Harmony Asset Management LLC Trims Stock Holdings in Baker Hughes (NASDAQ:BKR)

Harmony Asset Management LLC lessened its stake in shares of Baker Hughes (NASDAQ:BKR) by 3.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,047 shares of the company’s stock after selling 303 shares during the quarter. Harmony Asset Management LLC’s holdings in Baker Hughes were worth $318,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. Redmont Wealth Advisors LLC acquired a new position in Baker Hughes in the 1st quarter valued at $27,000. New Covenant Trust Company N.A. purchased a new stake in shares of Baker Hughes in the first quarter valued at $34,000. Alta Advisers Ltd acquired a new position in Baker Hughes in the second quarter valued at $42,000. Headlands Technologies LLC purchased a new position in Baker Hughes during the second quarter worth about $48,000. Finally, UMB Bank n.a. boosted its stake in Baker Hughes by 281.2% in the 1st quarter. UMB Bank n.a. now owns 1,582 shares of the company’s stock worth $53,000 after buying an additional 1,167 shares during the last quarter. Institutional investors and hedge funds own 92.06% of the company’s stock.

Baker Hughes Stock Performance

Shares of NASDAQ BKR opened at $36.04 on Monday. The company has a quick ratio of 0.86, a current ratio of 1.27 and a debt-to-equity ratio of 0.37. The firm’s 50-day moving average price is $35.19 and its two-hundred day moving average price is $33.71. Baker Hughes has a 52-week low of $28.32 and a 52-week high of $39.05. The stock has a market capitalization of $35.97 billion, a P/E ratio of 20.13, a P/E/G ratio of 0.54 and a beta of 1.38.

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

Baker Hughes Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Tuesday, August 6th were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Tuesday, August 6th. This represents a $0.84 annualized dividend and a dividend yield of 2.33%. Baker Hughes’s dividend payout ratio is currently 46.93%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Evercore ISI upped their price objective on shares of Baker Hughes from $42.00 to $46.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Stifel Nicolaus increased their price target on shares of Baker Hughes from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Benchmark reissued a “buy” rating and set a $40.00 price objective on shares of Baker Hughes in a research note on Friday, July 26th. JPMorgan Chase & Co. increased their target price 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 lowered 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. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $43.19.

Insider Buying and Selling

In other Baker Hughes news, CEO Lorenzo Simonelli sold 114,286 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $35.00, for a total transaction of $4,000,010.00. Following the completion of the transaction, the chief executive officer now directly owns 502,053 shares of the company’s stock, valued at approximately $17,571,855. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.25% of the company’s stock.

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.