New York State Teachers Retirement System Sells 14,618 Shares of Baker Hughes Company $BKR

New York State Teachers Retirement System lessened its stake in shares of Baker Hughes Company (NASDAQ:BKR) by 1.7% during the 1st quarter, HoldingsChannel reports. The firm owned 828,236 shares of the company’s stock after selling 14,618 shares during the quarter. New York State Teachers Retirement System’s holdings in Baker Hughes were worth $50,564,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of BKR. Woodline Partners LP lifted its stake in shares of Baker Hughes by 40.8% in the first quarter. Woodline Partners LP now owns 83,650 shares of the company’s stock worth $3,676,000 after buying an additional 24,225 shares during the last quarter. Focus Partners Wealth boosted its holdings in shares of Baker Hughes by 5.6% during the 1st quarter. Focus Partners Wealth now owns 18,481 shares of the company’s stock worth $812,000 after buying an additional 986 shares during the period. Jump Financial LLC acquired a new position in Baker Hughes in the 2nd quarter valued at $2,301,000. NewEdge Advisors LLC grew its stake in Baker Hughes by 4.0% in the 2nd quarter. NewEdge Advisors LLC now owns 46,407 shares of the company’s stock valued at $1,779,000 after buying an additional 1,768 shares during the last quarter. Finally, Nebula Research & Development LLC bought a new position in Baker Hughes in the 2nd quarter worth $1,014,000. Institutional investors own 92.06% of the company’s stock.

Baker Hughes Price Performance

NASDAQ:BKR opened at $52.78 on Friday. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77. Baker Hughes Company has a one year low of $38.37 and a one year high of $70.41. The company has a fifty day moving average price of $62.94 and a 200 day moving average price of $58.75. The stock has a market cap of $52.36 billion, a P/E ratio of 16.86, a PEG ratio of 1.89 and a beta of 0.96.

Baker Hughes (NASDAQ:BKR) last posted 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 net margin of 11.17% and a return on equity of 14.17%. The company had revenue of $6.59 billion for the quarter, compared to analyst estimates of $6.71 billion. During the same period last year, the business posted $0.51 EPS. The business’s quarterly revenue was up 2.5% on a year-over-year basis. Analysts anticipate that Baker Hughes Company will post 2.29 earnings per share for the current year.

Baker Hughes Announces Dividend

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

Analyst Ratings Changes

BKR has been the subject of a number of research analyst reports. HSBC boosted their target price on shares of Baker Hughes from $67.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Barclays reaffirmed an “equal weight” rating and issued a $74.00 price target (up from $62.00) on shares of Baker Hughes in a research report on Thursday, May 7th. Susquehanna lifted their price objective on Baker Hughes from $70.00 to $80.00 and gave the stock a “positive” rating in a research note on Monday, April 27th. Evercore reissued an “outperform” rating and set a $76.00 price objective on shares of Baker Hughes in a research report on Monday, April 27th. Finally, BMO Capital Markets increased their target price on Baker Hughes from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, April 27th. Seventeen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $70.57.

Insider Transactions at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 181,411 shares of Baker Hughes stock in a transaction dated 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 sale, the chief executive officer directly owned 703,444 shares of the company’s stock, valued at $41,102,232.92. This trade represents a 20.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total value of $326,751.36. Following the transaction, the chief accounting officer owned 15,997 shares in the company, valued at $1,027,327.34. This represents a 24.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 367,910 shares of company stock worth $22,420,797. 0.19% of the stock is owned by company insiders.

Baker Hughes 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.