Public Employees Retirement Association of Colorado Sells 6,906 Shares of Baker Hughes (NASDAQ:BKR)

Public Employees Retirement Association of Colorado cut its holdings in shares of Baker Hughes (NASDAQ:BKR) by 6.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 107,125 shares of the company’s stock after selling 6,906 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Baker Hughes were worth $3,589,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Baker Hughes in the fourth quarter valued at about $551,555,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Baker Hughes by 32.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,364,995 shares of the company’s stock valued at $581,729,000 after purchasing an additional 4,207,973 shares in the last quarter. Cardano Risk Management B.V. bought a new stake in shares of Baker Hughes in the first quarter valued at about $117,083,000. Goldman Sachs Group Inc. lifted its holdings in shares of Baker Hughes by 47.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 5,635,875 shares of the company’s stock valued at $192,634,000 after purchasing an additional 1,822,487 shares in the last quarter. Finally, Alphinity Investment Management Pty Ltd lifted its holdings in shares of Baker Hughes by 348.2% in the fourth 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. 92.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Morgan Stanley boosted their price target on Baker Hughes from $40.00 to $43.00 in a report on Tuesday, April 23rd. JPMorgan Chase & Co. boosted their price target on Baker Hughes from $42.00 to $43.00 and gave the company an “overweight” rating in a report on Monday. Bank of America lowered their target price on Baker Hughes from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Monday, July 15th. TD Cowen lifted their target price on Baker Hughes from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Monday. Finally, Piper Sandler lowered their target price on Baker Hughes from $45.00 to $44.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Three investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $43.00.

Baker Hughes Stock Up 1.9 %

Shares of NASDAQ BKR traded up $0.70 on Monday, reaching $38.35. 5,456,365 shares of the company’s stock traded hands, compared to its average volume of 7,546,585. Baker Hughes has a 12 month low of $28.32 and a 12 month high of $38.37. The business’s 50 day simple moving average is $33.64 and its two-hundred day simple moving average is $32.25. The company has a market cap of $38.27 billion, a price-to-earnings ratio of 21.22, a price-to-earnings-growth ratio of 0.64 and a beta of 1.41. The company has a quick ratio of 0.86, a current ratio of 1.27 and a debt-to-equity ratio of 0.37.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings results on Thursday, July 25th. The company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.08. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The company had revenue of $7.10 billion during the quarter, compared to the consensus estimate of $6.81 billion. During the same quarter last year, the firm earned $0.39 earnings per share. The firm’s quarterly revenue was up 12.4% compared to the same quarter last year. As a group, equities research analysts forecast that Baker Hughes will post 2.11 EPS for the current fiscal year.

Baker Hughes Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 16th. Stockholders of record on Tuesday, August 6th will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 2.19%. The ex-dividend date of this dividend is Tuesday, August 6th. Baker Hughes’s dividend payout ratio is presently 46.93%.

Insider Transactions at Baker Hughes

In other news, EVP Maria C. Borras sold 55,980 shares of the firm’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $32.00, for a total transaction of $1,791,360.00. Following the sale, the executive vice president now directly owns 92,035 shares in the company, valued at approximately $2,945,120. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.25% of the company’s stock.

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.