Bessemer Group Inc. Has $217.65 Million Holdings in Baker Hughes Company $BKR

Bessemer Group Inc. boosted its stake in Baker Hughes Company (NASDAQ:BKR) by 2.1% in the first quarter, HoldingsChannel reports. The firm owned 3,565,158 shares of the company’s stock after acquiring an additional 73,836 shares during the period. Bessemer Group Inc.’s holdings in Baker Hughes were worth $217,652,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Wealthfront Advisers LLC boosted its holdings in Baker Hughes by 4.6% during the first quarter. Wealthfront Advisers LLC now owns 150,437 shares of the company’s stock worth $9,184,000 after buying an additional 6,589 shares during the last quarter. D.A. Davidson & CO. increased its stake in shares of Baker Hughes by 46.7% in the 1st quarter. D.A. Davidson & CO. now owns 117,554 shares of the company’s stock valued at $7,177,000 after acquiring an additional 37,430 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Baker Hughes by 1.8% in the 1st quarter. Bank of New York Mellon Corp now owns 6,738,599 shares of the company’s stock valued at $411,391,000 after acquiring an additional 119,388 shares during the period. Illinois Municipal Retirement Fund boosted its stake in Baker Hughes by 3.1% during the 1st quarter. Illinois Municipal Retirement Fund now owns 162,671 shares of the company’s stock worth $9,931,000 after acquiring an additional 4,830 shares during the last quarter. Finally, Three Seasons Wealth LLC bought a new position in Baker Hughes during the 1st quarter worth approximately $424,000. Institutional investors and hedge funds own 92.06% of the company’s stock.

Insider Activity at Baker Hughes

In related news, CAO Rebecca L. Charlton sold 5,088 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total transaction of $326,751.36. Following the completion of the transaction, the chief accounting officer owned 15,997 shares in the company, valued at approximately $1,027,327.34. This represents a 24.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lorenzo Simonelli sold 181,411 shares of the firm’s 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 completion of the transaction, the chief executive officer directly owned 703,444 shares of the company’s stock, valued at approximately $41,102,232.92. This trade represents a 20.50% 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 a total of 367,910 shares of company stock valued at $22,420,797 over the last ninety days. Company insiders own 0.19% of the company’s stock.

Baker Hughes Price Performance

Shares of NASDAQ BKR opened at $56.54 on Friday. The company has a fifty day moving average price of $61.01 and a 200 day moving average price of $59.56. The firm has a market cap of $56.09 billion, a PE ratio of 18.06, a PEG ratio of 2.08 and a beta of 0.96. The company has a current ratio of 2.13, a quick ratio of 1.77 and a debt-to-equity ratio of 0.79. Baker Hughes Company has a 1-year low of $38.47 and a 1-year high of $70.41.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) 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 the consensus estimate of $6.71 billion. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.The company’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter last year, the business posted $0.51 EPS. Research analysts predict that Baker Hughes Company will post 2.27 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $0.92 dividend on an annualized basis and a yield of 1.6%. Baker Hughes’s dividend payout ratio is 29.39%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on BKR shares. Jefferies Financial Group reaffirmed a “buy” rating on shares of Baker Hughes in a research note on Thursday, July 9th. Wall Street Zen raised shares of Baker Hughes from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. Citigroup raised their price objective on Baker Hughes from $74.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, July 8th. Susquehanna decreased their target price on Baker Hughes from $80.00 to $70.00 and set a “positive” rating for the company in a research note on Wednesday, July 8th. Finally, JPMorgan Chase & Co. increased their price target on Baker Hughes from $60.00 to $74.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. Eighteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Baker Hughes has an average rating of “Moderate Buy” and a consensus target price of $70.00.

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.