Elite Wealth Management Inc. Trims Holdings in The Boeing Company $BA

Elite Wealth Management Inc. reduced its holdings in shares of The Boeing Company (NYSE:BA) by 2.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,507 shares of the aircraft producer’s stock after selling 58 shares during the quarter. Boeing accounts for about 0.2% of Elite Wealth Management Inc.’s investment portfolio, making the stock its 24th largest holding. Elite Wealth Management Inc.’s holdings in Boeing were worth $525,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Aspire Capital Advisors LLC raised its stake in shares of Boeing by 0.8% in the 2nd quarter. Aspire Capital Advisors LLC now owns 5,943 shares of the aircraft producer’s stock valued at $1,245,000 after acquiring an additional 45 shares in the last quarter. Lantz Financial LLC raised its stake in shares of Boeing by 1.5% in the 2nd quarter. Lantz Financial LLC now owns 3,072 shares of the aircraft producer’s stock valued at $644,000 after acquiring an additional 46 shares in the last quarter. Atlas Brown Inc. raised its stake in shares of Boeing by 0.7% in the 2nd quarter. Atlas Brown Inc. now owns 6,498 shares of the aircraft producer’s stock valued at $1,362,000 after acquiring an additional 48 shares in the last quarter. Moody National Bank Trust Division raised its stake in shares of Boeing by 2.7% in the 2nd quarter. Moody National Bank Trust Division now owns 1,836 shares of the aircraft producer’s stock valued at $385,000 after acquiring an additional 48 shares in the last quarter. Finally, Heck Capital Advisors LLC raised its stake in shares of Boeing by 3.6% in the 2nd quarter. Heck Capital Advisors LLC now owns 1,398 shares of the aircraft producer’s stock valued at $293,000 after acquiring an additional 49 shares in the last quarter. 64.82% of the stock is currently owned by hedge funds and other institutional investors.

Boeing Trading Down 3.9%

Shares of NYSE:BA opened at $216.48 on Friday. The Boeing Company has a 1-year low of $128.88 and a 1-year high of $242.69. The firm has a market capitalization of $163.69 billion, a PE ratio of -13.11 and a beta of 1.47. The business’s 50 day moving average is $224.51 and its 200-day moving average is $205.99.

Boeing (NYSE:BA) last announced its quarterly earnings data on Tuesday, July 29th. The aircraft producer reported ($1.24) earnings per share for the quarter, missing the consensus estimate of ($0.92) by ($0.32). The firm had revenue of $22.75 billion during the quarter, compared to the consensus estimate of $20.13 billion. During the same quarter in the previous year, the firm earned ($2.90) earnings per share. The company’s quarterly revenue was up 34.9% compared to the same quarter last year. On average, sell-side analysts predict that The Boeing Company will post -2.58 EPS for the current year.

Analyst Upgrades and Downgrades

BA has been the topic of a number of recent analyst reports. Citigroup reissued a “buy” rating on shares of Boeing in a research note on Monday, July 28th. Vertical Research raised Boeing from a “hold” rating to a “buy” rating and raised their price objective for the company from $242.00 to $270.00 in a research note on Monday, September 8th. Redburn Atlantic raised Boeing from a “hold” rating to a “strong-buy” rating and raised their price objective for the company from $180.00 to $275.00 in a research note on Friday, June 27th. Barclays lifted their price target on Boeing from $210.00 to $255.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 29th. Finally, Rothschild & Co Redburn raised Boeing from a “neutral” rating to a “buy” rating and set a $275.00 price target on the stock in a research report on Friday, June 27th. Three investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Boeing presently has a consensus rating of “Moderate Buy” and a consensus price target of $233.91.

Insider Buying and Selling at Boeing

In related news, Director Mortimer J. Buckley purchased 2,200 shares of the firm’s stock in a transaction that occurred on Tuesday, August 19th. The shares were acquired at an average price of $226.10 per share, with a total value of $497,420.00. Following the purchase, the director directly owned 2,200 shares in the company, valued at $497,420. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP David Christopher Raymond sold 3,771 shares of the business’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $229.94, for a total value of $867,103.74. Following the completion of the sale, the executive vice president directly owned 35,873 shares in the company, valued at approximately $8,248,637.62. This represents a 9.51% decrease in their position. The disclosure for this sale can be found here. 0.09% of the stock is owned by insiders.

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.