Arvest Bank Trust Division has acquired a stake in The Boeing Company, purchasing 1,007 shares valued at approximately $211,000. This investment occurred in the second quarter of 2023, as detailed in the bank’s recent 13F filing with the U.S. Securities and Exchange Commission (SEC). This move reflects a broader trend among institutional investors, with several hedge funds also adjusting their positions in Boeing.
In addition to Arvest Bank, notable institutional investments included Fiera Capital Corp, which acquired a new stake worth about $4.48 million, and Allianz SE, which purchased shares valued at $1.02 million. Other significant transactions were reported by Thompson Davis & CO. Inc., with a new stake of approximately $254,000, and Capital Investment Counsel Inc., which increased its holdings by 3.1%. Following this adjustment, Capital Investment now owns 2,301 shares valued at $482,000. MV Capital Management Inc. also boosted its stake by 8.2%, bringing its total to 806 shares valued at $169,000. Currently, institutional investors and hedge funds collectively hold 64.82% of Boeing’s stock.
Analysts Adjust Ratings on Boeing Stock
Recent analyst reports indicate mixed sentiments regarding Boeing’s stock performance. On October 30, 2023, JPMorgan Chase & Co. lowered its target price from $251.00 to $240.00, maintaining an “overweight” rating. Conversely, Jefferies Financial Group set a target price of $255.00, while Royal Bank of Canada reaffirmed an “outperform” rating with a $250.00 target. Barclays took a more optimistic stance, raising their price objective from $210.00 to $255.00 and issuing an “overweight” rating. Loop Capital also set a price target of $223.00.
The consensus among analysts is a “Moderate Buy,” with three analysts recommending a “Strong Buy,” fifteen suggesting a “Buy,” three advising to “Hold,” and four issuing a “Sell” rating. The average price target across these assessments is $240.30.
Boeing’s Recent Financial Performance
On October 29, 2023, Boeing reported its quarterly earnings, revealing a loss of -$7.47 earnings per share (EPS), significantly missing analysts’ expectations of -$0.51. Despite this setback, Boeing’s revenue for the quarter was $23.27 billion, surpassing the consensus estimate of $21.61 billion. This revenue figure marked a 30.4% increase compared to the same quarter in the previous year, when the company reported an EPS loss of -$10.44. Analysts project that Boeing will post an EPS of -2.58 for the current fiscal year.
As of the latest trading session, Boeing shares opened at $194.45. The company has a market capitalization of $147.80 billion, with a price-to-earnings ratio of -14.21 and a beta of 1.44. Over the past twelve months, the stock has fluctuated between a low of $128.88 and a high of $242.69.
In related news, insider transactions at Boeing have also gained attention. On November 6, 2023, Executive Vice President Uma M. Amuluru sold 1,366 shares at an average price of $197.66, totaling approximately $270,003.56. This sale represented an 8.53% decrease in her position, leaving her with 14,656 shares valued at $2.90 million.
Additionally, Director Mortimer J. Buckley purchased 2,200 shares on August 19, 2023, at an average cost of $226.10 per share, amounting to $497,420.00. Following this transaction, Buckley’s stake in Boeing increased significantly.
The Boeing Company, headquartered in Chicago, Illinois, designs and manufactures a range of products including commercial and military aircraft, satellites, and launch systems. The company operates through three primary segments: Commercial Airplanes, Defense, Space & Security, and Global Services. As Boeing continues to navigate the complexities of the aerospace industry, its recent investments and insider transactions highlight the ongoing interest from both institutional investors and company executives.
