Sumitomo Mitsui Trust Group Inc. Sells 155,626 Shares of Baker Hughes Company $BKR

Sumitomo Mitsui Trust Group Inc. lessened its position in shares of Baker Hughes Company (NASDAQ:BKR) by 5.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,783,398 shares of the company’s stock after selling 155,626 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.28% of Baker Hughes worth $135,607,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Forum Financial Management LP increased its position in Baker Hughes by 1.4% in the second quarter. Forum Financial Management LP now owns 17,255 shares of the company’s stock worth $662,000 after purchasing an additional 233 shares during the last quarter. Steward Partners Investment Advisory LLC grew its stake in shares of Baker Hughes by 4.2% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 6,790 shares of the company’s stock worth $260,000 after buying an additional 275 shares in the last quarter. CWM LLC grew its stake in shares of Baker Hughes by 0.6% in the 3rd quarter. CWM LLC now owns 44,731 shares of the company’s stock worth $2,179,000 after buying an additional 287 shares in the last quarter. V Square Quantitative Management LLC increased its holdings in shares of Baker Hughes by 1.4% in the 2nd quarter. V Square Quantitative Management LLC now owns 21,758 shares of the company’s stock worth $834,000 after buying an additional 292 shares during the last quarter. Finally, Moody National Bank Trust Division raised its position in shares of Baker Hughes by 5.9% during the 2nd quarter. Moody National Bank Trust Division now owns 5,351 shares of the company’s stock valued at $205,000 after buying an additional 296 shares in the last quarter. 92.06% of the stock is owned by hedge funds and other institutional investors.

Baker Hughes Price Performance

BKR opened at $48.97 on Wednesday. The business has a fifty day moving average of $47.76 and a 200 day moving average of $45.88. The stock has a market cap of $48.32 billion, a P/E ratio of 16.89, a PEG ratio of 1.68 and a beta of 0.89. The company has a quick ratio of 1.00, a current ratio of 1.41 and a debt-to-equity ratio of 0.33. Baker Hughes Company has a 52-week low of $33.60 and a 52-week high of $51.12.

Baker Hughes (NASDAQ:BKR) last released its earnings results on Thursday, October 23rd. The company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.06. The business had revenue of $7.01 billion during the quarter, compared to the consensus estimate of $6.81 billion. Baker Hughes had a return on equity of 14.22% and a net margin of 10.43%.The business’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same period last year, the company earned $0.67 earnings per share. As a group, sell-side analysts anticipate that Baker Hughes Company will post 2.59 EPS for the current year.

Baker Hughes Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Tuesday, November 4th were given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Tuesday, November 4th. Baker Hughes’s payout ratio is 31.72%.

Wall Street Analyst Weigh In

Several research analysts recently commented on BKR shares. Citigroup lifted their price target on Baker Hughes from $55.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. HSBC raised their price objective on Baker Hughes from $54.00 to $56.00 and gave the company a “buy” rating in a research note on Monday, October 27th. Jefferies Financial Group boosted their target price on Baker Hughes from $58.00 to $59.00 and gave the company a “buy” rating in a research report on Thursday, November 20th. Piper Sandler raised their price target on Baker Hughes from $50.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Finally, Royal Bank Of Canada lifted their price objective on shares of Baker Hughes from $50.00 to $54.00 and gave the stock an “outperform” rating in a research note on Thursday, October 9th. Twenty-three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $53.92.

About Baker Hughes

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.