Kornitzer Capital Management Inc. KS Sells 870 Shares of Baker Hughes (NASDAQ:BKR)

Kornitzer Capital Management Inc. KS reduced its position in shares of Baker Hughes (NASDAQ:BKR) by 0.5% in the third quarter, according to its most recent filing with the SEC. The fund owned 159,740 shares of the company’s stock after selling 870 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Baker Hughes were worth $5,775,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. New Covenant Trust Company N.A. bought a new position in shares of Baker Hughes during the 1st quarter valued at approximately $34,000. Alta Advisers Ltd bought a new position in shares of Baker Hughes during the 2nd quarter valued at approximately $42,000. Headlands Technologies LLC bought a new position in shares of Baker Hughes during the 2nd quarter valued at approximately $48,000. Quarry LP lifted its position in Baker Hughes by 81.1% in the second quarter. Quarry LP now owns 1,594 shares of the company’s stock worth $56,000 after buying an additional 714 shares during the last quarter. Finally, UMB Bank n.a. lifted its position in Baker Hughes by 18.4% in the second quarter. UMB Bank n.a. now owns 1,873 shares of the company’s stock worth $66,000 after buying an additional 291 shares during the last quarter. 92.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BKR has been the subject of a number of analyst reports. The Goldman Sachs Group raised their price target on Baker Hughes from $39.00 to $43.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Royal Bank of Canada restated an “outperform” rating and issued a $43.00 price target on shares of Baker Hughes in a research report on Thursday, October 24th. Bank of America lowered their price target on Baker Hughes from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Monday, July 15th. JPMorgan Chase & Co. raised their price target on Baker Hughes from $42.00 to $43.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Finally, Piper Sandler decreased their target price 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. Two investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.12.

Baker Hughes Stock Performance

Shares of Baker Hughes stock opened at $43.10 on Friday. The stock’s fifty day moving average price is $36.26 and its 200-day moving average price is $34.70. Baker Hughes has a 12 month low of $28.32 and a 12 month high of $43.23. The company has a current ratio of 1.30, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The firm has a market cap of $42.65 billion, a P/E ratio of 19.33, a P/E/G ratio of 0.65 and a beta of 1.38.

Baker Hughes (NASDAQ:BKR) last announced its earnings results on Tuesday, October 22nd. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.06. The business had revenue of $6.91 billion during the quarter, compared to the consensus estimate of $7.21 billion. Baker Hughes had a net margin of 8.20% and a return on equity of 13.77%. The firm’s revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.42 earnings per share. On average, equities research analysts expect that Baker Hughes will post 2.28 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Monday, November 4th will be issued a $0.21 dividend. The ex-dividend date is Monday, November 4th. This represents a $0.84 dividend on an annualized basis and a yield of 1.95%. Baker Hughes’s dividend payout ratio is presently 37.67%.

About Baker Hughes

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.