Essex Savings Bank Cuts Stock Holdings in The Boeing Company (NYSE:BA)

Essex Savings Bank cut its position in shares of The Boeing Company (NYSE:BA) by 27.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,363 shares of the aircraft producer’s stock after selling 1,297 shares during the period. Essex Savings Bank’s holdings in Boeing were worth $595,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Newport Trust Company LLC lifted its holdings in Boeing by 1.2% during the second quarter. Newport Trust Company LLC now owns 31,640,184 shares of the aircraft producer’s stock valued at $5,758,830,000 after purchasing an additional 388,633 shares in the last quarter. State Street Corp boosted its holdings in Boeing by 2.3% in the 3rd quarter. State Street Corp now owns 27,778,195 shares of the aircraft producer’s stock worth $4,223,397,000 after buying an additional 636,594 shares during the last quarter. Geode Capital Management LLC increased its stake in Boeing by 2.8% during the 3rd quarter. Geode Capital Management LLC now owns 11,719,794 shares of the aircraft producer’s stock worth $1,774,705,000 after buying an additional 320,415 shares in the last quarter. Jennison Associates LLC raised its holdings in shares of Boeing by 9.9% during the third quarter. Jennison Associates LLC now owns 6,700,706 shares of the aircraft producer’s stock valued at $1,018,775,000 after acquiring an additional 602,143 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its position in shares of Boeing by 6.0% during the 3rd quarter. Fisher Asset Management LLC now owns 4,866,857 shares of the aircraft producer’s stock valued at $739,957,000 after acquiring an additional 277,350 shares during the last quarter. Institutional investors and hedge funds own 64.82% of the company’s stock.

Wall Street Analysts Forecast Growth

BA has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft increased their price target on shares of Boeing from $184.00 to $215.00 and gave the company a “buy” rating in a research note on Thursday, January 2nd. Royal Bank of Canada reissued an “outperform” rating and set a $200.00 price objective on shares of Boeing in a research report on Wednesday, October 30th. Barclays raised shares of Boeing from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $190.00 to $210.00 in a research report on Monday, January 6th. Jefferies Financial Group dropped their price objective on shares of Boeing from $270.00 to $240.00 and set a “buy” rating for the company in a report on Monday, September 23rd. Finally, JPMorgan Chase & Co. cut their target price on shares of Boeing from $195.00 to $190.00 and set an “overweight” rating on the stock in a research note on Monday, November 25th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $192.21.

Boeing Stock Performance

Boeing stock opened at $166.25 on Thursday. The company has a market capitalization of $102.78 billion, a P/E ratio of -12.89 and a beta of 1.52. The Boeing Company has a fifty-two week low of $137.03 and a fifty-two week high of $217.59. The stock has a 50-day simple moving average of $162.02 and a 200-day simple moving average of $164.97.

Boeing (NYSE:BA) last issued its quarterly earnings data on Wednesday, October 23rd. The aircraft producer reported ($10.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($10.34) by ($0.10). The business had revenue of $17.84 billion during 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 period in the prior year, the company posted ($3.26) EPS. As a group, analysts forecast that The Boeing Company will post -16.18 earnings per share for the current year.

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.