Cornercap Investment Counsel Inc. Trims Stock Holdings in Baker Hughes (NASDAQ:BKR)

Cornercap Investment Counsel Inc. reduced its stake in Baker Hughes (NASDAQ:BKR) by 25.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 48,565 shares of the company’s stock after selling 16,370 shares during the quarter. Baker Hughes comprises approximately 0.5% of Cornercap Investment Counsel Inc.’s portfolio, making the stock its 28th biggest holding. Cornercap Investment Counsel Inc.’s holdings in Baker Hughes were worth $1,756,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in BKR. Bridges Investment Management Inc. lifted its position in Baker Hughes by 3.1% during the third quarter. Bridges Investment Management Inc. now owns 9,203 shares of the company’s stock worth $333,000 after buying an additional 273 shares during the period. UMB Bank n.a. lifted its position in Baker Hughes by 18.4% during the second quarter. UMB Bank n.a. now owns 1,873 shares of the company’s stock worth $66,000 after buying an additional 291 shares during the period. Graypoint LLC lifted its position in Baker Hughes by 3.0% during the third quarter. Graypoint LLC now owns 10,288 shares of the company’s stock worth $372,000 after buying an additional 301 shares during the period. First Trust Direct Indexing L.P. lifted its position in Baker Hughes by 1.4% during the third quarter. First Trust Direct Indexing L.P. now owns 29,841 shares of the company’s stock worth $1,079,000 after buying an additional 398 shares during the period. Finally, Guinness Atkinson Asset Management Inc lifted its position in Baker Hughes by 6.9% during the second quarter. Guinness Atkinson Asset Management Inc now owns 7,205 shares of the company’s stock worth $253,000 after buying an additional 467 shares during the period. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

Baker Hughes Trading Up 0.3 %

Shares of NASDAQ BKR opened at $43.18 on Friday. The company has a market cap of $42.73 billion, a price-to-earnings ratio of 19.36, a price-to-earnings-growth ratio of 0.73 and a beta of 1.38. Baker Hughes has a 12-month low of $28.32 and a 12-month high of $44.49. The company has a current ratio of 1.30, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The stock’s 50 day simple moving average is $37.12 and its 200 day simple moving average is $35.07.

Baker Hughes (NASDAQ:BKR) last announced its earnings results on Tuesday, October 22nd. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.06. The firm had revenue of $6.91 billion for the quarter, compared to the consensus estimate of $7.21 billion. Baker Hughes had a return on equity of 13.77% and a net margin of 8.20%. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.42 EPS. Equities research analysts expect that Baker Hughes will post 2.29 EPS for the current year.

Baker Hughes Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.95%. The ex-dividend date of this dividend was Monday, November 4th. Baker Hughes’s dividend payout ratio (DPR) is presently 37.67%.

Analyst Ratings Changes

BKR has been the subject of several research analyst reports. Benchmark restated a “buy” rating and set a $42.00 price target on shares of Baker Hughes in a research note on Thursday, October 24th. TD Cowen upped their price target on Baker Hughes from $46.00 to $50.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Barclays increased their target price on Baker Hughes from $41.00 to $46.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Jefferies Financial Group increased their target price on Baker Hughes from $46.00 to $48.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Finally, Citigroup increased their target price on Baker Hughes from $42.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $44.59.

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.