Toronto Dominion Bank Trims Stock Position in Baker Hughes (NASDAQ:BKR)

Toronto Dominion Bank reduced its stake in Baker Hughes (NASDAQ:BKR) by 46.4% during the 2nd quarter, HoldingsChannel reports. The firm owned 310,888 shares of the company’s stock after selling 268,917 shares during the period. Toronto Dominion Bank’s holdings in Baker Hughes were worth $10,934,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the stock. Price T Rowe Associates Inc. MD grew 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 buying an additional 4,207,973 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Baker Hughes by 7.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,898,322 shares of the company’s stock worth $348,074,000 after acquiring an additional 680,621 shares during the period. American Century Companies Inc. boosted its holdings in shares of Baker Hughes by 3.1% in 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 increased its stake in shares of Baker Hughes by 10.2% during 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. raised its holdings in Baker Hughes by 47.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 5,635,875 shares of the company’s stock worth $192,634,000 after purchasing an additional 1,822,487 shares in the last quarter. Institutional investors and hedge funds own 92.06% of the company’s stock.

Insider Buying and Selling at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 114,286 shares of Baker Hughes 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 sale, the chief executive officer now owns 616,339 shares of the company’s stock, valued at $23,759,868.45. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.25% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on BKR. Wells Fargo & Company raised Baker Hughes from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $40.00 to $42.00 in a report on Wednesday. TD Cowen upped their price objective on Baker Hughes from $46.00 to $50.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Bank of America reduced their target price on Baker Hughes from $40.00 to $38.00 and set a “buy” rating for the company in a report on Monday, July 15th. The Goldman Sachs Group upped their price target on shares of Baker Hughes from $39.00 to $43.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Finally, Stifel Nicolaus raised their price objective on shares of Baker Hughes from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Two research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, Baker Hughes has an average rating of “Moderate Buy” and a consensus target price of $43.38.

Baker Hughes Stock Up 4.1 %

BKR opened at $36.18 on Friday. The business’s fifty day simple moving average is $35.19 and its 200 day simple moving average is $33.84. Baker Hughes has a 52 week low of $28.32 and a 52 week high of $39.05. The firm has a market cap of $36.11 billion, a P/E ratio of 20.21, a PEG ratio of 0.59 and a beta of 1.38. 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 issued its quarterly earnings results on Thursday, July 25th. The company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.08. The business 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 company’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.39 earnings per share. As a group, equities research analysts anticipate that Baker Hughes will post 2.25 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Tuesday, August 6th were paid a $0.21 dividend. The ex-dividend date was Tuesday, August 6th. This represents a $0.84 annualized dividend and a yield of 2.32%. Baker Hughes’s payout ratio is currently 46.93%.

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.