Arvest Bank Trust Division has established a new position in The Boeing Company (NYSE: BA) by acquiring 1,007 shares valued at approximately $211,000. This investment was disclosed in the bank’s recent 13F filing with the Securities and Exchange Commission (SEC) for the second quarter of the fiscal year.
Several other institutional investors have also adjusted their stakes in Boeing during this period. Fiera Capital Corp purchased a new stake worth around $4.48 million, while Allianz SE invested about $1.02 million. Additionally, Thompson Davis & CO. Inc. acquired shares valued at approximately $254,000. Capital Investment Counsel Inc. increased its holdings by 3.1%, bringing its total to 2,301 shares valued at $482,000 after acquiring an additional 70 shares. MV Capital Management Inc. boosted its holdings by 8.2%, now owning 806 shares valued at $169,000. Overall, institutional investors and hedge funds hold 64.82% of Boeing’s stock.
Analysts have also been active in assessing Boeing’s market position. On October 30, 2023, JPMorgan Chase & Co. reduced its target price from $251.00 to $240.00, maintaining an “overweight” rating. In contrast, Jefferies Financial Group set a target price of $255.00 on September 30, 2023. The Royal Bank of Canada reaffirmed its “outperform” rating with a $250.00 price target, while Barclays increased its price objective from $210.00 to $255.00. Consensus ratings indicate three analysts rate the stock as a Strong Buy, fifteen as Buy, three as Hold, and four as Sell, leading to a consensus rating of “Moderate Buy” with a price target of $240.30.
Boeing’s stock experienced a slight decline of 0.1%, opening at $194.45 on Friday. The company’s fifty-day moving average stands at $212.85, while the 200-day moving average is $214.45. Over the past year, the stock has fluctuated between a low of $128.88 and a high of $242.69. Boeing currently has a market capitalization of $147.80 billion and a price-to-earnings ratio of -14.21.
In its latest earnings report on October 29, 2023, Boeing reported a loss of ($7.47) earnings per share (EPS), falling short of analysts’ expectations of ($0.51) by $6.96. The company’s revenue reached $23.27 billion, exceeding the consensus estimate of $21.61 billion and marking a year-over-year increase of 30.4%. Last year, during the same quarter, Boeing reported an EPS of ($10.44).
Recent insider transactions reveal ongoing activity within Boeing’s executive ranks. On November 6, 2023, Executive Vice President Uma M. Amuluru sold 1,366 shares at an average price of $197.66, totaling $270,003.56. Following this sale, Amuluru owns 14,656 shares valued at approximately $2.90 million. This transaction represents an 8.53% reduction in her holdings. Additionally, Director Mortimer J. Buckley purchased 2,200 shares at an average cost of $226.10, amounting to $497,420.00, increasing his position significantly.
The Boeing Company, headquartered in Chicago, Illinois, operates globally, focusing on the design, development, and manufacturing of commercial jetliners, military aircraft, satellites, and missile defense systems. The company operates through various segments, including Commercial Airplanes, Defense, Space & Security, and Global Services.
As the situation develops, investors and analysts will continue to monitor Boeing’s performance and the broader implications of these recent investments and insider transactions.
