Teachers Retirement System of The State of Kentucky Lowers Stock Position in Baker Hughes (NASDAQ:BKR)

Teachers Retirement System of The State of Kentucky reduced its stake in shares of Baker Hughes (NASDAQ:BKR) by 2.9% during the second quarter, Holdings Channel reports. The institutional investor owned 78,304 shares of the company’s stock after selling 2,370 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Baker Hughes were worth $2,754,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Redmont Wealth Advisors LLC bought a new position in Baker Hughes in the 1st quarter worth approximately $27,000. New Covenant Trust Company N.A. bought a new position in shares of Baker Hughes during the 1st quarter valued at about $34,000. Alta Advisers Ltd bought a new position in shares of Baker Hughes during the 2nd quarter valued at about $42,000. Headlands Technologies LLC purchased a new position in shares of Baker Hughes during the second quarter valued at about $48,000. Finally, UMB Bank n.a. increased its holdings 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 worth $53,000 after purchasing an additional 1,167 shares during the last quarter. 92.06% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

Analyst Ratings Changes

Several research firms have weighed in on BKR. Royal Bank of Canada raised their price target on Baker Hughes from $39.00 to $43.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Evercore ISI raised their target price on shares of Baker Hughes from $42.00 to $46.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Jefferies Financial Group upped their price target on shares of Baker Hughes from $46.00 to $48.00 and gave the company a “buy” rating in a research note on Monday, July 29th. UBS Group dropped their price objective on shares of Baker Hughes from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. Finally, JPMorgan Chase & Co. upped their target price on shares of Baker Hughes from $42.00 to $43.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Two research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $43.56.

Baker Hughes Stock Performance

Shares of Baker Hughes stock opened at $37.55 on Friday. 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 stock’s fifty day moving average is $35.31 and its two-hundred day moving average is $33.98. Baker Hughes has a 52 week low of $28.32 and a 52 week high of $39.05. The company has a market capitalization of $37.47 billion, a PE ratio of 20.98, a price-to-earnings-growth ratio of 0.59 and a beta of 1.38.

Baker Hughes (NASDAQ:BKR) last posted 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 firm had revenue of $7.10 billion for the quarter, compared to analysts’ expectations of $6.81 billion. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The business’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.39 earnings per share. As a group, analysts expect that Baker Hughes will post 2.25 earnings per share for the current year.

Baker Hughes Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Tuesday, August 6th were issued a $0.21 dividend. The ex-dividend date was Tuesday, August 6th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.24%. Baker Hughes’s payout ratio is 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.