Arvest Bank Trust Division has initiated a new investment in The Boeing Company (NYSE:BA), purchasing 1,007 shares valued at approximately $211,000. This acquisition took place during the second quarter of 2023, as detailed in the bank’s latest 13F filing with the U.S. Securities and Exchange Commission (SEC).
The move by Arvest Bank follows a trend among institutional investors and hedge funds adjusting their positions in Boeing. Notably, Fiera Capital Corp acquired a stake worth around $4.48 million, while Allianz SE invested approximately $1.02 million in the same quarter. Other investments included Thompson Davis & CO. Inc., which purchased shares valued at $254,000, and Capital Investment Counsel Inc., which increased its holdings by 3.1% after acquiring an additional 70 shares.
As of now, institutional investors and hedge funds collectively hold 64.82% of Boeing’s stock, highlighting significant confidence in the aerospace giant.
Analyst Ratings and Stock Performance
Recent evaluations from various equity research analysts reflect a mixed outlook for Boeing. JPMorgan Chase & Co. has reduced its target price from $251.00 to $240.00, maintaining an “overweight” rating. Conversely, Jefferies Financial Group set a target of $255.00, while Barclays increased its price objective from $210.00 to $255.00, also assigning an “overweight” rating.
The consensus among analysts indicates a “Moderate Buy” rating for Boeing, with an average price target of $240.30. The stock currently has three “Strong Buy” ratings, fifteen “Buy” ratings, three “Hold” ratings, and four “Sell” ratings.
Shares of Boeing opened at $194.45 on Friday, October 27, 2023. The company’s stock has experienced fluctuations, with a twelve-month low of $128.88 and a high of $242.69. Boeing’s market capitalization stands at $147.80 billion, and the stock has a price-to-earnings ratio of -14.21.
Recent Financial Results
On October 29, 2023, Boeing released its quarterly earnings report, revealing a loss of ($7.47) earnings per share (EPS), significantly below analysts’ expectations of ($0.51). Despite this setback, the company reported revenues of $23.27 billion, surpassing the $21.61 billion consensus estimate and marking a substantial 30.4% increase compared to the same quarter last year.
In terms of insider trading, Uma M. Amuluru, Executive Vice President, sold 1,366 shares on November 6, 2023, at an average price of $197.66, totaling approximately $270,003.56. Following this sale, Amuluru retains 14,656 shares valued at nearly $2.9 million. Conversely, Mortimer J. Buckley, a company director, purchased 2,200 shares on August 19, 2023, at an average cost of $226.10, amounting to $497,420.00.
In summary, the recent investment by Arvest Bank Trust Division, coupled with other institutional movements, underscores a significant interest in Boeing amid its ongoing recovery and challenges in the aerospace sector.
