Boeing (NYSE:BA) Stock Price Down 2.5% Following Weak Earnings

The Boeing Company (NYSE:BA - Get Free Report)'s share price dropped 2.5% during mid-day trading on Wednesday following a dissappointing earnings announcement. The company traded as low as $172.86 and last traded at $173.37. Approximately 4,215,642 shares were traded during trading, a decline of 51% from the average daily volume of 8,531,303 shares. The stock had previously closed at $177.78.

The aircraft producer reported ($5.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.60) by ($4.30). During the same period in the prior year, the firm earned ($0.47) EPS.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Susquehanna lifted their target price on shares of Boeing from $200.00 to $205.00 and gave the company a "positive" rating in a research note on Wednesday. Wells Fargo & Company boosted their price objective on Boeing from $85.00 to $103.00 and gave the company an "underweight" rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft lifted their target price on Boeing from $184.00 to $215.00 and gave the company a "buy" rating in a research note on Thursday, January 2nd. Morgan Stanley lowered their price target on Boeing from $195.00 to $170.00 and set an "equal weight" rating on the stock in a report on Thursday, October 24th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $200.00 price objective on shares of Boeing in a report on Wednesday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $195.00.

Institutional Trading of Boeing

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp increased its stake in Boeing by 122.0% in the 3rd quarter. Van ECK Associates Corp now owns 2,277,548 shares of the aircraft producer's stock worth $357,712,000 after buying an additional 1,251,456 shares during the period. International Assets Investment Management LLC raised its stake in shares of Boeing by 289.8% during the third quarter. International Assets Investment Management LLC now owns 1,682,970 shares of the aircraft producer's stock valued at $2,558,790,000 after acquiring an additional 1,251,165 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Boeing by 1,296.3% in the third quarter. Franklin Resources Inc. now owns 1,136,895 shares of the aircraft producer's stock valued at $169,386,000 after purchasing an additional 1,055,472 shares during the period. State Street Corp increased its holdings in Boeing by 2.3% during the 3rd quarter. State Street Corp now owns 27,778,195 shares of the aircraft producer's stock worth $4,223,397,000 after purchasing an additional 636,594 shares during the period. Finally, Jennison Associates LLC raised its position in Boeing by 9.9% during the 3rd quarter. Jennison Associates LLC now owns 6,700,706 shares of the aircraft producer's stock valued at $1,018,775,000 after purchasing an additional 602,143 shares in the last quarter. 64.82% of the stock is owned by hedge funds and other institutional investors.

Boeing Stock Performance

The company has a fifty day simple moving average of $167.68 and a two-hundred day simple moving average of $164.19. The firm has a market capitalization of $107.58 billion, a PE ratio of -13.49 and a beta of 1.52.

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.