Los Angeles Capital Management LLC Decreases Stake in Baker Hughes (NASDAQ:BKR)

Los Angeles Capital Management LLC cut its position in Baker Hughes (NASDAQ:BKR) by 10.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,008,957 shares of the company’s stock after selling 112,189 shares during the period. Los Angeles Capital Management LLC owned 0.10% of Baker Hughes worth $35,485,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of BKR. Spire Wealth Management lifted its stake in Baker Hughes by 256.7% during the first quarter. Spire Wealth Management now owns 767 shares of the company’s stock worth $26,000 after purchasing an additional 552 shares during the last quarter. Redmont Wealth Advisors LLC purchased a new stake in shares of Baker Hughes during the 1st quarter worth approximately $27,000. Montag A & Associates Inc. boosted its holdings in shares of Baker Hughes by 100.0% in the 4th quarter. Montag A & Associates Inc. now owns 1,000 shares of the company’s stock valued at $34,000 after buying an additional 500 shares in the last quarter. New Covenant Trust Company N.A. purchased a new position in shares of Baker Hughes in the 1st quarter valued at $34,000. Finally, UMB Bank n.a. raised its stake in Baker Hughes by 281.2% during the 1st quarter. UMB Bank n.a. now owns 1,582 shares of the company’s stock worth $53,000 after acquiring an additional 1,167 shares in the last quarter. 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 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 sale, the chief executive officer now owns 502,053 shares of the company’s stock, valued at $17,571,855. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.25% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on BKR. JPMorgan Chase & Co. lifted their price target on shares of Baker Hughes from $42.00 to $43.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Bank of America cut their price target on shares of Baker Hughes from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Monday, July 15th. Piper Sandler cut their price target on shares of Baker Hughes from $45.00 to $44.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. The Goldman Sachs Group lifted 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 lifted 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. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.38.

Baker Hughes Stock Down 0.5 %

Shares of NASDAQ:BKR opened at $33.94 on Friday. The company has a market cap of $33.87 billion, a price-to-earnings ratio of 18.96, a PEG ratio of 0.57 and a beta of 1.41. The firm’s 50-day simple moving average is $35.21 and its 200-day simple moving average is $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 fifty-two week low of $28.32 and a fifty-two week high of $39.05.

Baker Hughes (NASDAQ:BKR) last issued its earnings results on Thursday, July 25th. The company reported $0.57 earnings per share for the quarter, beating 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 net margin of 7.37% and a return on equity of 12.45%. The business’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.39 earnings per share. As a group, equities research analysts predict that Baker Hughes will post 2.24 earnings per share for the current year.

Baker Hughes Dividend Announcement

The business 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. This represents a $0.84 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date was Tuesday, August 6th. Baker Hughes’s dividend payout ratio is currently 46.93%.

Baker Hughes Company 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.