Baker Hughes Company $BKR Shares Acquired by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp sharply increased its stake in Baker Hughes, boosting holdings by 367.1% in the first quarter to 199,621 shares worth about $12.2 million.
• Institutional ownership remains very high, with hedge funds and other investors holding 92.06% of Baker Hughes shares. Several large funds also added positions or increased their stakes recently.
• Analysts remain generally positive on BKR: multiple firms raised price targets, and the stock carries a Moderate Buy consensus with an average target price of $70.09.

Fifth Third Bancorp lifted its holdings in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 367.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 199,621 shares of the company's stock after acquiring an additional 156,881 shares during the period. Fifth Third Bancorp's holdings in Baker Hughes were worth $12,187,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. State Street Corp increased its stake in Baker Hughes by 1.6% in the fourth quarter. State Street Corp now owns 61,409,438 shares of the company's stock valued at $2,796,586,000 after purchasing an additional 937,614 shares during the period. Cardano Risk Management B.V. boosted its stake in shares of Baker Hughes by 1,005.1% during the fourth quarter. Cardano Risk Management B.V. now owns 49,353,310 shares of the company's stock worth $2,247,550,000 after buying an additional 44,887,481 shares during the period. Geode Capital Management LLC grew its holdings in shares of Baker Hughes by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 26,213,363 shares of the company's stock worth $1,189,194,000 after buying an additional 204,534 shares during the last quarter. Norges Bank purchased a new position in shares of Baker Hughes during the fourth quarter worth about $1,022,491,000. Finally, Capital International Investors increased its position in Baker Hughes by 6.4% in the 4th quarter. Capital International Investors now owns 15,933,590 shares of the company's stock valued at $725,616,000 after acquiring an additional 956,808 shares during the period. Hedge funds and other institutional investors own 92.06% of the company's stock.

Insider Transactions at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 181,411 shares of the business's stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $58.43, for a total transaction of $10,599,844.73. Following the sale, the chief executive officer owned 703,444 shares of the company's stock, valued at approximately $41,102,232.92. The trade was a 20.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the company's stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total transaction of $326,751.36. Following the transaction, the chief accounting officer owned 15,997 shares in the company, valued at $1,027,327.34. The trade was a 24.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 367,910 shares of company stock worth $22,420,797. 0.19% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have commented on BKR. BMO Capital Markets upped their price objective on Baker Hughes from $70.00 to $80.00 and gave the company an "outperform" rating in a research note on Monday, April 27th. Wall Street Zen raised Baker Hughes from a "hold" rating to a "buy" rating in a report on Sunday. Argus upped their price target on Baker Hughes from $67.00 to $79.00 in a research note on Friday, May 1st. HSBC increased their price target on Baker Hughes from $67.00 to $85.00 and gave the stock a "buy" rating in a report on Monday, April 27th. Finally, Piper Sandler lowered their price objective on shares of Baker Hughes from $72.00 to $71.00 and set an "overweight" rating on the stock in a research report on Tuesday. Eighteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $70.09.

Baker Hughes Stock Performance

NASDAQ BKR opened at $57.78 on Wednesday. The stock has a market capitalization of $57.32 billion, a price-to-earnings ratio of 18.46, a PEG ratio of 2.07 and a beta of 0.96. The business's 50 day moving average is $61.34 and its two-hundred day moving average is $59.39. Baker Hughes Company has a 12-month low of $38.37 and a 12-month high of $70.41. The company has a current ratio of 2.13, a quick ratio of 1.77 and a debt-to-equity ratio of 0.79.

Baker Hughes (NASDAQ:BKR - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.49 by $0.09. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.The business had revenue of $6.59 billion during the quarter, compared to analysts' expectations of $6.71 billion. During the same period last year, the firm earned $0.51 EPS. The company's quarterly revenue was up 2.5% compared to the same quarter last year. Research analysts expect that Baker Hughes Company will post 2.29 EPS for the current year.

Baker Hughes Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were paid a $0.23 dividend. The ex-dividend date was Tuesday, May 5th. This represents a $0.92 annualized dividend and a dividend yield of 1.6%. Baker Hughes's dividend payout ratio (DPR) is 29.39%.

About Baker Hughes

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.

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