Cannell & Co. Cuts Holdings in The Boeing Company (NYSE:BA)

Cannell & Co. trimmed its holdings in shares of The Boeing Company (NYSE:BA) by 7.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 222,462 shares of the aircraft producer’s stock after selling 17,378 shares during the period. Boeing makes up about 1.8% of Cannell & Co.’s investment portfolio, making the stock its 14th largest holding. Cannell & Co.’s holdings in Boeing were worth $57,987,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. CNB Bank raised its holdings in Boeing by 106.5% in the 3rd quarter. CNB Bank now owns 128 shares of the aircraft producer’s stock worth $25,000 after purchasing an additional 66 shares during the period. Evolution Advisers Inc. bought a new position in Boeing in the 4th quarter worth $28,000. Naples Money Management LLC bought a new stake in Boeing during the fourth quarter valued at about $44,000. Blue Bell Private Wealth Management LLC raised its holdings in Boeing by 66.2% during the third quarter. Blue Bell Private Wealth Management LLC now owns 236 shares of the aircraft producer’s stock valued at $45,000 after acquiring an additional 94 shares during the period. Finally, M&R Capital Management Inc. raised its holdings in Boeing by 35.0% during the fourth quarter. M&R Capital Management Inc. now owns 193 shares of the aircraft producer’s stock valued at $50,000 after acquiring an additional 50 shares during the period. 64.82% of the stock is currently owned by hedge funds and other institutional investors.

Boeing Stock Performance

NYSE BA traded up $2.51 during trading on Wednesday, hitting $170.35. The stock had a trading volume of 1,883,539 shares, compared to its average volume of 9,619,841. The stock has a market capitalization of $104.57 billion, a price-to-earnings ratio of -47.57 and a beta of 1.52. The Boeing Company has a one year low of $159.70 and a one year high of $267.54. The stock has a 50 day simple moving average of $185.21 and a 200 day simple moving average of $206.38.

Boeing (NYSE:BA) last announced its quarterly earnings data on Wednesday, January 31st. The aircraft producer reported ($0.47) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.72) by $0.25. The firm had revenue of $22.02 billion during the quarter, compared to the consensus estimate of $21.14 billion. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the previous year, the business earned ($1.75) EPS. On average, sell-side analysts predict that The Boeing Company will post -0.29 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Argus cut Boeing from a “buy” rating to a “hold” rating in a report on Tuesday. The Goldman Sachs Group cut their price objective on Boeing from $268.00 to $257.00 and set a “buy” rating for the company in a research report on Monday, March 25th. Wells Fargo & Company cut their price objective on Boeing from $225.00 to $215.00 and set an “equal weight” rating for the company in a research report on Thursday, February 1st. Melius restated a “hold” rating on shares of Boeing in a research report on Monday, April 1st. Finally, Royal Bank of Canada cut their price objective on Boeing from $225.00 to $215.00 and set an “outperform” rating for the company in a research report on Tuesday, April 16th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $222.41.

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.