Allianz SE Purchases 14,110 Shares of Baker Hughes Company (NASDAQ:BKR)

Key Points

• Allianz SE increased its holdings in Baker Hughes by 33.5%, acquiring an additional 14,110 shares to total 56,259 shares valued at $2,473,000.
• Baker Hughes reported earnings per share of $0.63, exceeding analysts' expectations of $0.55, with total revenue of $6.91 billion for the quarter.
• The company announced a dividend of $0.23 per share, with an annualized yield of 2.1%, to be paid on August 15th.

Allianz SE lifted its position in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 33.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 56,259 shares of the company's stock after purchasing an additional 14,110 shares during the period. Allianz SE's holdings in Baker Hughes were worth $2,473,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Envestnet Asset Management Inc. lifted its position in Baker Hughes by 2.8% during the first 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 shares of Baker Hughes by 51.9% during 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 in the last quarter. Stack Financial Management Inc bought a new position in shares of Baker Hughes during the first quarter worth approximately $12,890,000. Principal Financial Group Inc. grew its stake in Baker Hughes by 7.2% during the first quarter. Principal Financial Group Inc. now owns 1,239,175 shares of the company's stock worth $54,462,000 after buying an additional 82,706 shares in the last quarter. Finally, Johnson Investment Counsel Inc. bought a new position in Baker Hughes in the 1st quarter valued at about $360,000. 92.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on BKR. TD Cowen upped their target price on Baker Hughes from $52.00 to $54.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Seaport Res Ptn cut shares of Baker Hughes from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 29th. Stifel Nicolaus dropped their target price on shares of Baker Hughes from $50.00 to $49.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. BMO Capital Markets reiterated an "outperform" rating and issued a $53.00 price target (up previously from $46.00) on shares of Baker Hughes in a report on Wednesday, July 30th. Finally, Evercore ISI boosted their price objective on Baker Hughes from $53.00 to $55.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. Three analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, Baker Hughes currently has an average rating of "Moderate Buy" and a consensus target price of $51.47.

Baker Hughes Price Performance

Shares of NASDAQ BKR opened at $43.51 on Monday. The stock's 50 day moving average price is $39.71 and its 200-day moving average price is $40.94. The company has a market capitalization of $42.90 billion, a PE ratio of 14.22, a PEG ratio of 5.35 and a beta of 0.94. Baker Hughes Company has a twelve month low of $32.25 and a twelve month high of $49.40. The company has a quick ratio of 1.00, a current ratio of 1.41 and a debt-to-equity ratio of 0.33.

Baker Hughes (NASDAQ:BKR - Get Free Report) last released its earnings results on Tuesday, July 22nd. The company reported $0.63 earnings per share for the quarter, beating analysts' consensus estimates of $0.55 by $0.08. The firm had revenue of $6.91 billion during the quarter, compared to the consensus estimate of $6.64 billion. Baker Hughes had a net margin of 11.04% and a return on equity of 14.56%. The company's revenue was down 3.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.57 EPS. On average, equities analysts anticipate that Baker Hughes Company will post 2.59 EPS for the current year.

Baker Hughes Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, August 5th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Tuesday, August 5th. Baker Hughes's payout ratio is currently 30.07%.

Insiders Place Their Bets

In other Baker Hughes news, CEO Lorenzo Simonelli sold 526,568 shares of the stock in a transaction on 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.27% of the company's stock.

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.

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