Boeing (NYSE:BA) Earns Outperform Rating from Royal Bank of Canada

Boeing (NYSE:BA)‘s stock had its “outperform” rating reissued by research analysts at Royal Bank of Canada in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $200.00 price target on the aircraft producer’s stock. Royal Bank of Canada’s price target suggests a potential upside of 27.84% from the company’s current price.

A number of other analysts have also recently commented on BA. Deutsche Bank Aktiengesellschaft lowered their price target on Boeing from $225.00 to $195.00 and set a “buy” rating for the company in a research report on Thursday, October 3rd. Robert W. Baird dropped their target price on Boeing from $240.00 to $200.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Citigroup reduced their price target on shares of Boeing from $224.00 to $209.00 and set a “buy” rating for the company in a research report on Tuesday, October 15th. TD Cowen cut their price objective on shares of Boeing from $200.00 to $190.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Boeing from $235.00 to $195.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Boeing presently has an average rating of “Hold” and an average price target of $190.42.

Boeing Price Performance

NYSE BA traded up $3.46 during trading on Wednesday, hitting $156.44. The company’s stock had a trading volume of 15,654,812 shares, compared to its average volume of 8,494,130. Boeing has a fifty-two week low of $146.02 and a fifty-two week high of $267.54. The company has a market cap of $96.04 billion, a PE ratio of -43.70 and a beta of 1.57. The business’s 50 day simple moving average is $158.72 and its 200-day simple moving average is $171.36.

Boeing (NYSE:BA) last released its earnings results on Wednesday, October 23rd. The aircraft producer reported ($10.44) earnings per share for the quarter, missing the consensus estimate of ($10.34) by ($0.10). The business had revenue of $17.84 billion for the quarter, compared to the consensus estimate of $17.81 billion. The company’s revenue was down 1.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($3.26) earnings per share. Analysts expect that Boeing will post -5.35 EPS for the current fiscal year.

Hedge Funds Weigh In On Boeing

Several institutional investors and hedge funds have recently added to or reduced their stakes in BA. Van ECK Associates Corp increased its stake in shares of Boeing by 122.0% during the 3rd quarter. Van ECK Associates Corp now owns 2,277,548 shares of the aircraft producer’s stock worth $357,712,000 after purchasing an additional 1,251,456 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in Boeing by 289.8% in the third quarter. International Assets Investment Management LLC now owns 1,682,970 shares of the aircraft producer’s stock worth $2,558,790,000 after purchasing an additional 1,251,165 shares in the last quarter. Vanguard Group Inc. raised its holdings in Boeing by 2.5% during the first quarter. Vanguard Group Inc. now owns 49,724,770 shares of the aircraft producer’s stock valued at $9,596,383,000 after buying an additional 1,222,816 shares in the last quarter. Wulff Hansen & CO. raised its holdings in Boeing by 15,039.0% during the second quarter. Wulff Hansen & CO. now owns 967,383 shares of the aircraft producer’s stock valued at $176,073,000 after buying an additional 960,993 shares in the last quarter. Finally, Jennison Associates LLC increased its holdings in shares of Boeing by 14.1% during the 1st quarter. Jennison Associates LLC now owns 4,203,435 shares of the aircraft producer’s stock valued at $811,221,000 after acquiring an additional 518,952 shares during the last quarter. 64.82% of the stock is currently owned by hedge funds and other institutional investors.

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.