Baker Hughes (NASDAQ:BKR) Shares Sold by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS cut its stake in shares of Baker Hughes (NASDAQ:BKR) by 3.2% in the second quarter, HoldingsChannel.com reports. The fund owned 160,610 shares of the company’s stock after selling 5,350 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Baker Hughes were worth $5,649,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Twin Tree Management LP increased its stake in shares of Baker Hughes by 183.0% during the first quarter. Twin Tree Management LP now owns 338,738 shares of the company’s stock worth $11,348,000 after purchasing an additional 219,060 shares in the last quarter. Cibc World Markets Corp boosted its holdings in Baker Hughes by 59.4% in the 4th quarter. Cibc World Markets Corp now owns 274,046 shares of the company’s stock worth $9,367,000 after buying an additional 102,174 shares during the last quarter. Caxton Associates LP purchased a new stake in Baker Hughes during the 4th quarter worth approximately $13,672,000. KBC Group NV raised its holdings in shares of Baker Hughes by 207.1% during the fourth quarter. KBC Group NV now owns 237,356 shares of the company’s stock valued at $8,113,000 after acquiring an additional 160,056 shares during the last quarter. Finally, Corient Private Wealth LLC lifted its position in shares of Baker Hughes by 255.9% in the fourth quarter. Corient Private Wealth LLC now owns 332,623 shares of the company’s stock valued at $11,369,000 after acquiring an additional 239,160 shares in the last quarter. 92.06% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 114,286 shares of the company’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $38.55, for a total transaction of $4,405,725.30. Following the sale, the chief executive officer now owns 616,339 shares of the company’s stock, valued at $23,759,868.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.25% of the stock is currently owned by corporate insiders.

Baker Hughes Stock Performance

Shares of Baker Hughes stock opened at $34.11 on Friday. The firm has a market cap of $34.04 billion, a PE ratio of 19.06, a price-to-earnings-growth ratio of 0.57 and a beta of 1.41. Baker Hughes has a 52 week low of $28.32 and a 52 week high of $39.05. The business’s fifty day simple moving average is $35.24 and its 200-day simple moving average is $33.30. 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 posted its 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. The firm had revenue of $7.10 billion during the quarter, compared to the consensus estimate of $6.81 billion. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The firm’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.39 EPS. Equities analysts forecast that Baker Hughes will post 2.24 earnings per share for the current year.

Baker Hughes Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Tuesday, August 6th were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 2.46%. The ex-dividend date was Tuesday, August 6th. Baker Hughes’s payout ratio is 46.93%.

Analyst Ratings Changes

BKR has been the subject of several research reports. Piper Sandler dropped their price target on Baker Hughes from $45.00 to $44.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Bank of America reduced their target price on shares of Baker Hughes from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Monday, July 15th. The Goldman Sachs Group boosted their price target on shares of Baker Hughes from $39.00 to $43.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Benchmark reiterated a “buy” rating and issued a $40.00 price objective on shares of Baker Hughes in a report on Friday, July 26th. Finally, JPMorgan Chase & Co. boosted their target price on Baker Hughes from $42.00 to $43.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Three analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $43.38.

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.