Arvest Bank Trust Division has acquired a new stake in The Boeing Company, investing approximately $211,000 to purchase 1,007 shares during the second quarter of 2023. This move, detailed in the bank’s latest 13F filing with the Securities and Exchange Commission (SEC), reflects a growing interest among institutional investors in the aerospace giant.
Other hedge funds and institutional investors have also made significant changes to their holdings in Boeing. Notably, Fiera Capital Corp invested about $4.48 million, while Allianz SE acquired a stake worth $1.02 million. Thompson Davis & CO. Inc. purchased approximately $254,000 worth of shares, and Capital Investment Counsel Inc. increased its holdings by 3.1%, bringing its total to 2,301 shares valued at $482,000 after acquiring an additional 70 shares. MV Capital Management Inc. similarly raised its stake by 8.2%, now owning 806 shares valued at $169,000. Currently, institutional investors and hedge funds own 64.82% of Boeing’s stock.
Analysts Adjust Ratings on Boeing
Recent reports from analysts have resulted in a mixed bag of ratings for Boeing. On October 30, JPMorgan Chase & Co. lowered its target price from $251.00 to $240.00, maintaining an “overweight” rating. In contrast, Jefferies Financial Group set a target price of $255.00, while Royal Bank of Canada reaffirmed an “outperform” rating with a target of $250.00. Barclays increased its price objective from $210.00 to $255.00 with an “overweight” designation. Loop Capital established a price target of $223.00.
Overall, analysts have rated Boeing with three “Strong Buy” ratings, fifteen “Buy” ratings, three “Hold” ratings, and four “Sell” ratings, culminating in a consensus rating of “Moderate Buy” and a price target of $240.30 according to data from MarketBeat.
Boeing’s Financial Performance and Insider Activities
Boeing’s stock opened at $194.45 on Friday, reflecting a 0.1% decline. The company’s fifty-day moving average stands at $212.85, while the 200-day average is $214.45. Over the past twelve months, the stock has seen a low of $128.88 and a high of $242.69. Boeing’s market capitalization is approximately $147.80 billion, and it has a price-to-earnings ratio of -14.21.
In its latest quarterly earnings report released on October 29, Boeing recorded an earnings per share (EPS) of ($7.47), significantly below analysts’ expectations of ($0.51). The company reported revenue of $23.27 billion, surpassing estimates of $21.61 billion, and showing a year-over-year increase of 30.4%. In the same period last year, Boeing reported an EPS of ($10.44). Analysts forecast that Boeing will post an EPS of ($2.58) for the current fiscal year.
In insider trading news, Executive Vice President Uma M. Amuluru sold 1,366 shares on November 6 at an average price of $197.66, totaling approximately $270,003.56. This sale reduced her holdings to 14,656 shares, valued at about $2.9 million. Conversely, Director Mortimer J. Buckley purchased 2,200 shares at an average cost of $226.10 per share on August 19, totaling $497,420. Following this acquisition, he now holds 2,200 shares, reflecting an increase in his position.
Boeing operates in multiple sectors, including commercial airplanes, defense, space, and global services, and is a key player in the aerospace and defense industry. As the company navigates recent challenges, the balance of institutional investment and analyst sentiment will be critical to its future performance.
