Mirae Asset Global Investments Co. Ltd. reduced its holdings in Baker Hughes (NASDAQ:BKR – Free Report) by 4.0% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 861,614 shares of the company’s stock after selling 36,093 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned approximately 0.09% of Baker Hughes worth $27,236,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of BKR. Shelton Capital Management boosted its holdings in Baker Hughes by 4.9% in the second quarter. Shelton Capital Management now owns 90,150 shares of the company’s stock valued at $2,850,000 after acquiring an additional 4,214 shares during the last quarter. Blume Capital Management Inc. raised its stake in Baker Hughes by 2.3% during the second quarter. Blume Capital Management Inc. now owns 179,240 shares of the company’s stock worth $5,666,000 after buying an additional 4,075 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in Baker Hughes by 6.5% in the second quarter. Russell Investments Group Ltd. now owns 913,255 shares of the company’s stock valued at $28,842,000 after buying an additional 55,749 shares during the period. US Bancorp DE raised its position in shares of Baker Hughes by 0.8% in the 2nd quarter. US Bancorp DE now owns 83,502 shares of the company’s stock worth $2,639,000 after acquiring an additional 670 shares in the last quarter. Finally, Moors & Cabot Inc. acquired a new stake in Baker Hughes during the second quarter worth approximately $300,000. Institutional investors and hedge funds own 92.22% of the company’s stock.
Analysts Set New Price Targets
BKR has been the subject of several recent analyst reports. Jefferies Financial Group raised their price objective on shares of Baker Hughes from $42.00 to $44.00 in a research report on Monday, October 2nd. Bank of America lifted their price target on shares of Baker Hughes from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Monday, July 24th. Wells Fargo & Company reduced their target price on Baker Hughes from $37.00 to $36.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 3rd. Morgan Stanley upped their price target on Baker Hughes from $37.00 to $40.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 17th. Finally, Citigroup raised their price objective on Baker Hughes from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Tuesday, July 25th. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $39.56.
Insider Transactions at Baker Hughes
In related news, insider Regina Jones sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $35.19, for a total value of $351,900.00. Following the completion of the sale, the insider now owns 62,873 shares in the company, valued at approximately $2,212,500.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last three months, insiders sold 40,000 shares of company stock worth $1,414,400. 0.24% of the stock is currently owned by corporate insiders.
Baker Hughes Trading Up 0.5 %
NASDAQ:BKR opened at $33.87 on Tuesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.27 and a quick ratio of 0.88. Baker Hughes has a 1 year low of $26.12 and a 1 year high of $37.58. The company has a market cap of $34.08 billion, a P/E ratio of 20.40 and a beta of 1.45. The stock’s fifty day moving average price is $34.97 and its two-hundred day moving average price is $33.38.
Baker Hughes (NASDAQ:BKR – Get Free Report) last released its quarterly earnings results on Wednesday, October 25th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.02. Baker Hughes had a net margin of 6.86% and a return on equity of 9.94%. The firm had revenue of $6.64 billion for the quarter, compared to analysts’ expectations of $6.52 billion. During the same quarter in the prior year, the firm posted $0.26 earnings per share. The business’s quarterly revenue was up 23.8% on a year-over-year basis. As a group, analysts expect that Baker Hughes will post 1.57 EPS for the current year.
Baker Hughes Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, November 17th. Shareholders of record on Monday, November 6th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend was Friday, November 3rd. Baker Hughes’s dividend payout ratio (DPR) is currently 48.19%.
About Baker Hughes
Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. It operates through two segments: Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET). The OFSE segment designs and manufactures products and provides related services, including exploration, appraisal, development, production, rejuvenation, and decommissioning for onshore and offshore oilfield operations.
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