Baker Hughes (NASDAQ:BKR) Shares Purchased by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System increased its stake in shares of Baker Hughes (NASDAQ:BKR) by 3.4% during the 1st quarter, Holdings Channel.com reports. The fund owned 1,088,852 shares of the company’s stock after purchasing an additional 35,614 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Baker Hughes were worth $36,477,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BKR. Norges Bank acquired a new stake in Baker Hughes during the 4th quarter worth $551,555,000. Cardano Risk Management B.V. acquired a new position in Baker Hughes in the first quarter valued at $117,083,000. Goldman Sachs Group Inc. increased its stake in Baker Hughes by 47.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 5,635,875 shares of the company’s stock valued at $192,634,000 after purchasing an additional 1,822,487 shares during the period. Alphinity Investment Management Pty Ltd increased its stake in Baker Hughes by 348.2% in the fourth quarter. Alphinity Investment Management Pty Ltd now owns 2,324,511 shares of the company’s stock valued at $79,452,000 after purchasing an additional 1,805,870 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Baker Hughes by 19.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,669,307 shares of the company’s stock valued at $296,319,000 after purchasing an additional 1,395,083 shares during the period. 92.06% of the stock is currently owned by institutional investors and hedge funds.

Baker Hughes Price Performance

BKR stock traded up $0.08 during trading on Friday, reaching $35.97. 1,659,561 shares of the company were exchanged, compared to its average volume of 7,592,540. The company has a market cap of $35.90 billion, a P/E ratio of 20.05, a PEG ratio of 0.62 and a beta of 1.41. Baker Hughes has a 52-week low of $28.32 and a 52-week high of $37.58. The stock’s 50 day moving average price is $33.27 and its 200 day moving average price is $32.14. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.25.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings data on Wednesday, April 24th. The company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.03. The firm had revenue of $6.42 billion for the quarter, compared to the consensus estimate of $6.37 billion. Baker Hughes had a net margin of 6.95% and a return on equity of 11.42%. The firm’s revenue was up 12.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.28 earnings per share. As a group, analysts predict that Baker Hughes will post 2.09 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Shareholders of record on Monday, May 6th were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 2.34%. The ex-dividend date of this dividend was Friday, May 3rd. Baker Hughes’s dividend payout ratio (DPR) is presently 46.93%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on BKR. Jefferies Financial Group lifted their price objective on shares of Baker Hughes from $45.00 to $46.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Piper Sandler dropped their price target on shares of Baker Hughes from $45.00 to $44.00 and set an “overweight” rating on the stock in a research note on Monday. Benchmark reiterated a “buy” rating and set a $40.00 price target on shares of Baker Hughes in a research note on Wednesday, April 24th. The Goldman Sachs Group boosted their price target on shares of Baker Hughes from $36.00 to $38.00 in a research note on Tuesday, April 23rd. Finally, Susquehanna reiterated a “positive” rating and set a $40.00 price target on shares of Baker Hughes in a research note on Monday, April 8th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, Baker Hughes currently has an average rating of “Moderate Buy” and an average target price of $40.93.

Insider Buying and Selling at Baker Hughes

In other Baker Hughes news, EVP Maria C. Borras sold 55,980 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $32.00, for a total value of $1,791,360.00. Following the sale, the executive vice president now owns 92,035 shares of the company’s stock, valued at $2,945,120. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.