Allspring Global Investments Holdings LLC Decreases Holdings in Baker Hughes Company $BKR

Allspring Global Investments Holdings LLC reduced its holdings in shares of Baker Hughes Company (NASDAQ:BKR) by 4.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,856,455 shares of the company’s stock after selling 433,194 shares during the period. Baker Hughes comprises approximately 0.9% of Allspring Global Investments Holdings LLC’s portfolio, making the stock its 11th biggest holding. Allspring Global Investments Holdings LLC’s holdings in Baker Hughes were worth $534,398,000 at the end of the most recent quarter.

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

Baker Hughes Trading Down 1.2%

NASDAQ:BKR opened at $56.54 on Friday. The firm has a market capitalization of $56.09 billion, a P/E ratio of 18.06, a PEG ratio of 2.08 and a beta of 0.96. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77. Baker Hughes Company has a one year low of $38.47 and a one year high of $70.41. The company’s 50-day simple moving average is $61.01 and its 200 day simple moving average is $59.56.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.09. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.The business had revenue of $6.59 billion during the quarter, compared to analysts’ expectations of $6.71 billion. During the same quarter in the previous year, the business earned $0.51 earnings per share. The firm’s quarterly revenue was up 2.5% compared to the same quarter last year. As a group, analysts forecast that Baker Hughes Company will post 2.27 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 1.6%. The ex-dividend date was Tuesday, May 5th. Baker Hughes’s dividend payout ratio (DPR) is currently 29.39%.

Analyst Upgrades and Downgrades

BKR has been the subject of a number of recent analyst reports. Wall Street Zen raised Baker Hughes from a “hold” rating to a “buy” rating in a research report on Sunday, July 12th. Jefferies Financial Group reissued a “buy” rating on shares of Baker Hughes in a research note on Thursday, July 9th. TD Cowen upped their target price on Baker Hughes from $75.00 to $77.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. Zacks Research raised Baker Hughes from a “strong sell” rating to a “hold” rating in a research note on Monday, June 15th. Finally, Evercore reiterated an “outperform” rating and issued a $76.00 price target on shares of Baker Hughes in a report on Monday, April 27th. Eighteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Baker Hughes currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.00.

Insiders Place Their Bets

In other Baker Hughes news, CAO Rebecca L. Charlton sold 5,088 shares of the business’s 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 sale, the chief accounting officer directly owned 15,997 shares in the company, valued at approximately $1,027,327.34. The trade was a 24.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $58.43, for a total value 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. The trade was a 20.50% 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. In the last three months, insiders sold 367,910 shares of company stock valued at $22,420,797. Corporate insiders own 0.19% of the company’s stock.

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.