New York State Common Retirement Fund Reduces Holdings in Baker Hughes (NASDAQ:BKR)

New York State Common Retirement Fund trimmed its stake in Baker Hughes (NASDAQ:BKR) by 8.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 941,835 shares of the company’s stock after selling 82,609 shares during the period. New York State Common Retirement Fund’s holdings in Baker Hughes were worth $32,192,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. FMR LLC increased its stake in shares of Baker Hughes by 16.8% in the 3rd quarter. FMR LLC now owns 16,078,162 shares of the company’s stock worth $567,881,000 after acquiring an additional 2,316,638 shares in the last quarter. AQR Capital Management LLC increased its stake in Baker Hughes by 846.7% during the 3rd quarter. AQR Capital Management LLC now owns 2,378,976 shares of the company’s stock valued at $84,025,000 after purchasing an additional 2,127,675 shares in the last quarter. Alphinity Investment Management Pty Ltd increased its stake in Baker Hughes by 348.2% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 2,324,511 shares of the company’s stock valued at $79,452,000 after purchasing an additional 1,805,870 shares in the last quarter. Royal Bank of Canada increased its stake in Baker Hughes by 165.9% during the 3rd quarter. Royal Bank of Canada now owns 2,228,646 shares of the company’s stock valued at $78,716,000 after purchasing an additional 1,390,574 shares in the last quarter. Finally, Nordea Investment Management AB increased its stake in Baker Hughes by 731.1% during the 4th quarter. Nordea Investment Management AB now owns 1,458,833 shares of the company’s stock valued at $49,732,000 after purchasing an additional 1,283,296 shares in the last quarter. 92.06% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP James E. Apostolides sold 10,000 shares of Baker Hughes stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $29.44, for a total transaction of $294,400.00. Following the sale, the senior vice president now owns 14,451 shares in the company, valued at $425,437.44. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, SVP James E. Apostolides sold 5,000 shares of the business’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $33.88, for a total transaction of $169,400.00. Following the completion of the sale, the senior vice president now directly owns 14,998 shares of the company’s stock, valued at $508,132.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP James E. Apostolides sold 10,000 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $29.44, for a total transaction of $294,400.00. Following the sale, the senior vice president now directly owns 14,451 shares of the company’s stock, valued at $425,437.44. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on BKR shares. UBS Group raised their price objective on shares of Baker Hughes from $35.00 to $36.00 in a research note on Tuesday. Royal Bank of Canada restated an “outperform” rating and set a $39.00 price objective on shares of Baker Hughes in a research note on Thursday, February 1st. Citigroup reduced their price target on shares of Baker Hughes from $42.00 to $41.00 and set a “buy” rating for the company in a research note on Friday, January 26th. Morgan Stanley lifted their price target on shares of Baker Hughes from $40.00 to $43.00 in a research note on Tuesday. Finally, The Goldman Sachs Group lifted their price target on shares of Baker Hughes from $36.00 to $38.00 in a research note on Tuesday. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Baker Hughes currently has an average rating of “Moderate Buy” and a consensus price target of $40.94.

Baker Hughes Stock Performance

BKR opened at $33.30 on Friday. The company has a current ratio of 1.25, a quick ratio of 0.86 and a debt-to-equity ratio of 0.38. The company has a market cap of $33.33 billion, a price-to-earnings ratio of 18.60, a PEG ratio of 0.62 and a beta of 1.42. The company’s 50 day moving average is $31.97 and its 200 day moving average is $32.56. Baker Hughes has a 12-month low of $26.81 and a 12-month high of $37.58.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings results on Tuesday, April 23rd. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.03. Baker Hughes had a net margin of 6.95% and a return on equity of 11.42%. The business had revenue of $6.42 billion for the quarter, compared to the consensus estimate of $6.37 billion. During the same quarter in the previous year, the firm earned $0.28 earnings per share. The company’s revenue for the quarter was up 12.3% on a year-over-year basis. On average, equities research analysts predict that Baker Hughes will post 2.07 EPS for the current year.

Baker Hughes Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Monday, May 6th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 2.52%. The ex-dividend date is Friday, May 3rd. Baker Hughes’s payout ratio is currently 46.93%.

Baker Hughes Company Profile

Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. The company operates through Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET) segments. 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.