Boeing (NYSE:BA) Stock Jumps 3.5% – Here’s What Happened

Shares of The Boeing Company (NYSE:BA) rose 3.5% during mid-day trading on Thursday. The stock traded as high as $194.56 and last traded at $192.6460. 13,452,994 shares were traded during trading, an increase of 98% from the average session volume of 6,802,563 shares. The stock had previously closed at $186.05.

Boeing News Roundup

Here are the key news stories impacting Boeing this week:

• Positive Sentiment: Boeing won a contract valued at more than $20 billion to develop the Navy’s next-generation F/A-XX sixth-generation fighter, defeating Northrop Grumman. The award expands Boeing’s defense backlog and strengthens its position in future production and sustainment work. Boeing chosen by U.S. Navy to develop next-generation fighter jet
• Positive Sentiment: The F/A-XX win follows Boeing’s selection for the Air Force’s F-47 program, potentially giving the company a leading role in both U.S. sixth-generation fighter platforms and creating a multidecade revenue opportunity. However, near-term financial benefits will be limited because the initial phase emphasizes engineering, testing and development rather than high-volume production. Boeing’s Fighter Victory Opens the Door to Decades of Defense Revenue
• Positive Sentiment: Ethiopian Airlines ordered eight 777-8 freighters and two 777 freighters, adding commercial backlog and making Ethiopian the first African carrier to order the newest 777-8 freighter. Ethiopian Airlines Orders Boeing Freighters
• Neutral Sentiment: Boeing is scheduled to report third-quarter results on October 27. Investors will likely focus on free cash flow, defense margins and potential charges as the company manages several complex development programs. Boeing to Release Third Quarter Results
• Negative Sentiment: The FAA is reportedly considering a review of software affecting the 737 MAX, while certification of the MAX 10 faces further delay. Officials have said there is currently no safety concern, but additional regulatory scrutiny could postpone deliveries and increase costs. US does not see safety concern from 737 MAX software issue
• Negative Sentiment: Engineering and technical workers represented by SPEEA are voting on an improved contract offer. A rejection could bring Boeing closer to a strike, potentially disrupting delayed aircraft programs and slowing deliveries. Contract vote looms for Boeing workers
• Negative Sentiment: Pomerantz LLP announced an investigation into potential claims on behalf of Boeing investors, adding a legal and reputational overhang, though the announcement does not establish wrongdoing. Pomerantz investor investigation

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Weiss Ratings reiterated a “sell (d+)” rating on shares of Boeing in a research report on Tuesday, July 21st. Btg Pactual set a $260.00 price objective on shares of Boeing in a research note on Tuesday, July 14th. Bank of America reiterated a “buy” rating and set a $270.00 price objective on shares of Boeing in a report on Friday, September 18th. Jefferies Financial Group cut shares of Boeing from a “buy” rating to a “neutral” rating in a research report on Monday. Finally, Tigress Financial upped their price target on shares of Boeing from $295.00 to $305.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $270.95.

Boeing Trading Up 3.5%

The firm’s 50 day simple moving average is $213.10 and its 200-day simple moving average is $216.69. The company has a market capitalization of $152.26 billion, a PE ratio of 83.40 and a beta of 1.21. The company has a quick ratio of 0.33, a current ratio of 1.14 and a debt-to-equity ratio of 6.77.

Boeing (NYSE:BA) last issued its earnings results on Tuesday, July 28th. The aircraft producer reported ($0.76) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.42). Boeing had a net margin of 2.41% and a negative return on equity of 346.82%. The business had revenue of $24.56 billion during the quarter, compared to analysts’ expectations of $24.26 billion. During the same period in the prior year, the business posted ($1.24) EPS. The business’s revenue was up 8.0% on a year-over-year basis. As a group, equities research analysts anticipate that The Boeing Company will post -0.91 EPS for the current year.

Institutional Investors Weigh In On Boeing

Large investors have recently modified their holdings of the stock. Highland Investment Advisors LLC purchased a new position in Boeing in the 2nd quarter worth approximately $26,000. 1 North Wealth Services LLC acquired a new position in shares of Boeing during the fourth quarter worth $27,000. Wealth Preservation Advisors LLC boosted its stake in shares of Boeing by 66.7% in the fourth quarter. Wealth Preservation Advisors LLC now owns 125 shares of the aircraft producer’s stock valued at $27,000 after purchasing an additional 50 shares during the period. Strategic Wealth Advisors LLC acquired a new stake in Boeing during the 2nd quarter valued at $27,000. Finally, Bayban purchased a new stake in Boeing during the 4th quarter worth $29,000. Institutional investors and hedge funds own 64.82% of the company’s stock.

Boeing Company Profile

The Boeing Company (NYSE: BA) is a global aerospace company that designs, manufactures and supports commercial airplanes, military aircraft, spacecraft and related systems. Its commercial portfolio includes the 737, 787 Dreamliner and 777 families, as well as the 777X program. Boeing sells aircraft to airlines, cargo operators and leasing companies around the world.

Through its defense and space operations, Boeing provides products and services for the U.S. government, allied governments and other institutional customers.