New York State Common Retirement Fund Boosts Stake in Baker Hughes Company $BKR

New York State Common Retirement Fund boosted its position in Baker Hughes Company (NASDAQ:BKR) by 2.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 915,239 shares of the company’s stock after purchasing an additional 19,252 shares during the period. New York State Common Retirement Fund owned approximately 0.09% of Baker Hughes worth $35,090,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Baker Hughes by 1.0% during the 2nd quarter. Vanguard Group Inc. now owns 123,291,916 shares of the company’s stock worth $4,727,012,000 after acquiring an additional 1,173,700 shares during the last quarter. Geode Capital Management LLC increased its stake in Baker Hughes by 1.6% in the second quarter. Geode Capital Management LLC now owns 25,875,670 shares of the company’s stock worth $987,961,000 after purchasing an additional 397,984 shares during the period. Norges Bank purchased a new stake in Baker Hughes in the second quarter worth $862,722,000. Artisan Partners Limited Partnership lifted its position in shares of Baker Hughes by 1.0% during the second quarter. Artisan Partners Limited Partnership now owns 16,677,718 shares of the company’s stock worth $639,424,000 after purchasing an additional 167,095 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Baker Hughes by 1.5% during the first quarter. Dimensional Fund Advisors LP now owns 11,727,973 shares of the company’s stock valued at $515,367,000 after purchasing an additional 175,495 shares during the period. Institutional investors own 92.06% of the company’s stock.

Baker Hughes Stock Performance

Shares of NASDAQ:BKR opened at $50.17 on Monday. The firm has a 50 day moving average of $47.97 and a 200 day moving average of $43.74. The company has a quick ratio of 1.00, a current ratio of 1.41 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $49.51 billion, a price-to-earnings ratio of 17.30, a price-to-earnings-growth ratio of 2.06 and a beta of 1.03. Baker Hughes Company has a 52 week low of $33.60 and a 52 week high of $50.92.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings results on Friday, November 18th. The company reported $0.16 earnings per share (EPS) for the quarter. Baker Hughes had a return on equity of 14.22% and a net margin of 10.43%.The business had revenue of $5.09 billion for the quarter. On average, sell-side analysts predict that Baker Hughes Company will post 2.59 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Tuesday, November 4th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Tuesday, November 4th. Baker Hughes’s payout ratio is 31.72%.

Insider Activity at Baker Hughes

In related news, CAO Rebecca L. Charlton sold 1,000 shares of the stock in a transaction that occurred on Tuesday, September 23rd. The shares were sold at an average price of $50.00, for a total transaction of $50,000.00. Following the completion of the sale, the chief accounting officer owned 11,772 shares of the company’s stock, valued at $588,600. This represents a 7.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Sreeganesh Ramaswamy sold 25,000 shares of Baker Hughes stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $50.00, for a total transaction of $1,250,000.00. Following the completion of the transaction, the executive vice president directly owned 40,520 shares in the company, valued at $2,026,000. This represents a 38.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.27% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Evercore ISI set a $54.00 price objective on shares of Baker Hughes in a report on Monday, October 27th. Piper Sandler lifted their price target on shares of Baker Hughes from $50.00 to $52.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Zephirin Group increased their price objective on Baker Hughes from $37.00 to $40.00 and gave the stock a “hold” rating in a research note on Thursday, October 2nd. Bank of America raised their price objective on Baker Hughes from $52.00 to $54.00 and gave the stock a “buy” rating in a report on Tuesday, October 14th. Finally, Stifel Nicolaus upped their target price on Baker Hughes from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, October 27th. Twenty-three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $53.42.

Baker Hughes 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.