iA Global Asset Management Inc. Boosts Stake in Baker Hughes Company $BKR

iA Global Asset Management Inc. lifted its holdings in Baker Hughes Company (NASDAQ:BKR) by 6.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 198,219 shares of the company’s stock after purchasing an additional 11,396 shares during the period. iA Global Asset Management Inc.’s holdings in Baker Hughes were worth $9,027,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have 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 in the last quarter. Focus Partners Wealth lifted its stake in shares of Baker Hughes by 5.6% in the first quarter. Focus Partners Wealth now owns 18,481 shares of the company’s stock worth $812,000 after buying an additional 986 shares in the last quarter. Jump Financial LLC purchased a new position in shares of Baker Hughes in the second quarter worth about $2,301,000. NewEdge Advisors LLC lifted its stake in shares of Baker Hughes by 4.0% in the second quarter. NewEdge Advisors LLC now owns 46,407 shares of the company’s stock worth $1,779,000 after buying an additional 1,768 shares in the last quarter. Finally, Nebula Research & Development LLC purchased a new position in shares of Baker Hughes in the second quarter worth about $1,014,000. 92.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BKR shares. Citigroup raised their price target on shares of Baker Hughes from $69.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. JPMorgan Chase & Co. lifted their target price on shares of Baker Hughes from $60.00 to $74.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. Susquehanna lifted their target price on shares of Baker Hughes from $70.00 to $80.00 and gave the stock a “positive” rating in a research note on Monday, April 27th. BMO Capital Markets lifted their target price on shares of Baker Hughes from $70.00 to $80.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Finally, TD Cowen lifted their target price on shares of Baker Hughes from $64.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. Eighteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Baker Hughes presently has an average rating of “Moderate Buy” and an average price target of $69.18.

Insider Buying and Selling

In other news, insider Maria Georgia Magno sold 5,063 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $59.04, for a total value of $298,919.52. Following the sale, the insider directly owned 15,555 shares of the company’s stock, valued at approximately $918,367.20. The trade was a 24.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Lorenzo Simonelli sold 272,594 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $58.79, for a total transaction of $16,025,801.26. Following the completion of the sale, the chief executive officer directly owned 866,444 shares in the company, valued at $50,938,242.76. This trade represents a 23.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 550,250 shares of company stock worth $32,988,331 over the last three months. Insiders own 0.19% of the company’s stock.

Baker Hughes Price Performance

Shares of BKR stock opened at $64.12 on Monday. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77. The firm’s 50-day moving average is $62.16 and its two-hundred day moving average is $55.61. Baker Hughes Company has a 12 month low of $35.83 and a 12 month high of $70.41. The company has a market capitalization of $63.61 billion, a PE ratio of 20.49, a price-to-earnings-growth ratio of 2.33 and a beta of 0.97.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.09. The business had revenue of $6.59 billion during the quarter, compared to analysts’ expectations of $6.71 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same period last year, the business earned $0.51 earnings per share. Analysts predict that Baker Hughes Company will post 2.32 earnings per share for the current year.

Baker Hughes Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend was Tuesday, May 5th. Baker Hughes’s payout ratio is 29.39%.

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.