State of New Jersey Common Pension Fund D Cuts Stock Position in Baker Hughes Company (NASDAQ:BKR)

State of New Jersey Common Pension Fund D cut its holdings in Baker Hughes Company (NASDAQ:BKR) by 8.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 328,135 shares of the company’s stock after selling 28,611 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Baker Hughes were worth $14,422,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wayfinding Financial LLC acquired a new position in Baker Hughes during the first quarter worth $28,000. Golden State Wealth Management LLC boosted its stake in Baker Hughes by 678.7% during the first quarter. Golden State Wealth Management LLC now owns 693 shares of the company’s stock worth $30,000 after buying an additional 604 shares during the last quarter. N.E.W. Advisory Services LLC acquired a new position in Baker Hughes during the first quarter worth $30,000. Grove Bank & Trust boosted its stake in Baker Hughes by 76.2% during the first quarter. Grove Bank & Trust now owns 740 shares of the company’s stock worth $33,000 after buying an additional 320 shares during the last quarter. Finally, Spire Wealth Management boosted its stake in Baker Hughes by 132.9% during the first quarter. Spire Wealth Management now owns 815 shares of the company’s stock worth $36,000 after buying an additional 465 shares during the last quarter. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Baker Hughes news, CEO Lorenzo Simonelli sold 526,568 shares of the company’s stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $44.42, for a total transaction of $23,390,150.56. Following the sale, the chief executive officer owned 667,593 shares in the company, valued at $29,654,481.06. This represents a 44.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.27% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on BKR. The Goldman Sachs Group lowered their price objective on Baker Hughes from $42.00 to $41.00 and set a “buy” rating on the stock in a research note on Wednesday, July 2nd. Royal Bank Of Canada lowered their price objective on Baker Hughes from $50.00 to $46.00 and set an “outperform” rating on the stock in a research note on Thursday, April 24th. Morgan Stanley upped their price target on Baker Hughes from $45.00 to $55.00 and gave the company an “overweight” rating in a research note on Tuesday, July 29th. TD Securities decreased their price target on Baker Hughes from $50.00 to $49.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Finally, Barclays upped their price target on Baker Hughes from $48.00 to $53.00 and gave the company an “overweight” rating in a research note on Thursday, July 24th. Three research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.47.

Baker Hughes Price Performance

BKR opened at $42.80 on Friday. The stock’s 50-day moving average price is $40.90 and its 200 day moving average price is $40.83. Baker Hughes Company has a 12-month low of $32.25 and a 12-month high of $49.40. The company has a current ratio of 1.41, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. The firm has a market cap of $42.20 billion, a price-to-earnings ratio of 13.99, a PEG ratio of 1.95 and a beta of 0.94.

Baker Hughes (NASDAQ:BKR) last posted its earnings results on Tuesday, July 22nd. The company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.08. Baker Hughes had a return on equity of 14.56% and a net margin of 11.04%. The firm had revenue of $6.91 billion for the quarter, compared to analyst estimates of $6.64 billion. During the same quarter in the prior year, the company earned $0.57 EPS. Baker Hughes’s revenue was down 3.2% on a year-over-year basis. As a group, sell-side analysts expect that Baker Hughes Company will post 2.59 earnings per share for the current year.

Baker Hughes Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th were issued a dividend of $0.23 per share. The ex-dividend date was Tuesday, August 5th. This represents a $0.92 annualized dividend and a yield of 2.1%. Baker Hughes’s dividend payout ratio is 30.07%.

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.