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Renaissance Technologies, Two Sigma among funds that dumped Boeing in first quarter
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Renaissance Technologies, Two Sigma among funds that dumped Boeing in first quarter
May 15, 2024 11:49 AM

NEW YORK, May 15 (Reuters) - Renaissance Technologies,

Two Sigma Investments and Arrowstreet Capital were among large

firms that sold all their shares of embattled aircraft maker

Boeing Co ( BA ) in the first quarter, according to securities

filings released on Wednesday.

Renaissance Technologies sold 1,057,900 shares in Boeing ( BA )

over the first quarter, a position that was worth slightly more

than $240 million at the end of the period and would be worth

about $187 million now. Two Sigma Investments sold 108,423

shares, while Arrowstreet Capital sold 47,571 shares.

Shares of Boeing ( BA ) are down 32% for the year-to-date as the

aircraft manufacturer battles a safety crisis exacerbated by a

January mid-air panel blowout on a 737 MAX plane. Chief

Executive Dave Calhoun said on March 25 that he will step down

by the end of the year.

The U.S. Justice Department on Wednesday said Boeing ( BA )

breached its obligations under a 2021 agreement that kept the

planemaker from criminal prosecution following fatal 737 MAX

crashes in 2018 and 2019 that killed a total of 346 people.

The Justice Department finding raises the prospect that

Boeing ( BA ) could face prosecution it had previously avoided, which

could result in fresh penalties.

A refrigerator-sized panel tore off a Boeing 737 MAX 9 jet

operated by Alaskan Airlines in January, forcing pilots

to turn back and land safely with all 171 passengers and six

crew on board.

Loomis Sayles and Wellington Management Co were among the

largest buyers of Boeing ( BA ) stock in the first quarter, according

to securities filings.

Quarterly disclosures of hedge fund and other institutional

investors stock holdings in 13F filings with the U.S. Securities

and Exchange Commission are one of the few public ways of

tracking what hedge fund managers are selling and buying. The

disclosures are made 45 days after the end of each quarter and

may not reflect current positions.

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