Boeing (NYSE:BA) Price Target Cut to $224.00

Boeing (NYSE:BA) had its price target reduced by research analysts at Citigroup from $252.00 to $224.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the aircraft producer’s stock. Citigroup’s target price would suggest a potential upside of 34.28% from the company’s current price.

Several other equities research analysts have also commented on the stock. Benchmark restated a “buy” rating and issued a $250.00 price target on shares of Boeing in a report on Tuesday, March 26th. TD Cowen reduced their price target on shares of Boeing from $275.00 to $230.00 and set an “outperform” rating for the company in a report on Monday, March 25th. UBS Group reduced their price target on shares of Boeing from $275.00 to $250.00 and set a “buy” rating for the company in a report on Thursday, March 21st. Melius restated a “hold” rating on shares of Boeing in a report on Monday, April 1st. Finally, Sanford C. Bernstein reduced their price target on shares of Boeing from $272.00 to $240.00 and set an “outperform” rating for the company in a report on Monday, April 8th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $222.41.

Boeing Price Performance

Shares of Boeing stock traded up $2.48 during trading hours on Thursday, reaching $166.81. The company’s stock had a trading volume of 12,448,376 shares, compared to its average volume of 9,789,682. The stock has a market cap of $101.78 billion, a P/E ratio of -45.33, a P/E/G ratio of 133.97 and a beta of 1.52. Boeing has a one year low of $159.70 and a one year high of $267.54. The firm has a 50 day moving average price of $188.03 and a 200-day moving average price of $206.89.

Boeing (NYSE:BA) last released its quarterly earnings data on Wednesday, January 31st. The aircraft producer reported ($0.47) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.72) by $0.25. The company had revenue of $22.02 billion during the quarter, compared to analysts’ expectations of $21.14 billion. Boeing’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the firm earned ($1.75) earnings per share. As a group, sell-side analysts forecast that Boeing will post 0.32 EPS for the current fiscal year.

Institutional Trading of Boeing

Several large investors have recently made changes to their positions in the business. Carmel Capital Partners LLC purchased a new stake in shares of Boeing in the 1st quarter valued at $793,000. Equitable Trust Co. purchased a new stake in shares of Boeing in the 1st quarter valued at $651,000. HTLF Bank boosted its holdings in Boeing by 2.3% during the first quarter. HTLF Bank now owns 2,897 shares of the aircraft producer’s stock worth $559,000 after buying an additional 65 shares in the last quarter. Triumph Capital Management purchased a new stake in Boeing during the first quarter worth $638,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Boeing by 6.6% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 112,480 shares of the aircraft producer’s stock worth $21,708,000 after buying an additional 6,923 shares in the last quarter. 64.82% of the stock is owned by hedge funds and other institutional investors.

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.