Boeing stock declines after strong May orders

Boeing BA.N stock declining 0.7% on Tues after reporting 303 new orders and 45 aircraft deliveries in May

BA on Mon hit a 52-week high, and it remains down ~50% from its 2019 record high

Co's May orders included Qatar Airways' record order for 130 787s and 30 777Xs, boosting backlog to 5,943 orders

Boeing rolled out 38 new 737 MAX jets in May, hitting production target set by FAA after quality concerns

BA's stock surged 22% YTD, outperforming S&P 500 .SPX which rose >2% in same period

Stock recently traded at 218 times expected earnings, suggesting it might be overvalued compared to avg forward PE of 197