iA Global Asset Management Inc. Reduces Position in Baker Hughes Company $BKR

iA Global Asset Management Inc. lessened its holdings in shares of Baker Hughes Company (NASDAQ:BKR) by 7.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 183,502 shares of the company’s stock after selling 14,717 shares during the quarter. iA Global Asset Management Inc.’s holdings in Baker Hughes were worth $11,203,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Cardano Risk Management B.V. lifted its stake in shares of Baker Hughes by 1,005.1% during the 4th quarter. Cardano Risk Management B.V. now owns 49,353,310 shares of the company’s stock valued at $2,247,550,000 after buying an additional 44,887,481 shares in the last quarter. Norges Bank purchased a new position in Baker Hughes in the 4th quarter valued at approximately $1,022,491,000. Capital International Investors purchased a new position in Baker Hughes in the 3rd quarter valued at approximately $729,670,000. Price T Rowe Associates Inc. MD raised its holdings in Baker Hughes by 58.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,635,780 shares of the company’s stock valued at $529,896,000 after acquiring an additional 4,278,573 shares during the period. Finally, Bessemer Group Inc. raised its holdings in Baker Hughes by 12,983.5% during the 4th quarter. Bessemer Group Inc. now owns 3,491,322 shares of the company’s stock valued at $158,994,000 after acquiring an additional 3,464,637 shares during the period. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Baker Hughes Stock Down 1.4%

BKR opened at $55.50 on Wednesday. The business’s fifty day simple moving average is $63.39 and its 200 day simple moving average is $58.70. Baker Hughes Company has a 52 week low of $37.76 and a 52 week high of $70.41. The company has a quick ratio of 1.77, a current ratio of 2.13 and a debt-to-equity ratio of 0.79. The stock has a market cap of $55.06 billion, a PE ratio of 17.73, a P/E/G ratio of 2.03 and a beta of 0.93.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.09. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.The firm had revenue of $6.59 billion during the quarter, compared to analyst estimates of $6.71 billion. During the same quarter in the previous year, the company posted $0.51 earnings per share. The company’s revenue was up 2.5% compared to the same quarter last year. As a group, research analysts expect that Baker Hughes Company will post 2.28 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were given a $0.23 dividend. The ex-dividend date was Tuesday, May 5th. This represents a $0.92 dividend on an annualized basis and a yield of 1.7%. Baker Hughes’s payout ratio is presently 29.39%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on BKR. Piper Sandler raised their price target on Baker Hughes from $64.00 to $72.00 and gave the stock an “overweight” rating in a report on Tuesday, April 28th. UBS Group boosted their price objective on Baker Hughes from $69.00 to $73.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. BMO Capital Markets increased their price objective on Baker Hughes from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday, April 27th. Weiss Ratings restated a “buy (b)” rating on shares of Baker Hughes in a research note on Friday, April 24th. Finally, Wall Street Zen lowered Baker Hughes from a “buy” rating to a “hold” rating in a report on Saturday, March 28th. Eighteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $69.14.

Insider Activity at Baker Hughes

In other Baker Hughes news, CAO Rebecca L. Charlton sold 5,088 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total transaction of $326,751.36. Following the transaction, the chief accounting officer directly owned 15,997 shares in the company, valued at $1,027,327.34. This trade represents a 24.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lorenzo Simonelli sold 181,411 shares of Baker Hughes stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $58.43, for a total transaction of $10,599,844.73. Following the transaction, the chief executive officer directly owned 703,444 shares in the company, valued at $41,102,232.92. This trade represents a 20.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 367,910 shares of company stock valued at $22,420,797. 0.19% of the stock is owned by insiders.

Baker Hughes Company Profile

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.