Lansforsakringar Fondforvaltning AB publ Purchases 53,196 Shares of Baker Hughes Company $BKR

Lansforsakringar Fondforvaltning AB publ grew its position in Baker Hughes Company (NASDAQ:BKR) by 17.0% during the 1st quarter, HoldingsChannel reports. The firm owned 366,162 shares of the company’s stock after purchasing an additional 53,196 shares during the quarter. Lansforsakringar Fondforvaltning AB publ’s holdings in Baker Hughes were worth $22,354,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in BKR. Pinion Investment Advisors LLC acquired a new stake in Baker Hughes during the 4th quarter worth approximately $778,000. Nordea Investment Management AB grew its position in shares of Baker Hughes by 12.7% during the 4th quarter. Nordea Investment Management AB now owns 2,755,743 shares of the company’s stock valued at $125,813,000 after acquiring an additional 309,996 shares during the period. Legal & General Group Plc increased its stake in shares of Baker Hughes by 5.4% during the 3rd quarter. Legal & General Group Plc now owns 7,147,684 shares of the company’s stock worth $348,234,000 after purchasing an additional 367,728 shares during the last quarter. USA Financial Formulas bought a new position in Baker Hughes during the fourth quarter valued at $830,000. Finally, Ninety One UK Ltd lifted its position in shares of Baker Hughes by 28.6% during the 4th quarter. Ninety One UK Ltd now owns 469,329 shares of the company’s stock valued at $21,373,000 after buying an additional 104,428 shares during the last quarter. Institutional investors own 92.06% of the company’s stock.

Baker Hughes Stock Down 1.4%

NASDAQ:BKR opened at $55.50 on Wednesday. The stock has a fifty day simple moving average of $63.39 and a 200-day simple moving average of $58.70. The company has a current ratio of 2.13, a quick ratio of 1.77 and a debt-to-equity ratio of 0.79. The company has a market cap of $55.06 billion, a price-to-earnings ratio of 17.73, a price-to-earnings-growth ratio of 2.03 and a beta of 0.93. Baker Hughes Company has a twelve month low of $37.76 and a twelve month high of $70.41.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.49 by $0.09. The company had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $6.71 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The firm’s revenue was up 2.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.51 EPS. Analysts anticipate that Baker Hughes Company will post 2.28 EPS for the current year.

Baker Hughes Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Tuesday, May 5th. Baker Hughes’s payout ratio is currently 29.39%.

Insider Activity at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 181,411 shares of the firm’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $58.43, for a total transaction of $10,599,844.73. Following the transaction, the chief executive officer directly owned 703,444 shares in the company, valued at $41,102,232.92. This trade represents a 20.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total value of $326,751.36. Following the transaction, the chief accounting officer directly owned 15,997 shares in the company, valued at $1,027,327.34. The trade was a 24.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 367,910 shares of company stock valued at $22,420,797 in the last ninety days. Insiders own 0.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. BMO Capital Markets lifted their price objective on Baker Hughes from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday, April 27th. Capital One Financial raised their price objective on Baker Hughes from $66.00 to $71.00 and gave the company an “overweight” rating in a research report on Thursday, May 21st. Barclays reiterated an “equal weight” rating and issued a $74.00 price target (up from $62.00) on shares of Baker Hughes in a research note on Thursday, May 7th. Piper Sandler upped their price objective on shares of Baker Hughes from $64.00 to $72.00 and gave the stock an “overweight” rating in a report on Tuesday, April 28th. Finally, UBS Group raised their target price on shares of Baker Hughes from $69.00 to $73.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. Eighteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $69.14.

About Baker Hughes

Baker Hughes is an energy technology company that provides a broad portfolio of products, services and digital solutions for the oil and gas and industrial markets. Its offerings span oilfield services and equipment — including drilling, evaluation, completion and production technologies — as well as turbomachinery, compressors and related process equipment used in midstream and downstream operations. The company also supplies aftermarket services, field support and integrated solutions designed to improve asset performance and uptime across the energy value chain.

The firm’s roots trace back to the merger of Baker International and Hughes Tool Company, and more recently it combined with GE’s oil and gas business in 2017 to form Baker Hughes, a GE company (BHGE); subsequent changes in ownership restored Baker Hughes as an independent publicly traded company.