Journey Strategic Wealth LLC has increased its investment in The Boeing Company (NYSE: BA) by a significant 33.2% during the second quarter of 2023. According to a recent disclosure with the Securities and Exchange Commission, the firm acquired an additional 1,510 shares, bringing its total holdings to 6,059 shares, valued at approximately $1,270,000.
This increase in shares reflects a broader trend among institutional investors, with several hedge funds also adjusting their positions in Boeing. For instance, Wallace Advisory Group LLC raised its stake by 1.2%, now owning 3,570 shares worth about $748,000. Similarly, Aspire Capital Advisors LLC increased its holdings by 0.8%, totaling 5,943 shares valued at $1,245,000, while Lantz Financial LLC and Blue Barn Wealth LLC reported increases of 1.5% and 1.8%, respectively. Overall, institutional investors control approximately 64.82% of Boeing’s stock.
Analysts Provide Mixed Ratings
Recent analysis from various research firms has resulted in a range of ratings for Boeing’s stock. BNP Paribas Exane has initiated coverage with an “underperform” rating and a price target of $150.00. In contrast, Vertical Research upgraded its rating from “hold” to “buy” and increased its price target from $242.00 to $270.00. Jefferies Financial Group also set a price target of $255.00.
As of now, three analysts have issued “Strong Buy” ratings, fifteen have recommended a “Buy,” three have rated it as “Hold,” and six have suggested “Sell.” The consensus rating stands at “Moderate Buy,” with an average target price of $232.09 according to MarketBeat data.
Recent Insider Transactions and Stock Performance
In addition to these developments, Boeing’s Executive Vice President, Uma M. Amuluru, sold 1,366 shares on November 6, 2023, at an average price of $197.66, totaling approximately $270,003.56. Following this transaction, Amuluru holds 14,656 shares valued at nearly $2.9 million, representing an 8.53% decrease in their position. Notably, corporate insiders own just 0.09% of the company’s stock.
Boeing’s shares opened at $179.58 on November 10, 2023. The company has experienced a 52-week low of $128.88 and a high of $242.69. The stock’s 50-day and 200-day simple moving averages are $208.90 and $214.49, respectively. Boeing’s current market capitalization stands at $136.50 billion, with a price-to-earnings ratio of -13.13 and a beta of 1.44.
Boeing’s most recent quarterly earnings report, released on October 29, 2023, revealed a loss of ($7.47) earnings per share, significantly below the consensus estimate of ($0.51). The company reported revenue of $23.27 billion, exceeding analysts’ expectations of $21.61 billion and marking a 30.4% increase compared to the same quarter the previous year. Research analysts predict that Boeing will post an average of ($2.58) earnings per share for the current fiscal year.
The Boeing Company designs, develops, manufactures, and supports a wide range of aerospace products, including commercial jetliners and military aircraft, and operates through three main segments: Commercial Airplanes, Defense, Space & Security, and Global Services.
