Cookson Peirce & Co. Inc. Lowers Stock Holdings in Baker Hughes Company $BKR

Cookson Peirce & Co. Inc. trimmed its holdings in shares of Baker Hughes Company (NASDAQ:BKR) by 23.0% in the 2nd quarter, Holdings Channel.com reports. The firm owned 44,740 shares of the company’s stock after selling 13,377 shares during the period. Cookson Peirce & Co. Inc.’s holdings in Baker Hughes were worth $1,715,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. raised its holdings in Baker Hughes by 2.8% in the 1st quarter. Envestnet Asset Management Inc. now owns 621,468 shares of the company’s stock worth $27,314,000 after acquiring an additional 17,035 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its position in Baker Hughes by 51.9% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 24,455 shares of the company’s stock worth $1,075,000 after purchasing an additional 8,351 shares during the period. Principal Financial Group Inc. grew its position in Baker Hughes by 7.2% in the 1st quarter. Principal Financial Group Inc. now owns 1,239,175 shares of the company’s stock worth $54,462,000 after purchasing an additional 82,706 shares during the period. Stack Financial Management Inc bought a new stake in Baker Hughes in the 1st quarter worth approximately $12,890,000. Finally, DAVENPORT & Co LLC bought a new stake in Baker Hughes in the 1st quarter worth approximately $233,000. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

Baker Hughes Stock Up 1.0%

Shares of BKR stock opened at $46.75 on Wednesday. The stock has a market cap of $46.09 billion, a P/E ratio of 15.28, a PEG ratio of 2.00 and a beta of 0.99. Baker Hughes Company has a 52 week low of $33.60 and a 52 week high of $50.92. 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’s fifty day simple moving average is $46.24 and its two-hundred day simple moving average is $41.47.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings results on Friday, November 18th. The company reported $0.16 EPS for the quarter. The business had revenue of $5.09 billion for the quarter. Baker Hughes had a net margin of 11.04% and a return on equity of 14.56%. Analysts predict that Baker Hughes Company will post 2.59 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Zephirin Group boosted their price objective on shares of Baker Hughes from $37.00 to $40.00 and gave the company a “hold” rating in a research report on Thursday, October 2nd. Citigroup boosted their price objective on shares of Baker Hughes from $54.00 to $56.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Baker Hughes in a report on Wednesday, October 8th. Susquehanna upped their target price on shares of Baker Hughes from $52.00 to $56.00 and gave the stock a “positive” rating in a report on Thursday, October 2nd. Finally, Melius began coverage on shares of Baker Hughes in a report on Wednesday, August 20th. They issued a “buy” rating and a $60.00 target price for the company. Twenty-two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $52.91.

Insider Activity

In other news, EVP Sreeganesh Ramaswamy sold 25,000 shares of the company’s stock in a transaction dated Tuesday, September 23rd. The shares were sold at an average price of $50.00, for a total transaction of $1,250,000.00. Following the sale, the executive vice president directly owned 40,520 shares in the company, valued at approximately $2,026,000. This represents a 38.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Rebecca L. Charlton sold 1,000 shares of the company’s stock in a transaction dated Tuesday, September 23rd. The shares were sold at an average price of $50.00, for a total transaction of $50,000.00. Following the sale, the chief accounting officer owned 11,772 shares in the company, valued at $588,600. This represents a 7.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,500 shares of company stock worth $1,322,500 over the last 90 days. Corporate insiders own 0.27% of the company’s stock.

Baker Hughes Company 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.