Allspring Global Investments Holdings LLC Sells 600,367 Shares of Baker Hughes Company $BKR

Key Points

• Allspring Global Investments cut its Baker Hughes stake by 6.7%, selling 600,367 shares in the third quarter while retaining 8.33 million shares valued at about $463 million.
• Baker Hughes reported quarterly earnings of $0.70 per share, beating the $0.61 consensus estimate, while revenue rose 14.5% year over year to $8.03 billion.
• The company announced a quarterly dividend of $0.23 per share; analysts’ consensus rating was “Moderate Buy,” with an average price target of $70.27.

Allspring Global Investments Holdings LLC decreased its position in Baker Hughes Company (NASDAQ:BKR - Free Report) by 6.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,325,589 shares of the company's stock after selling 600,367 shares during the quarter. Baker Hughes accounts for about 0.7% of Allspring Global Investments Holdings LLC's holdings, making the stock its 19th biggest holding. Allspring Global Investments Holdings LLC owned 0.84% of Baker Hughes worth $463,069,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the company. StoneRidge PMG Advisors LLC purchased a new stake in Baker Hughes during the third quarter worth approximately $364,000. Brighton Jones LLC increased its stake in Baker Hughes by 139.3% in the third quarter. Brighton Jones LLC now owns 18,767 shares of the company's stock valued at $1,030,000 after purchasing an additional 10,924 shares during the last quarter. Candriam S.C.A. increased its stake in Baker Hughes by 2.3% in the third quarter. Candriam S.C.A. now owns 90,783 shares of the company's stock valued at $5,002,000 after purchasing an additional 2,071 shares during the last quarter. Ethic Inc. raised its holdings in Baker Hughes by 8.1% during the third quarter. Ethic Inc. now owns 175,084 shares of the company's stock worth $9,612,000 after purchasing an additional 13,177 shares in the last quarter. Finally, 180 Wealth Advisors LLC raised its holdings in Baker Hughes by 1.1% during the third quarter. 180 Wealth Advisors LLC now owns 41,544 shares of the company's stock worth $2,281,000 after purchasing an additional 458 shares in the last quarter. Hedge funds and other institutional investors own 92.06% of the company's stock.

Insider Activity

In related news, Director John Rice purchased 10,000 shares of the stock in a transaction that occurred on Tuesday, November 3rd. The shares were purchased at an average price of $53.10 per share, with a total value of $531,000.00. Following the completion of the acquisition, the director directly owned 77,315 shares in the company, valued at $4,105,426.50. This represents a 14.86% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.19% of the stock is currently owned by corporate insiders.

Baker Hughes Stock Performance

Shares of Baker Hughes stock opened at $47.87 on Monday. The firm's fifty day simple moving average is $56.92 and its 200-day simple moving average is $60.03. The stock has a market capitalization of $47.54 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 2.28 and a beta of 1.07. Baker Hughes Company has a 12 month low of $44.26 and a 12 month high of $70.41. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.24 and a quick ratio of 0.90.

Baker Hughes (NASDAQ:BKR - Get Free Report) last issued its quarterly earnings results on Tuesday, October 27th. The company reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.09. Baker Hughes had a net margin of 10.08% and a return on equity of 13.55%. The firm had revenue of $8.03 billion during the quarter, compared to analysts' expectations of $7.74 billion. During the same quarter in the prior year, the business earned $0.68 EPS. Baker Hughes's quarterly revenue was up 14.5% compared to the same quarter last year. As a group, equities analysts forecast that Baker Hughes Company will post 2.56 earnings per share for the current year.

Baker Hughes Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Tuesday, November 10th will be paid a dividend of $0.23 per share. The ex-dividend date is Tuesday, November 10th. This represents a $0.92 annualized dividend and a dividend yield of 1.9%. Baker Hughes's dividend payout ratio is 31.72%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on BKR shares. UBS Group reduced their price objective on shares of Baker Hughes from $72.00 to $69.00 and set a "neutral" rating for the company in a research report on Wednesday, September 30th. Wall Street Zen lowered shares of Baker Hughes from a "buy" rating to a "hold" rating in a research note on Wednesday, August 5th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Baker Hughes in a research note on Friday, October 9th. Barclays reduced their price target on shares of Baker Hughes from $72.00 to $62.00 and set an "equal weight" rating for the company in a research report on Thursday, October 29th. Finally, Zacks Research downgraded shares of Baker Hughes from a "strong-buy" rating to a "hold" rating in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Baker Hughes presently has a consensus rating of "Moderate Buy" and a consensus target price of $70.27.

Baker Hughes Company Profile

Baker Hughes NASDAQ: BKR is an energy technology company that provides products and services to the oil and gas industry and other industrial markets. Its offerings include equipment and services used across the energy value chain, from exploration and production to transportation and processing.

The company also develops turbomachinery, industrial equipment, digital technologies and solutions for energy and industrial applications. Its portfolio includes technologies designed to support more efficient operations and lower-emissions energy systems.

Baker Hughes serves customers around the world.

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