Principal Financial Group Inc. Purchases 38,332 Shares of The Boeing Company (NYSE:BA)

by · The Cerbat Gem

Principal Financial Group Inc. grew its holdings in shares of The Boeing Company (NYSE:BA – Free Report) by 6.1% in the third quarter, HoldingsChannel.com reports. The fund owned 666,244 shares of the aircraft producer’s stock after acquiring an additional 38,332 shares during the quarter. Principal Financial Group Inc.’s holdings in Boeing were worth $101,296,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. RPg Family Wealth Advisory LLC acquired a new stake in Boeing during the third quarter worth approximately $28,000. Kiely Wealth Advisory Group Inc. bought a new stake in shares of Boeing in the 2nd quarter valued at $33,000. Cedar Wealth Management LLC acquired a new position in shares of Boeing during the 3rd quarter valued at $30,000. Mizuho Securities Co. Ltd. lifted its position in shares of Boeing by 40.0% during the 2nd quarter. Mizuho Securities Co. Ltd. now owns 280 shares of the aircraft producer’s stock valued at $51,000 after acquiring an additional 80 shares during the period. Finally, Meeder Asset Management Inc. boosted its stake in Boeing by 325.4% during the second quarter. Meeder Asset Management Inc. now owns 302 shares of the aircraft producer’s stock worth $55,000 after acquiring an additional 231 shares in the last quarter. 64.82% of the stock is owned by institutional investors and hedge funds.

Boeing Trading Up 0.2 %

BA stock opened at $177.35 on Friday. The Boeing Company has a 1-year low of $137.03 and a 1-year high of $267.54. The stock has a market cap of $109.64 billion, a P/E ratio of -13.75 and a beta of 1.56. The stock’s fifty day simple moving average is $155.10 and its two-hundred day simple moving average is $166.06.

Boeing (NYSE:BA – Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The aircraft producer reported ($10.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($10.34) by ($0.10). The company had revenue of $17.84 billion for the quarter, compared to the consensus estimate of $17.81 billion. During the same quarter in the prior year, the business earned ($3.26) earnings per share. The business’s revenue was down 1.5% compared to the same quarter last year. As a group, analysts forecast that The Boeing Company will post -16.18 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. UBS Group dropped their price objective on shares of Boeing from $215.00 to $195.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. Northcoast Research upgraded Boeing from a “sell” rating to a “neutral” rating in a report on Thursday, December 12th. Benchmark restated a “buy” rating and set a $250.00 price objective on shares of Boeing in a report on Thursday, October 24th. TD Cowen cut their target price on Boeing from $200.00 to $190.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Finally, Sanford C. Bernstein lowered shares of Boeing from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $195.00 to $169.00 in a research note on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $190.11.

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About Boeing

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The Boeing Company, together with its subsidiaries, designs, develops, manufactures, sells, services, and supports commercial jetliners, military aircraft, satellites, missile defense, human space flight and launch systems, and services worldwide. The company operates through Commercial Airplanes; Defense, Space & Security; and Global Services segments.

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