Baker Hughes Company $BKR Holdings Trimmed by New York State Teachers Retirement System

New York State Teachers Retirement System reduced its position in shares of Baker Hughes Company (NASDAQ:BKR) by 1.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 828,236 shares of the company’s stock after selling 14,618 shares during the quarter. New York State Teachers Retirement System owned 0.08% of Baker Hughes worth $50,564,000 at the end of the most recent quarter.

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

Baker Hughes Stock Performance

Shares of NASDAQ BKR opened at $52.78 on Friday. The business has a 50 day simple moving average of $62.94 and a 200 day simple moving average of $58.75. Baker Hughes Company has a 52 week low of $38.37 and a 52 week high of $70.41. The stock has a market cap of $52.36 billion, a price-to-earnings ratio of 16.86, a PEG ratio of 1.89 and a beta of 0.96. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.77 and a current ratio of 2.13.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.09. The firm had revenue of $6.59 billion for the quarter, compared to analyst estimates of $6.71 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.51 earnings per share. On average, research analysts predict that Baker Hughes Company will post 2.29 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of brokerages recently commented on BKR. Evercore reaffirmed an “outperform” rating and set a $76.00 price objective on shares of Baker Hughes in a research report on Monday, April 27th. HSBC increased their target price on shares of Baker Hughes from $67.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Stifel Nicolaus lifted their target price on shares of Baker Hughes from $63.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, April 27th. Zacks Research upgraded shares of Baker Hughes from a “strong sell” rating to a “hold” rating in a report on Monday, June 15th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $80.00 price target on shares of Baker Hughes in a research note on Sunday, April 26th. Seventeen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, Baker Hughes presently has an average rating of “Moderate Buy” and an average target price of $70.57.

Insiders Place Their Bets

In other Baker Hughes news, CEO Lorenzo Simonelli sold 181,411 shares of the stock in a transaction on Monday, June 22nd. The shares were 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 of the company’s stock, valued at $41,102,232.92. This represents a 20.50% decrease in their ownership of the stock. The transaction was disclosed in a filing 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 transaction 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 ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 367,910 shares of company stock worth $22,420,797 in the last 90 days. 0.19% of the stock is owned by insiders.

Baker Hughes Profile

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.