Sound Shore Management Inc. CT Sells 80,074 Shares of Baker Hughes (NASDAQ:BKR)

Sound Shore Management Inc. CT decreased its position in Baker Hughes (NASDAQ:BKR) by 3.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 2,413,144 shares of the company’s stock after selling 80,074 shares during the period. Baker Hughes comprises approximately 2.8% of Sound Shore Management Inc. CT’s portfolio, making the stock its 14th biggest holding. Sound Shore Management Inc. CT’s holdings in Baker Hughes were worth $84,870,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in BKR. Price T Rowe Associates Inc. MD increased its holdings in Baker Hughes by 32.0% during 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 purchasing an additional 4,207,973 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Baker Hughes by 7.4% during the second quarter. Dimensional Fund Advisors LP now owns 9,898,322 shares of the company’s stock valued at $348,074,000 after buying an additional 680,621 shares during the period. American Century Companies Inc. raised its holdings in shares of Baker Hughes by 3.1% during the second quarter. American Century Companies Inc. now owns 8,274,250 shares of the company’s stock valued at $291,005,000 after acquiring an additional 248,122 shares in the last quarter. Clearbridge Investments LLC lifted its stake in Baker Hughes by 10.2% in the first quarter. Clearbridge Investments LLC now owns 6,609,115 shares of the company’s stock worth $221,405,000 after acquiring an additional 612,715 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in Baker Hughes by 47.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 5,635,875 shares of the company’s stock worth $192,634,000 after acquiring an additional 1,822,487 shares during the period. 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 business’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $38.55, for a total value of $4,405,725.30. Following the completion of the transaction, the chief executive officer now owns 616,339 shares in the company, valued at $23,759,868.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BKR. The Goldman Sachs Group upped their price objective on shares of Baker Hughes from $39.00 to $43.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Morgan Stanley decreased their price target on shares of Baker Hughes from $43.00 to $42.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. JPMorgan Chase & Co. lifted their price objective on Baker Hughes from $42.00 to $43.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. UBS Group decreased their target price on Baker Hughes from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Wells Fargo & Company raised their target price on Baker Hughes from $35.00 to $40.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Three analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.19.

Baker Hughes Price Performance

Shares of NASDAQ:BKR opened at $36.04 on Friday. The business has a fifty day moving average price of $35.19 and a 200-day moving average price of $33.66. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.27 and a quick ratio of 0.86. The company has a market capitalization of $35.97 billion, a PE ratio of 20.13, a PEG ratio of 0.54 and a beta of 1.38. Baker Hughes has a 1-year low of $28.32 and a 1-year high of $39.05.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings data on Thursday, July 25th. The company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.08. The business had revenue of $7.10 billion during the quarter, compared to analyst estimates of $6.81 billion. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. Baker Hughes’s revenue was up 12.4% compared to the same quarter last year. During the same period last year, the business earned $0.39 EPS. As a group, equities analysts expect that Baker Hughes will post 2.24 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Tuesday, August 6th were given a $0.21 dividend. The ex-dividend date was Tuesday, August 6th. This represents a $0.84 annualized dividend and a yield of 2.33%. Baker Hughes’s dividend payout ratio (DPR) is presently 46.93%.

Baker Hughes 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.