Commerce Bank Sells 5,724 Shares of The Boeing Company (NYSE:BA)

Commerce Bank cut its position in The Boeing Company (NYSE:BA) by 8.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 63,918 shares of the aircraft producer’s stock after selling 5,724 shares during the quarter. Commerce Bank’s holdings in Boeing were worth $9,718,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of BA. MQS Management LLC purchased a new stake in shares of Boeing during the first quarter worth about $237,000. CreativeOne Wealth LLC increased its stake in Boeing by 21.8% during the 1st quarter. CreativeOne Wealth LLC now owns 5,350 shares of the aircraft producer’s stock valued at $1,033,000 after purchasing an additional 958 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in shares of Boeing by 5.0% in the first quarter. Advisors Asset Management Inc. now owns 22,713 shares of the aircraft producer’s stock worth $4,383,000 after buying an additional 1,077 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in shares of Boeing by 79.0% during the first quarter. Canada Pension Plan Investment Board now owns 726,254 shares of the aircraft producer’s stock worth $140,160,000 after buying an additional 320,502 shares during the period. Finally, Gabelli Funds LLC grew its holdings in shares of Boeing by 2.5% during the first quarter. Gabelli Funds LLC now owns 113,700 shares of the aircraft producer’s stock valued at $21,943,000 after buying an additional 2,785 shares during the last quarter. 64.82% of the stock is owned by hedge funds and other institutional investors.

Boeing Stock Performance

Boeing stock opened at $143.83 on Friday. The company’s fifty day moving average price is $151.85 and its 200 day moving average price is $168.62. The stock has a market capitalization of $88.92 billion, a P/E ratio of -11.15 and a beta of 1.57. The Boeing Company has a 1 year low of $137.03 and a 1 year high of $267.54.

Boeing (NYSE:BA) last released its earnings results on Wednesday, October 23rd. The aircraft producer reported ($10.44) EPS for the quarter, missing analysts’ consensus estimates of ($10.34) by ($0.10). The firm had revenue of $17.84 billion for the quarter, compared to analyst estimates of $17.81 billion. The firm’s quarterly revenue was down 1.5% on a year-over-year basis. During the same period in the prior year, the company earned ($3.26) earnings per share. Sell-side analysts predict that The Boeing Company will post -16.2 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have commented on BA. The Goldman Sachs Group lowered their price target on Boeing from $232.00 to $202.00 and set a “buy” rating for the company in a research report on Tuesday, September 24th. TD Cowen dropped their target price on Boeing from $200.00 to $190.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Morgan Stanley reduced their price target on shares of Boeing from $195.00 to $170.00 and set an “equal weight” rating for the company in a research report on Thursday, October 24th. Sanford C. Bernstein downgraded shares of Boeing from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $195.00 to $169.00 in a report on Wednesday, October 30th. Finally, Robert W. Baird cut their price objective on shares of Boeing from $240.00 to $200.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $190.37.

Boeing 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.