Grandfield & Dodd LLC significantly increased its stake in The Boeing Company (NYSE: BA) during the third quarter, boosting its position by 30.9%. The firm now holds 93,327 shares, valued at $17,364,000, following the acquisition of an additional 22,015 shares. This move aligns with several other institutional investors who have also raised their holdings in Boeing, including Investment Partners LTD., Summit Global Investments, Kassira Wealth Management LLC, MGO One Seven LLC, and Aprio Wealth Management LLC.
Boeing's stock opened at $171.41 on Friday, with a 50-day simple moving average of $196.12 and a 200-day simple moving average of $217.21. The company's market cap stands at $135.83 billion, and it has a price-to-earnings ratio of 18.65. Despite a 3.9% year-over-year revenue increase to $24.19 billion in the third quarter, Boeing reported an earnings per share (EPS) loss of $0.34, missing the consensus estimate of ($0.25).
Analysts have mixed views on Boeing's future. Wells Fargo & Company lowered its price target to $210.00 but maintained an "overweight" rating, while Jefferies Financial Group downgraded the stock to a "hold" rating. Tigress Financial, however, raised its price objective to $305.00 with a "buy" rating. The average price target among analysts is $246.92, with a "Moderate Buy" consensus rating.
Positive sentiment surrounds Boeing's potential to secure a $945.9 million contract from the U.S. Space Force for MILSATCOM sustainment and its forecast that global air-cargo traffic will double by 2045. However, concerns persist regarding the company's execution, profitability, and high leverage, as well as potential securities-law violations under investigation.