Element Capital Management LLC acquired a new position in shares of The Boeing Company (NYSE:BA – Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund acquired 70,320 shares of the aircraft producer’s stock, valued at approximately $14,938,000. Boeing comprises about 1.1% of Element Capital Management LLC’s investment portfolio, making the stock its 27th largest holding.
Other institutional investors have also recently modified their holdings of the company. BlackRock Inc. raised its holdings in Boeing by 8.1% in the 1st quarter. BlackRock Inc. now owns 35,950,526 shares of the aircraft producer’s stock valued at $7,636,970,000 after acquiring an additional 2,682,272 shares during the last quarter. Moneta Group Investment Advisors LLC raised its holdings in Boeing by 109,667.8% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 16,055,730 shares of the aircraft producer’s stock valued at $3,058,456,000 after acquiring an additional 16,041,103 shares during the last quarter. Geode Capital Management LLC raised its holdings in Boeing by 2.7% in the 4th quarter. Geode Capital Management LLC now owns 9,684,704 shares of the aircraft producer’s stock valued at $1,840,881,000 after acquiring an additional 250,697 shares during the last quarter. Morgan Stanley raised its holdings in Boeing by 11.7% in the 4th quarter. Morgan Stanley now owns 8,321,871 shares of the aircraft producer’s stock valued at $1,585,234,000 after acquiring an additional 872,795 shares during the last quarter. Finally, Fisher Asset Management LLC raised its holdings in Boeing by 734.7% in the 1st quarter. Fisher Asset Management LLC now owns 4,359,740 shares of the aircraft producer’s stock valued at $926,140,000 after acquiring an additional 3,837,422 shares during the last quarter. 61.33% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several research analysts have weighed in on the company. Bank of America upgraded Boeing from a “neutral” rating to a “buy” rating and boosted their price target for the company from $225.00 to $300.00 in a report on Thursday, July 27th. JPMorgan Chase & Co. boosted their price target on Boeing from $225.00 to $245.00 in a report on Thursday, July 27th. Morgan Stanley upped their price objective on Boeing from $220.00 to $235.00 in a report on Thursday, July 27th. Susquehanna upped their price objective on Boeing from $260.00 to $270.00 in a report on Thursday, July 27th. Finally, TD Cowen upped their price objective on Boeing from $255.00 to $260.00 and gave the stock an “outperform” rating in a report on Monday, August 28th. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Boeing currently has an average rating of “Moderate Buy” and a consensus target price of $245.13.
Insider Transactions at Boeing
In related news, Director Steven M. Mollenkopf purchased 850 shares of Boeing stock in a transaction dated Monday, July 31st. The shares were acquired at an average price of $237.00 per share, with a total value of $201,450.00. Following the completion of the transaction, the director now owns 3,767 shares of the company’s stock, valued at approximately $892,779. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. In other Boeing news, Director Steven M. Mollenkopf bought 850 shares of the business’s stock in a transaction on Monday, July 31st. The shares were purchased at an average price of $237.00 per share, with a total value of $201,450.00. Following the completion of the acquisition, the director now directly owns 3,767 shares of the company’s stock, valued at approximately $892,779. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Theodore Colbert III sold 8,500 shares of the stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $238.37, for a total value of $2,026,145.00. Following the sale, the chief executive officer now owns 59,255 shares in the company, valued at $14,124,614.35. The disclosure for this sale can be found here. Corporate insiders own 0.15% of the company’s stock.
Boeing Stock Down 2.2 %
Boeing stock traded down $4.96 during trading on Wednesday, reaching $217.61. 1,924,503 shares of the company’s stock were exchanged, compared to its average volume of 5,687,247. The company’s 50-day moving average is $223.56 and its two-hundred day moving average is $212.69. The Boeing Company has a 52-week low of $120.99 and a 52-week high of $243.10.
Boeing (NYSE:BA – Get Free Report) last posted its quarterly earnings data on Wednesday, July 26th. The aircraft producer reported ($0.82) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.99) by $0.17. The firm had revenue of $19.75 billion during the quarter, compared to analysts’ expectations of $18.59 billion. During the same period in the previous year, the company earned ($0.37) earnings per share. The business’s quarterly revenue was up 18.4% on a year-over-year basis. Equities research analysts forecast that The Boeing Company will post -1.95 earnings per share for the current fiscal year.
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 four segments: Commercial Airplanes; Defense, Space & Security; Global Services; and Boeing Capital.
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