Zurcher Kantonalbank Zurich Cantonalbank Raises Position in The Boeing Company (NYSE:BA)

Key Points

• Zurcher Kantonalbank increased its holdings in Boeing by 7.8%, now owning 190,852 shares valued at approximately $32.55 million.
• Institutional investors own 64.82% of Boeing's stock, indicating strong institutional support for the company.
• Equities analysts have adjusted price targets for Boeing, with new targets ranging from $212.00 to $275.00, reflecting a generally positive outlook for the stock.

Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of The Boeing Company (NYSE:BA - Free Report) by 7.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 190,852 shares of the aircraft producer's stock after purchasing an additional 13,737 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Boeing were worth $32,550,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC grew its stake in shares of Boeing by 29.5% in the fourth quarter. Geode Capital Management LLC now owns 15,171,869 shares of the aircraft producer's stock worth $2,677,170,000 after purchasing an additional 3,452,075 shares during the last quarter. Castlekeep Investment Advisors LLC bought a new stake in shares of Boeing in the fourth quarter worth $568,000. Alyeska Investment Group L.P. bought a new stake in shares of Boeing in the fourth quarter worth $526,889,000. Zimmer Partners LP bought a new stake in shares of Boeing in the fourth quarter worth $393,736,000. Finally, 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 purchasing an additional 1,634,231 shares during the last quarter. 64.82% of the stock is currently owned by institutional investors and hedge funds.

Boeing Stock Performance

NYSE:BA traded down $3.10 on Thursday, hitting $222.74. The stock had a trading volume of 3,885,316 shares, compared to its average volume of 8,599,938. The stock has a market cap of $167.94 billion, a P/E ratio of -13.49 and a beta of 1.41. The Boeing Company has a 1 year low of $128.88 and a 1 year high of $242.69. The firm's fifty day simple moving average is $214.47 and its two-hundred day simple moving average is $187.94.

Boeing (NYSE:BA - Get Free Report) last posted its quarterly earnings data 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 analysts' expectations of $20.13 billion. The business's revenue was up 34.9% on a year-over-year basis. During the same period last year, the business posted ($2.90) EPS. Equities research analysts predict that The Boeing Company will post -2.58 EPS for the current year.

Insider Buying and Selling at Boeing

In other news, EVP Jeffrey S. Shockey sold 3,205 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $202.87, for a total transaction of $650,198.35. Following the completion of the sale, the executive vice president owned 20,513 shares in the company, valued at $4,161,472.31. This trade represents a 13.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Brendan J. Nelson sold 640 shares of the firm'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 sale, the senior vice president owned 13,258 shares of the company's stock, valued at approximately $2,734,860.24. The trade was a 4.60% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,744 shares of company stock worth $1,511,370. Insiders own 0.09% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on BA. Morgan Stanley reissued an "equal weight" rating on shares of Boeing in a research note on Monday. Citigroup reaffirmed a "buy" rating on shares of Boeing in a research report on Monday. The Goldman Sachs Group set a $212.00 price target on shares of Boeing and gave the company a "buy" rating in a research report on Thursday, June 12th. Cowen reaffirmed a "buy" rating on shares of Boeing in a research report on Wednesday, May 7th. Finally, UBS Group set a $280.00 price target on shares of Boeing and gave the company a "buy" rating in a research report on Wednesday. Three analysts have rated the stock with a sell rating, three have issued a hold rating, eighteen have issued a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $228.73.

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.