Chevy Chase Trust Holdings LLC Sells 9,349 Shares of Baker Hughes (NASDAQ:BKR)

Chevy Chase Trust Holdings LLC lessened its stake in Baker Hughes (NASDAQ:BKR) by 1.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 544,925 shares of the company’s stock after selling 9,349 shares during the quarter. Chevy Chase Trust Holdings LLC owned about 0.05% of Baker Hughes worth $19,165,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in BKR. Spire Wealth Management grew its holdings in shares of Baker Hughes by 256.7% in the 1st quarter. Spire Wealth Management now owns 767 shares of the company’s stock valued at $26,000 after buying an additional 552 shares during the period. Redmont Wealth Advisors LLC bought a new stake in shares of Baker Hughes in the first quarter worth about $27,000. Montag A & Associates Inc. raised its position in shares of Baker Hughes by 100.0% during the fourth quarter. Montag A & Associates Inc. now owns 1,000 shares of the company’s stock worth $34,000 after purchasing an additional 500 shares during the period. New Covenant Trust Company N.A. bought a new position in shares of Baker Hughes during the 1st quarter valued at about $34,000. Finally, UMB Bank n.a. grew its position in shares of Baker Hughes by 281.2% in the 1st quarter. UMB Bank n.a. now owns 1,582 shares of the company’s stock valued at $53,000 after purchasing an additional 1,167 shares during the period. Institutional investors and hedge funds own 92.06% of the company’s stock.

Analysts Set New Price Targets

BKR has been the topic of several research reports. Royal Bank of Canada boosted their target price on Baker Hughes from $39.00 to $43.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. UBS Group lifted their price target on shares of Baker Hughes from $40.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday. The Goldman Sachs Group increased their price objective on shares of Baker Hughes from $39.00 to $43.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Stifel Nicolaus lifted their target price on Baker Hughes from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Finally, Benchmark reissued a “buy” rating and set a $40.00 price target on shares of Baker Hughes in a research report on Friday, July 26th. Three research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.38.

Baker Hughes Trading Down 2.7 %

BKR traded down $0.95 during midday trading on Tuesday, hitting $34.21. 5,305,706 shares of the company were exchanged, compared to its average volume of 7,488,852. The firm’s 50 day moving average price is $34.75 and its 200-day moving average price is $32.84. Baker Hughes has a 1-year low of $28.32 and a 1-year high of $39.05. The firm has a market capitalization of $34.14 billion, a P/E ratio of 19.64, a P/E/G ratio of 0.61 and a beta of 1.41. The company has a quick ratio of 0.86, a current ratio of 1.27 and a debt-to-equity ratio of 0.37.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.08. The company had revenue of $7.10 billion during the quarter, compared to analysts’ expectations of $6.81 billion. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. Baker Hughes’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.39 earnings per share. As a group, equities analysts forecast that Baker Hughes will post 2.2 EPS for the current fiscal year.

Baker Hughes Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Tuesday, August 6th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date of this dividend was Tuesday, August 6th. Baker Hughes’s payout ratio is 46.93%.

Insider Transactions at Baker Hughes

In other news, EVP Maria C. Borras sold 55,980 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $32.00, for a total transaction of $1,791,360.00. Following the transaction, the executive vice president now directly 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 is available through the SEC website. In other news, CEO Lorenzo Simonelli sold 114,286 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $35.00, for a total value of $4,000,010.00. Following the completion of the sale, the chief executive officer now directly owns 502,053 shares of the company’s stock, valued at $17,571,855. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Maria C. Borras sold 55,980 shares of Baker Hughes stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 92,035 shares in the company, valued at approximately $2,945,120. The disclosure for this sale can be found here. Insiders have sold 284,552 shares of company stock valued at $10,197,095 in the last 90 days. 0.25% of the stock is currently owned by corporate insiders.

About Baker Hughes

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.