Ensign Peak Advisors Inc substantially increased its investment in The Boeing Company (NYSE: BA) during the fourth quarter of 2023, lifting its position by an impressive 172.5%. According to the latest filing with the Securities and Exchange Commission, Ensign now holds 544,811 shares of Boeing, valued at approximately $96.4 million after acquiring an additional 344,848 shares.
Several other institutional investors also enhanced their stakes in Boeing during the same period. For example, Fiduciary Trust Co raised its holdings by 83.8%, bringing its total to 6,141 shares valued at over $1 million. First Manhattan CO. LLC made an even more significant increase, boosting its stake by 202.9% to 172,060 shares, worth around $30.5 million. Similarly, Cladis Investment Advisory LLC grew its position by nearly 50% during the quarter.
On the trading front, Boeing shares experienced a boost of 1.5%, reaching $194.53 with over 7.6 million shares exchanged during midday trading. The company’s shares have seen a considerable price range over the last year, with a low of $128.88 and a high of $196.95. Boeing’s market capitalization currently stands at approximately $146.68 billion.
Boeing recently reported its quarterly earnings, revealing a loss of $0.49 per share, which was better than analysts’ expectations of a $1.39 loss. The company’s revenue for the quarter was reported at $19.5 billion, slightly below the consensus estimate but up 17.7% compared to the previous year.
Additionally, some insider trading activities were observed, with executives David Christopher Raymond and Uma M. Amuluru selling shares as part of their portfolio management strategies, reflecting a minor adjustment rather than concern about the company’s performance.
Providing a balanced view, while analysts have varying opinions with some holding the stock at a “Moderate Buy,” others have set target prices ranging from $140 to $250, indicating a mix of cautious optimism and potential for growth in the future.
As the aerospace industry continues to recover, the substantial investment from institutional players like Ensign Peak Advisors suggests growing confidence in Boeing’s long-term prospects. It’s important to keep a focus on how Boeing manages its recovery and operational improvements moving forward.