IFM Investors Pty Ltd Sells 18,096 Shares of Baker Hughes Company $BKR

IFM Investors Pty Ltd lowered its holdings in Baker Hughes Company (NASDAQ:BKR) by 8.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 202,742 shares of the company’s stock after selling 18,096 shares during the quarter. IFM Investors Pty Ltd’s holdings in Baker Hughes were worth $12,377,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. State Street Corp boosted its position in shares of Baker Hughes by 1.6% in the fourth quarter. State Street Corp now owns 61,409,438 shares of the company’s stock valued at $2,796,586,000 after acquiring an additional 937,614 shares during the period. Cardano Risk Management B.V. increased its position in Baker Hughes by 1,005.1% during the fourth quarter. Cardano Risk Management B.V. now owns 49,353,310 shares of the company’s stock worth $2,247,550,000 after acquiring an additional 44,887,481 shares during the period. Capital World Investors increased its position in Baker Hughes by 7.1% during the third quarter. Capital World Investors now owns 47,546,388 shares of the company’s stock worth $2,316,462,000 after acquiring an additional 3,153,709 shares during the period. Geode Capital Management LLC raised its stake in Baker Hughes by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 26,213,363 shares of the company’s stock valued at $1,189,194,000 after purchasing an additional 204,534 shares during the last quarter. Finally, Capital Research Global Investors raised its stake in Baker Hughes by 7.1% during the 3rd quarter. Capital Research Global Investors now owns 25,903,241 shares of the company’s stock valued at $1,262,033,000 after purchasing an additional 1,728,016 shares during the last quarter. 92.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on BKR. HSBC raised their price target on shares of Baker Hughes from $67.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Wall Street Zen lowered shares of Baker Hughes from a “buy” rating to a “hold” rating in a research report on Saturday, March 28th. JPMorgan Chase & Co. increased their target price on shares of Baker Hughes from $60.00 to $74.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. Stifel Nicolaus lifted their target price on Baker Hughes from $63.00 to $74.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Finally, Citigroup lowered their price target on Baker Hughes from $80.00 to $74.00 and set a “buy” rating on the stock in a research note on Wednesday, June 3rd. Seventeen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $70.48.

Insider Activity at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 181,411 shares of the business’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $58.43, for a total value of $10,599,844.73. Following the sale, the chief executive officer owned 703,444 shares of the company’s stock, valued at $41,102,232.92. The trade was a 20.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the company’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total value of $326,751.36. Following the completion of the sale, the chief accounting officer owned 15,997 shares in the company, valued at $1,027,327.34. This trade represents a 24.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 367,910 shares of company stock worth $22,420,797. Corporate insiders own 0.19% of the company’s stock.

Baker Hughes Price Performance

NASDAQ:BKR opened at $53.82 on Thursday. The company has a 50-day moving average of $63.28 and a 200-day moving average of $58.75. The company has a market capitalization of $53.39 billion, a price-to-earnings ratio of 17.19, a PEG ratio of 2.00 and a beta of 0.97. Baker Hughes Company has a 52 week low of $38.37 and a 52 week high of $70.41. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.77 and a current ratio of 2.13.

Baker Hughes (NASDAQ:BKR) last issued its earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.09. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The business had revenue of $6.59 billion for the quarter, compared to analyst estimates of $6.71 billion. During the same period in the previous year, the business earned $0.51 EPS. The firm’s revenue was up 2.5% on a year-over-year basis. As a group, equities research analysts anticipate that Baker Hughes Company will post 2.28 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th were paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Tuesday, May 5th. Baker Hughes’s dividend payout ratio is currently 29.39%.

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.