Meyer Handelman Co. Reduces Stake in Boeing Company

Meyer Handelman Co. has adjusted its holdings in The Boeing Company (NYSE:BA - Free Report) by decreasing its position by 9.7% during the third quarter. According to the latest filing with the Securities and Exchange Commission (SEC), the firm now owns 55,256 shares after selling 5,960 shares.

Institutional Investor Activity

Meanwhile, Next Level Private LLC has increased its investment in Boeing by 50.1% in the same quarter, acquiring an additional 7,551 shares for a total of 22,621 shares. This growth makes Boeing 1.4% of Next Level Private LLC's overall investments, ranking it as their 20th largest holding.

Institutional Holders Overview

As per their latest SEC documentation, Next Level Private LLC’s stake in Boeing has a market value of $3,439,000. There are many other institutional investors who have also been active with their engagements in Boeing stock. Kiely Wealth Advisory Group Inc. purchased a new position valued at about $33,000 in the second quarter. Similarly, Vima LLC acquired shares worth approximately $34,000 in the fourth quarter, along with Hobbs Group Advisors LLC which matched that figure. McClarren Financial Advisors Inc. significantly increased their stake by 451.4% in the first quarter, now owning 193 shares valued at $37,000. Lastly, Accent Capital Management LLC took a new position in Boeing amounting to around $39,000. Currently, institutional investors and hedge funds hold approximately 64.82% of Boeing’s shares.

Analyst Insights on Boeing

Several financial institutes have shared their perspectives on Boeing’s stock recently. For example, Stifel Nicolaus raised their target price from $230.00 to $235.00, while maintaining a “buy” rating. In contrast, Sanford C. Bernstein reduced their target from $222.00 to $207.00, recommending an “outperform” rating. Other analysts like Jefferies Financial Group decreased their forecast from $270.00 to $240.00, also awarding a “buy” rating. Susquehanna reiterated a favorable outlook with a $230.00 target price. On the other hand, The Goldman Sachs Group lowered their projection from $232.00 to $202.00 but maintained a “buy” rating. The ratings tally reveals that three analysis firms recommend selling the stock, while seven suggest holding it, and fourteen endorse buying it, showing a consensus rating of “Moderate Buy” with an average target of $206.00 according to MarketBeat.com.

Boeing Stock Performance

The stock opened at $151.05 on a recent Friday. Over the past 52 weeks, Boeing's share price has fluctuated between a low of $146.26 and a high of $267.54. The company's 50-day and 200-day simple moving averages stand at $162.41 and $173.94, respectively. Boeing holds a market capitalization of $93.07 billion, a P/E ratio of -26.83, and a beta of 1.57.

Recent Earnings Report

When Boeing released its earnings report on July 31, it posted earnings per share (EPS) of ($2.90), falling short of analyst expectations of ($1.00) by a significant margin of ($1.90). Their revenue for the quarter was reported at $16.87 billion, which did not meet the expected $17.35 billion, marking a decline of 14.6% in comparison to the same quarter last year. Last year, Boeing reported an EPS of ($0.82). Analysts are forecasting the company to record an EPS of -5.35 for the current financial year.

Company Overview

The Boeing Company is a global leader in designing, developing, manufacturing, selling, and supporting commercial jetliners, military aircraft, satellites, missile defense systems, human space flight, and other related services through varied segments, which include Commercial Airplanes, Defense, Space & Security, and Global Services.

Meyer, Boeing, Investments