Meridian Wealth Management LLC Takes $1.52 Million Position in The Boeing Company (NYSE:BA)

Meridian Wealth Management LLC purchased a new stake in The Boeing Company (NYSE:BA) during the third quarter, HoldingsChannel.com reports. The firm purchased 10,012 shares of the aircraft producer’s stock, valued at approximately $1,522,000.

Several other hedge funds have also added to or reduced their stakes in BA. Van ECK Associates Corp raised its stake in Boeing by 122.0% during the 3rd quarter. Van ECK Associates Corp now owns 2,277,548 shares of the aircraft producer’s stock worth $357,712,000 after buying an additional 1,251,456 shares during the period. International Assets Investment Management LLC raised its stake in Boeing by 289.8% during the 3rd quarter. International Assets Investment Management LLC now owns 1,682,970 shares of the aircraft producer’s stock worth $2,558,790,000 after buying an additional 1,251,165 shares during the period. Wulff Hansen & CO. raised its stake in Boeing by 15,039.0% during the 2nd quarter. Wulff Hansen & CO. now owns 967,383 shares of the aircraft producer’s stock worth $176,073,000 after buying an additional 960,993 shares during the period. Jennison Associates LLC raised its stake in Boeing by 9.9% during the 3rd quarter. Jennison Associates LLC now owns 6,700,706 shares of the aircraft producer’s stock worth $1,018,775,000 after buying an additional 602,143 shares during the period. Finally, Newport Trust Company LLC raised its stake in Boeing by 1.2% during the 2nd quarter. Newport Trust Company LLC now owns 31,640,184 shares of the aircraft producer’s stock worth $5,758,830,000 after buying an additional 388,633 shares during the period. Institutional investors and hedge funds own 64.82% of the company’s stock.

Boeing Stock Performance

Boeing stock opened at $149.27 on Friday. The Boeing Company has a 52 week low of $137.03 and a 52 week high of $267.54. The stock has a market capitalization of $92.28 billion, a P/E ratio of -11.57 and a beta of 1.57. The stock has a 50-day simple moving average of $151.70 and a 200 day simple moving average of $168.42.

Boeing (NYSE:BA) last issued its quarterly earnings data on Wednesday, October 23rd. The aircraft producer reported ($10.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($10.34) by ($0.10). The business had revenue of $17.84 billion for the quarter, compared to analysts’ expectations of $17.81 billion. The firm’s revenue was down 1.5% on a year-over-year basis. During the same period in the previous year, the business earned ($3.26) EPS. Research analysts forecast that The Boeing Company will post -16.2 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently commented on BA. TD Cowen dropped their price objective on Boeing from $200.00 to $190.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Benchmark reissued a “buy” rating and issued a $250.00 price target on shares of Boeing in a research note on Thursday, October 24th. Royal Bank of Canada reissued an “outperform” rating and issued a $200.00 price target on shares of Boeing in a research note on Wednesday, October 30th. DZ Bank downgraded Boeing from a “buy” rating to a “hold” rating and set a $152.00 price target on the stock. in a research note on Tuesday, October 15th. Finally, Stifel Nicolaus lifted their price target on Boeing from $230.00 to $235.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $190.37.

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.