rating in a report on Thursday, June 12th. Three analysts have rated the stock with a sell rating, three have issued a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $228.90.

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.