Primoris Wealth Advisors LLC Reduces Stake in Boeing Company

Primoris Wealth Advisors LLC has decreased its investment in The Boeing Company (NYSE:BA - Free Report) by 49.6% in the third quarter, as per its latest filing with the Securities and Exchange Commission. After selling 6,878 shares during this period, the fund now possesses 6,987 shares of the aerospace giant, valued at approximately $1,062,000 at the end of the quarter.

Recent Investor Activity

Other significant investors have also been active in the Boeing market recently. For instance, Lindbrook Capital LLC has increased its holdings by 2.2%, now owning 12,444 shares worth $1,892,000 after buying an additional 266 shares. Similarly, Assetmark Inc. made a more substantial move, boosting its position by 65.2% and acquiring 1,057 shares valued at $161,000 after purchasing an extra 417 shares. Additionally, Rovin Capital UT ADV has entered a new investment position with a valuation around $578,000, while Executive Wealth Management LLC invested about $264,000 in new shares during the same quarter. Also notable, Shoker Investment Counsel Inc. grew its Boeing stake by 3.9%, now holding 2,783 shares worth $423,000 after adding 104 shares. Currently, institutional investors own 64.82% of Boeing's stock.

Boeing Stock Performance

During midday trading on Friday, shares of Boeing rose by 0.5%, reaching a price of $151.68. The trading volume at that time was 12,996,805 shares, significantly higher than the average of 9,024,028 shares. Boeing's market cap stands at approximately $93.77 billion, with a price-to-earnings ratio of -11.77 and a beta of 1.57. The stock has fluctuated between a 12-month low of $144.13 and a high of $267.54, with 50-day and 200-day moving averages of $155.31 and $170.34, respectively.

Recent Earnings Report

Boeing recently disclosed its quarterly earnings on October 23rd, reporting an earnings per share (EPS) of ($10.44) for the quarter, which was below analysts' consensus estimate of ($10.34) by $0.10. The reported revenue was $17.84 billion, slightly above the forecast of $17.81 billion, yet down 1.5% from the same period last year, when the firm reported an EPS of ($3.26). Analysts project that Boeing will report an EPS of -16.09 for the current year.

Analyst Ratings Overview

Analysts have been issuing various reports on Boeing's stock. Citigroup reduced its price target from $224.00 to $209.00 while maintaining a "buy" rating. Similarly, JPMorgan Chase & Co. decreased its target from $235.00 to $195.00, keeping an "overweight" rating on the company. The Goldman Sachs Group cut its price target from $232.00 to $202.00 and maintained a "buy" rating. In contrast, DZ Bank downgraded Boeing to a "hold" rating with a target price of $152.00, and Sanford C. Bernstein lowered its rating from "outperform" to "market perform" with a revised target of $169.00. Presently, there are three sell ratings, nine hold ratings, thirteen buy ratings, and one strong buy rating for Boeing, indicating a consensus rating of "Hold" with a price target averaging $190.37.

About Boeing

The Boeing Company, along with its subsidiaries, is engaged in designing, developing, manufacturing, selling, and supporting commercial jetliners, military aircraft, satellites, and launch systems across the globe. The company splits its operations into three core segments: Commercial Airplanes, Defense, Space & Security, and Global Services.

Boeing, Investors, Stocks