Wedge Capital Management L L P NC Reduces Holdings in Baker Hughes (NASDAQ:BKR)

Wedge Capital Management L L P NC reduced its position in Baker Hughes (NASDAQ:BKR) by 14.4% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 621,966 shares of the company’s stock after selling 104,325 shares during the period. Wedge Capital Management L L P NC owned 0.06% of Baker Hughes worth $22,484,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. UMB Bank n.a. increased its holdings in shares of Baker Hughes by 18.4% in the second quarter. UMB Bank n.a. now owns 1,873 shares of the company’s stock valued at $66,000 after purchasing an additional 291 shares during the period. Guinness Atkinson Asset Management Inc boosted its holdings in shares of Baker Hughes by 6.9% in the second quarter. Guinness Atkinson Asset Management Inc now owns 7,205 shares of the company’s stock valued at $253,000 after acquiring an additional 467 shares in the last quarter. Meeder Advisory Services Inc. increased its stake in shares of Baker Hughes by 5.2% during the first quarter. Meeder Advisory Services Inc. now owns 10,438 shares of the company’s stock worth $350,000 after acquiring an additional 520 shares during the period. PNC Financial Services Group Inc. raised its holdings in Baker Hughes by 0.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 107,946 shares of the company’s stock worth $3,690,000 after purchasing an additional 525 shares in the last quarter. Finally, Rise Advisors LLC boosted its holdings in Baker Hughes by 46.9% in the 1st quarter. Rise Advisors LLC now owns 1,667 shares of the company’s stock valued at $56,000 after purchasing an additional 532 shares in the last quarter. 92.06% of the stock is owned by institutional investors and hedge funds.

Baker Hughes Stock Down 0.5 %

Baker Hughes stock traded down $0.17 during midday trading on Monday, hitting $37.53. 524,054 shares of the stock were exchanged, compared to its average volume of 7,264,523. Baker Hughes has a 1 year low of $28.32 and a 1 year high of $39.05. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.27 and a quick ratio of 0.86. The firm has a market cap of $37.45 billion, a P/E ratio of 21.06, a P/E/G ratio of 0.61 and a beta of 1.38. The company has a 50 day moving average price of $35.30 and a two-hundred day moving average price of $34.19.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings results on Thursday, July 25th. The company reported $0.57 earnings per share 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 business’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.39 earnings per share. On average, sell-side analysts predict that Baker Hughes will post 2.25 earnings per share for the current fiscal 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 paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date was Tuesday, August 6th. Baker Hughes’s dividend payout ratio is currently 46.93%.

Insider Buying and Selling

In other news, CEO Lorenzo Simonelli sold 114,286 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $35.00, for a total value of $4,000,010.00. Following the completion of the transaction, the chief executive officer now directly owns 502,053 shares in the company, valued at $17,571,855. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

BKR has been the topic of a number of research reports. Piper Sandler lowered their price target on Baker Hughes from $45.00 to $44.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. JPMorgan Chase & Co. raised their price target on Baker Hughes from $42.00 to $43.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Citigroup decreased their price objective on shares of Baker Hughes from $44.00 to $42.00 and set a “buy” rating on the stock in a research report on Friday, September 27th. Stifel Nicolaus lifted their target price on shares of Baker Hughes from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Finally, Susquehanna increased their price target on shares of Baker Hughes from $40.00 to $46.00 and gave the company a “positive” rating in a research report on Monday, July 29th. Two equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $43.65.

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.