Cornercap Investment Counsel Inc. Sells 1,187 Shares of Baker Hughes (NASDAQ:BKR)

Cornercap Investment Counsel Inc. reduced its holdings in Baker Hughes (NASDAQ:BKR) by 1.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 64,935 shares of the company’s stock after selling 1,187 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Baker Hughes were worth $2,284,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Private Advisor Group LLC increased its holdings in shares of Baker Hughes by 7.8% during the fourth quarter. Private Advisor Group LLC now owns 11,889 shares of the company’s stock valued at $406,000 after acquiring an additional 865 shares in the last quarter. SCP Investment LP increased its holdings in shares of Baker Hughes by 31.3% during the fourth quarter. SCP Investment LP now owns 16,800 shares of the company’s stock valued at $546,000 after acquiring an additional 4,000 shares in the last quarter. Principal Securities Inc. bought a new stake in shares of Baker Hughes during the fourth quarter valued at approximately $95,000. Jump Financial LLC bought a new stake in shares of Baker Hughes during the fourth quarter valued at approximately $1,022,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Baker Hughes by 5.1% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,076,399 shares of the company’s stock valued at $36,511,000 after acquiring an additional 52,685 shares in the last quarter. 92.06% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on BKR shares. TD Cowen boosted their price objective on Baker Hughes from $46.00 to $50.00 and gave the company a “buy” rating in a report on Monday, July 29th. Wells Fargo & Company upped their price target on Baker Hughes from $35.00 to $40.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. The Goldman Sachs Group upped their price target on Baker Hughes from $39.00 to $43.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Royal Bank of Canada upped their price target on Baker Hughes from $39.00 to $43.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Finally, Jefferies Financial Group upped their price target on Baker Hughes from $46.00 to $48.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Three analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.38.

Baker Hughes Stock Down 0.7 %

BKR stock opened at $32.93 on Thursday. The stock’s fifty day simple moving average is $35.13 and its two-hundred day simple moving average is $33.44. The company has a current ratio of 1.27, a quick ratio of 0.86 and a debt-to-equity ratio of 0.37. Baker Hughes has a 1-year low of $28.32 and a 1-year high of $39.05. The stock has a market cap of $32.71 billion, a P/E ratio of 18.40, a P/E/G ratio of 0.55 and a beta of 1.38.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings results on Thursday, July 25th. The company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.08. Baker Hughes had a return on equity of 12.45% and a net margin of 7.37%. The firm had revenue of $7.10 billion for the quarter, compared to analysts’ expectations of $6.81 billion. During the same quarter in the prior year, the firm earned $0.39 EPS. The business’s revenue for the quarter was up 12.4% compared to the same quarter last year. Analysts expect that Baker Hughes will post 2.24 EPS 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 dividend on an annualized basis and a dividend yield of 2.55%. Baker Hughes’s dividend payout ratio is presently 46.93%.

Insider Activity

In other news, CEO Lorenzo Simonelli sold 114,286 shares of the company’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $38.55, for a total transaction of $4,405,725.30. Following the transaction, the chief executive officer now owns 616,339 shares of the company’s stock, valued at approximately $23,759,868.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.25% of the company’s stock.

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.