Arvest Bank Trust Division has initiated a new investment in The Boeing Company (NYSE:BA), acquiring 1,007 shares valued at approximately $211,000. This purchase occurred during the second quarter of 2023, as detailed in the bank’s recent 13F filing with the U.S. Securities and Exchange Commission (SEC). This investment highlights a broader trend among institutional investors, many of whom are adjusting their holdings in Boeing.
Several other notable institutional investors have recently changed their positions in Boeing. Fiera Capital Corp purchased a new stake worth about $4.48 million, while Allianz SE invested $1.02 million. Additionally, Thompson Davis & CO. Inc. acquired shares valued at approximately $254,000, and Capital Investment Counsel Inc. increased its holdings by 3.1%, owning 2,301 shares worth $482,000. MV Capital Management Inc. also expanded its investment, raising its stake by 8.2%.
Analyst Ratings and Stock Performance
Analysts have recently provided updates regarding Boeing’s stock performance. According to reports, JPMorgan Chase & Co. lowered its target price on Boeing shares from $251.00 to $240.00, maintaining an “overweight” rating. Conversely, Jefferies Financial Group set a target price of $255.00, and Royal Bank of Canada reaffirmed its “outperform” rating with a price target of $250.00.
As of October 29, 2023, shares of Boeing opened at $194.45, reflecting a slight decline of 0.1%. The stock’s fifty-day moving average stands at $212.85, while the two-hundred-day moving average is $214.45. Over the past year, Boeing’s stock has fluctuated between a low of $128.88 and a high of $242.69. With a market capitalization of $147.80 billion and a price-to-earnings ratio of -14.21, the stock currently holds a consensus rating of “Moderate Buy” with an average price target of $240.30, as reported by MarketBeat.
Earnings Report and Insider Transactions
Boeing recently released its quarterly earnings data, reporting an earnings per share (EPS) of ($7.47) for the quarter, which fell significantly short of analysts’ expectations of ($0.51). The company recorded revenue of $23.27 billion, surpassing the consensus estimate of $21.61 billion—a remarkable increase of 30.4% compared to the same quarter last year.
In related news, Boeing’s Executive Vice President, Uma M. Amuluru, sold 1,366 shares on November 6, 2023, at an average price of $197.66, totaling $270,003.56. Following this transaction, Amuluru holds 14,656 shares valued at approximately $2.9 million. On the other hand, Director Mortimer J. Buckley purchased 2,200 shares on August 19, 2023, for $226.10 per share, increasing his stake to a total value of $497,420.
As institutional investors continue to navigate the complexities of the aerospace market, Boeing remains a focal point of interest among major financial players. With ongoing developments and investments, stakeholders will be closely monitoring the company’s performance in the coming quarters.
