Acadian Asset Management LLC Lowers Stock Position in Baker Hughes (NASDAQ:BKR)

Acadian Asset Management LLC reduced its position in shares of Baker Hughes (NASDAQ:BKR) by 5.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 239,351 shares of the company’s stock after selling 12,526 shares during the period. Acadian Asset Management LLC’s holdings in Baker Hughes were worth $8,014,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Spire Wealth Management lifted its position in shares of Baker Hughes by 256.7% during the 1st quarter. Spire Wealth Management now owns 767 shares of the company’s stock worth $26,000 after buying an additional 552 shares in the last quarter. Redmont Wealth Advisors LLC bought a new stake in Baker Hughes during the first quarter worth $27,000. Montag A & Associates Inc. boosted its position in Baker Hughes by 100.0% in 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 last quarter. UMB Bank n.a. grew its stake in 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. Finally, Rise Advisors LLC increased its position in shares of Baker Hughes by 46.9% during the 1st quarter. Rise Advisors LLC now owns 1,667 shares of the company’s stock valued at $56,000 after purchasing an additional 532 shares during the last quarter. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Maria C. Borras sold 55,980 shares of the business’s stock in a transaction dated 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 completion of the transaction, 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. 0.25% of the stock is owned by company insiders.

Baker Hughes Price Performance

BKR stock traded down $0.25 during mid-day trading on Monday, reaching $35.68. 1,830,144 shares of the company traded hands, compared to its average volume of 7,576,092. The company has a fifty day moving average price of $33.34 and a 200-day moving average price of $32.12. Baker Hughes has a 52-week low of $28.32 and a 52-week high of $37.58. The company has a market capitalization of $35.61 billion, a P/E ratio of 20.06, a P/E/G ratio of 0.62 and a beta of 1.41. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.25 and a quick ratio of 0.84.

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

Baker Hughes Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Monday, May 6th were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend was Friday, May 3rd. Baker Hughes’s dividend payout ratio is 46.93%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Susquehanna restated a “positive” rating and set a $40.00 price target on shares of Baker Hughes in a research report on Monday, April 8th. Benchmark reissued a “buy” rating and set a $40.00 target price on shares of Baker Hughes in a research report on Wednesday, April 24th. Morgan Stanley lifted their price target on shares of Baker Hughes from $40.00 to $43.00 in a report on Tuesday, April 23rd. Bank of America reduced their price objective on Baker Hughes from $40.00 to $38.00 and set a “buy” rating for the company in a report on Monday, July 15th. Finally, Jefferies Financial Group boosted their target price on Baker Hughes from $45.00 to $46.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $40.92.

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.