Newport Trust Co. recently announced the acquisition of new stake in The Boeing Company (NYSE:BA). The institutional investor has increased its shareholding in the Industrials company by 0.67% to 44.98 million shares with purchase of 0.3 million shares. This fresh investment now brings its stake to 7.55% valued currently at $6.41 billion. In addition, The Vanguard Group, Inc. raised its holdings by 0.67 million to 43.07 million shares. And BlackRock Fund Advisors has lifted its position by 1.07% or 0.26 million shares – to 24.14 million shares.
With over 4.36 million The Boeing Company (BA) shares trading Tuesday and a closing price of $172.50 on the day, the dollar volume was approximately $752.92 million. The shares have shown a positive half year performance of 44.47% and its price on 11/22/22 lost nearly -0.25%. Currently, there are 596.30M common shares owned by the public and among those 595.36M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 26 analysts who have offered their price forecasts for BA have a consensus price objective of $188.10. The analysts have set the share’s price value over the next 12 months at a high of $242.00 and a low of $121.00. The average price target is 7.99% above its recent price level and a downside to the estimated low will see the stock lose -42.56% over that period. But an upside of 28.72% will see the stock hit the forecast high price target while median target price for the stock is $185.50.
Insiders at the company have transacted a total of 34 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 19 of these insider trades were purchases, accounting for 172,759 shares. Insider sales of the common stock occurred on 15 occasions, with total insider shares sold totaling 25,760 shares.
The top 3 mutual fund holders in The Boeing Company are Vanguard Total Stock Market Index, Vanguard 500 Index Fund, and SPDR S&P 500 ETF Trust. Vanguard Total Stock Market Index owns 17.82 million shares of the company’s stock, all valued at over $2.54 billion. The company bought an additional 92458.0 shares recently to bring their total holdings to about 2.99% of the shares outstanding. Vanguard 500 Index Fund bought 0.12 million shares to see its total holdings expand to 12.77 million shares valued at over $1.82 billion and representing 2.14% of the shares outstanding. SPDR S&P 500 ETF Trust sold 64545.0 shares to bring its total holdings to over 6.29 million shares at a value of $896.43 million. SPDR S&P 500 ETF Trust now owns shares totaling to 1.06% of the shares outstanding.
Shares of The Boeing Company (NYSE: BA) opened at $173.65, up $0.71 from a prior closing price of $172.94. However, the script later moved the day high at 174.99, down -0.25%. The company’s stock has a 5-day price change of -1.63% and 5.44% over the past three months. BA shares are trading -14.32% year to date (YTD), with the 12-month market performance down to -17.82% lower. It has a 12-month low price of $113.02 and touched a high of $229.67 over the same period. BA has an average intraday trading volume of 7.54 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 7.35%, 18.30%, and 8.70% respectively.
Institutional ownership of The Boeing Company (NYSE: BA) shares accounts for 58.30% of the company’s 596.30M shares outstanding. Mutual fund holders own 26.89%, while other institutional holders and individual stakeholders account for 30.38% and 0.90% respectively.
It has a market capitalization of $102.15B and a beta (3y monthly) value of 1.46. The earnings-per-share (ttm) stands at -$14.27. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.21% over the week and 4.04% over the month.
Analysts forecast that The Boeing Company (BA) will achieve an EPS of $0.23 for the current quarter, -$0.29 for the next quarter and $2.08 for 2023. The lowest estimate earnings-per-share for the quarter is -$1.36 while analysts give the company a high EPS estimate of $1.3. Comparatively, EPS for the current quarter was -$7.69 a year ago. Earnings per share for the fiscal year are expected to increase by 65.80%, and 127.80% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 26 brokerage firm advisors rate The Boeing Company (BA) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 16 Wall Street analysts polled rate the stock as a buy, while 5 of the 26 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the BA, a number of firms have released research notes about the stock. Credit Suisse stated their Underperform rating for the stock in a research note on October 12, 2022, with the firm’s price target at $98. Wolfe Research coverage for the The Boeing Company (BA) stock in a research note released on October 11, 2022 offered a Outperform rating with a price target of $180. BofA Securities was of a view on July 15, 2022 that the stock is Neutral, while Citigroup gave the stock Buy rating on June 16, 2022, issuing a price target of $219- $209. Wolfe Research on their part issued Peer Perform rating on February 16, 2022.