Allspring Global Investments Holdings LLC Acquires 871,435 Shares of Baker Hughes Company $BKR

Allspring Global Investments Holdings LLC boosted its holdings in Baker Hughes Company (NASDAQ:BKR) by 10.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,289,649 shares of the company’s stock after buying an additional 871,435 shares during the period. Baker Hughes makes up 0.7% of Allspring Global Investments Holdings LLC’s investment portfolio, making the stock its 14th biggest holding. Allspring Global Investments Holdings LLC’s holdings in Baker Hughes were worth $437,914,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Activest Wealth Management raised its stake in shares of Baker Hughes by 1,242.5% during the 3rd quarter. Activest Wealth Management now owns 537 shares of the company’s stock valued at $26,000 after purchasing an additional 497 shares during the period. E Fund Management Hong Kong Co. Ltd. lifted its holdings in Baker Hughes by 104.0% during the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 661 shares of the company’s stock worth $32,000 after purchasing an additional 337 shares in the last quarter. Twin Peaks Wealth Advisors LLC bought a new position in Baker Hughes in the 2nd quarter worth about $36,000. JFS Wealth Advisors LLC grew its holdings in Baker Hughes by 45.1% during the 4th quarter. JFS Wealth Advisors LLC now owns 811 shares of the company’s stock valued at $37,000 after buying an additional 252 shares in the last quarter. Finally, Wolff Wiese Magana LLC grew its holdings in Baker Hughes by 55.6% during the 4th quarter. Wolff Wiese Magana LLC now owns 840 shares of the company’s stock valued at $38,000 after buying an additional 300 shares in the last quarter. 92.06% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. TD Cowen increased their price target on shares of Baker Hughes from $55.00 to $64.00 and gave the stock a “buy” rating in a report on Tuesday, January 27th. BMO Capital Markets boosted their price objective on shares of Baker Hughes from $65.00 to $70.00 and gave the company an “outperform” rating in a research note on Tuesday, March 3rd. Susquehanna upped their target price on shares of Baker Hughes from $58.00 to $65.00 and gave the stock a “positive” rating in a report on Tuesday, January 27th. Jefferies Financial Group increased their target price on shares of Baker Hughes from $59.00 to $67.00 and gave the stock a “buy” rating in a research note on Saturday, January 31st. Finally, JPMorgan Chase & Co. raised their price target on shares of Baker Hughes from $53.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, January 27th. Twenty research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Baker Hughes has an average rating of “Moderate Buy” and a consensus target price of $59.61.

Baker Hughes Stock Down 4.0%

Shares of NASDAQ BKR opened at $60.68 on Tuesday. Baker Hughes Company has a 12 month low of $33.60 and a 12 month high of $67.00. The company has a current ratio of 1.36, a quick ratio of 1.00 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $59.97 billion, a price-to-earnings ratio of 23.34, a PEG ratio of 1.71 and a beta of 0.83. The business has a 50-day moving average of $59.62 and a 200-day moving average of $51.98.

Baker Hughes (NASDAQ:BKR) last announced its earnings results on Monday, January 26th. The company reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.11. Baker Hughes had a net margin of 9.33% and a return on equity of 14.26%. The business had revenue of $7.39 billion for the quarter, compared to the consensus estimate of $7.09 billion. During the same period last year, the firm posted $0.70 earnings per share. Baker Hughes’s quarterly revenue was up .3% on a year-over-year basis. Sell-side analysts expect that Baker Hughes Company will post 2.59 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Tuesday, February 17th were given a dividend of $0.23 per share. The ex-dividend date was Tuesday, February 17th. This represents a $0.92 annualized dividend and a dividend yield of 1.5%. Baker Hughes’s dividend payout ratio (DPR) is 35.38%.

Insider Activity at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 272,594 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $58.79, for a total transaction of $16,025,801.26. Following the sale, the chief executive officer owned 866,444 shares in the company, valued at $50,938,242.76. This trade represents a 23.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Maria Georgia Magno sold 5,063 shares of Baker Hughes stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $59.04, for a total value of $298,919.52. Following the sale, the insider directly owned 15,555 shares of the company’s stock, valued at approximately $918,367.20. This trade represents a 24.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 590,251 shares of company stock valued at $35,311,023. 0.27% of the stock is currently owned by insiders.

About Baker Hughes

Baker Hughes is an energy technology company that provides a broad portfolio of products, services and digital solutions for the oil and gas and industrial markets. Its offerings span oilfield services and equipment — including drilling, evaluation, completion and production technologies — as well as turbomachinery, compressors and related process equipment used in midstream and downstream operations. The company also supplies aftermarket services, field support and integrated solutions designed to improve asset performance and uptime across the energy value chain.

The firm’s roots trace back to the merger of Baker International and Hughes Tool Company, and more recently it combined with GE’s oil and gas business in 2017 to form Baker Hughes, a GE company (BHGE); subsequent changes in ownership restored Baker Hughes as an independent publicly traded company.