Baker Hughes (NASDAQ:BKR) Shares Sold by Arizona State Retirement System

Arizona State Retirement System trimmed its stake in shares of Baker Hughes (NASDAQ:BKR) by 0.7% during the second quarter, Holdings Channel reports. The firm owned 274,940 shares of the company’s stock after selling 1,823 shares during the period. Arizona State Retirement System’s holdings in Baker Hughes were worth $9,670,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank acquired a new stake in Baker Hughes in the 4th quarter valued at approximately $551,555,000. Price T Rowe Associates Inc. MD increased its position in Baker Hughes by 32.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,364,995 shares of the company’s stock valued at $581,729,000 after acquiring an additional 4,207,973 shares during the period. Cardano Risk Management B.V. acquired a new stake in Baker Hughes in the 1st quarter valued at approximately $117,083,000. Goldman Sachs Group Inc. increased its position in Baker Hughes by 47.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 5,635,875 shares of the company’s stock valued at $192,634,000 after acquiring an additional 1,822,487 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Baker Hughes by 19.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 8,669,307 shares of the company’s stock valued at $296,319,000 after acquiring an additional 1,395,083 shares during the period. 92.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Lorenzo Simonelli sold 114,286 shares of the stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $35.00, for a total transaction of $4,000,010.00. Following the completion of the sale, the chief executive officer now directly owns 502,053 shares in the company, valued at $17,571,855. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.25% of the stock is owned by corporate insiders.

Baker Hughes Stock Performance

Shares of Baker Hughes stock opened at $33.94 on Friday. The stock has a market cap of $33.87 billion, a PE ratio of 18.96, a price-to-earnings-growth ratio of 0.57 and a beta of 1.41. The business has a fifty day simple moving average of $35.21 and a 200-day simple moving average of $33.36. 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 has a 12 month low of $28.32 and a 12 month high of $39.05.

Baker Hughes (NASDAQ:BKR) last issued its earnings results on Thursday, July 25th. The company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.49 by $0.08. The business had revenue of $7.10 billion during the quarter, compared to analysts’ expectations of $6.81 billion. Baker Hughes had a return on equity of 12.45% and a net margin of 7.37%. Baker Hughes’s revenue was up 12.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.39 earnings per share. On average, sell-side analysts anticipate that Baker Hughes will post 2.24 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Tuesday, August 6th were issued a dividend of $0.21 per share. The ex-dividend date was Tuesday, August 6th. This represents a $0.84 annualized dividend and a dividend yield of 2.47%. Baker Hughes’s dividend payout ratio is 46.93%.

Analyst Upgrades and Downgrades

Several research firms recently commented on BKR. Jefferies Financial Group raised their target price on Baker Hughes from $46.00 to $48.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Royal Bank of Canada increased their price target on Baker Hughes from $39.00 to $43.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. TD Cowen increased their price target on Baker Hughes from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, July 29th. The Goldman Sachs Group increased their price target on Baker Hughes from $39.00 to $43.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Finally, Stifel Nicolaus increased their price target on Baker Hughes from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $43.38.

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.