State of New Jersey Common Pension Fund D Has $12.55 Million Stake in Baker Hughes (NASDAQ:BKR)

State of New Jersey Common Pension Fund D reduced its stake in Baker Hughes (NASDAQ:BKR) by 37.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 356,746 shares of the company’s stock after selling 214,947 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Baker Hughes were worth $12,547,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Spire Wealth Management boosted its position in shares of Baker Hughes by 256.7% in the first quarter. Spire Wealth Management now owns 767 shares of the company’s stock valued at $26,000 after acquiring an additional 552 shares during the period. Redmont Wealth Advisors LLC bought a new stake in shares of Baker Hughes in the first quarter valued at about $27,000. New Covenant Trust Company N.A. bought a new stake in shares of Baker Hughes in the first quarter valued at about $34,000. Headlands Technologies LLC bought a new stake in shares of Baker Hughes in the second quarter valued at about $48,000. Finally, UMB Bank n.a. boosted its position in shares of Baker Hughes by 281.2% in the first quarter. UMB Bank n.a. now owns 1,582 shares of the company’s stock valued at $53,000 after acquiring an additional 1,167 shares during the period. 92.06% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

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 value of $4,000,010.00. Following the transaction, the chief executive officer now directly owns 502,053 shares in the company, valued at approximately $17,571,855. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.25% of the company’s stock.

Baker Hughes Stock Performance

NASDAQ:BKR opened at $33.40 on Friday. The company has a market capitalization of $33.18 billion, a PE ratio of 18.66, a P/E/G ratio of 0.54 and a beta of 1.38. Baker Hughes has a fifty-two week low of $28.32 and a fifty-two week high of $39.05. The company has a 50 day simple moving average of $35.09 and a two-hundred day simple moving average of $33.47. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.86 and a current ratio of 1.27.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings results on Thursday, July 25th. The company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.08. The firm had revenue of $7.10 billion for 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%. The company’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.39 EPS. Research analysts anticipate that Baker Hughes will post 2.24 earnings per share for the current year.

Baker Hughes Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders 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 dividend yield of 2.51%. The ex-dividend date was Tuesday, August 6th. Baker Hughes’s payout ratio is 46.93%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Benchmark reaffirmed a “buy” rating and set a $40.00 price objective on shares of Baker Hughes in a research report on Friday, July 26th. UBS Group increased their target price on shares of Baker Hughes from $40.00 to $42.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Piper Sandler dropped their target price on shares of Baker Hughes from $45.00 to $44.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Stifel Nicolaus increased their target price on shares of Baker Hughes from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Finally, The Goldman Sachs Group upped their price objective on Baker Hughes from $39.00 to $43.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Three investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target 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.