Baker Hughes Company $BKR Shares Sold by Schroder Investment Management Group

Key Points

• Schroder Investment Management trimmed its stake in Baker Hughes by 2.5% in Q3, selling 36,968 shares and now holds 1,413,395 shares (about $71.45M); institutional investors own roughly 92.06% of the stock.
• Baker Hughes beat quarterly expectations, reporting $0.78 EPS vs. $0.67 expected and $7.39B in revenue vs. $7.09B, and several analysts have raised price targets (consensus: "Moderate Buy" with an average target of $59.61).
• Insiders sharply reduced holdings last quarter—CEO Lorenzo Simonelli sold 272,593 shares (~$16.66M) and insiders sold a total of 312,594 shares (~$18.99M)—leaving insiders with just 0.27% ownership.

Schroder Investment Management Group reduced its position in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 2.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,413,395 shares of the company's stock after selling 36,968 shares during the period. Schroder Investment Management Group owned 0.14% of Baker Hughes worth $71,447,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of BKR. Woodline Partners LP lifted its stake in shares of Baker Hughes by 40.8% during the first quarter. Woodline Partners LP now owns 83,650 shares of the company's stock valued at $3,676,000 after buying an additional 24,225 shares during the period. Focus Partners Wealth grew its stake in Baker Hughes by 5.6% in the 1st quarter. Focus Partners Wealth now owns 18,481 shares of the company's stock worth $812,000 after acquiring an additional 986 shares during the period. Prospera Financial Services Inc raised its holdings in Baker Hughes by 30.6% in the 2nd quarter. Prospera Financial Services Inc now owns 13,598 shares of the company's stock valued at $521,000 after acquiring an additional 3,186 shares during the last quarter. ProShare Advisors LLC raised its holdings in Baker Hughes by 5.2% in the 2nd quarter. ProShare Advisors LLC now owns 1,556,124 shares of the company's stock valued at $59,662,000 after acquiring an additional 76,564 shares during the last quarter. Finally, Allworth Financial LP lifted its stake in shares of Baker Hughes by 4,343.5% during the 2nd quarter. Allworth Financial LP now owns 206,180 shares of the company's stock worth $7,905,000 after purchasing an additional 201,540 shares during the period. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

Baker Hughes Trading Down 1.3%

BKR stock opened at $59.34 on Wednesday. The company has a quick ratio of 1.00, a current ratio of 1.36 and a debt-to-equity ratio of 0.28. The company has a market cap of $58.64 billion, a price-to-earnings ratio of 22.82, a PEG ratio of 1.63 and a beta of 0.83. The business has a fifty day simple moving average of $56.69 and a 200-day simple moving average of $50.59. Baker Hughes Company has a 52 week low of $33.60 and a 52 week high of $67.00.

Baker Hughes (NASDAQ:BKR - Get Free Report) last issued its earnings results on Monday, January 26th. The company reported $0.78 earnings per share for the quarter, beating analysts' consensus estimates of $0.67 by $0.11. Baker Hughes had a return on equity of 14.26% and a net margin of 9.33%.The firm had revenue of $7.39 billion for the quarter, compared to analysts' expectations of $7.09 billion. During the same quarter last year, the firm earned $0.70 earnings per share. The firm's revenue for the quarter was up .3% compared to the same quarter last year. On average, equities research analysts expect that Baker Hughes Company will post 2.59 EPS for the current year.

Baker Hughes Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Tuesday, February 17th were paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Tuesday, February 17th. Baker Hughes's payout ratio is currently 35.38%.

Insider Transactions at Baker Hughes

In related news, CAO Rebecca L. Charlton sold 1,985 shares of the firm's stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $55.77, for a total value of $110,703.45. Following the transaction, the chief accounting officer owned 12,052 shares in the company, valued at approximately $672,140.04. This trade represents a 14.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Lorenzo Simonelli sold 272,593 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $61.13, for a total transaction of $16,663,610.09. Following the completion of the sale, the chief executive officer directly owned 672,810 shares of the company's stock, valued at $41,128,875.30. The trade was a 28.83% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 312,594 shares of company stock valued at $18,986,302. 0.27% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on BKR. iA Financial set a $60.00 price objective on Baker Hughes in a report on Tuesday, January 27th. Zephirin Group increased their target price on Baker Hughes from $40.00 to $45.00 and gave the stock a "hold" rating in a research report on Monday, January 26th. BMO Capital Markets raised their price target on Baker Hughes from $65.00 to $70.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 3rd. Barclays lifted their price target on Baker Hughes from $55.00 to $57.00 and gave the company an "overweight" rating in a report on Tuesday, January 27th. Finally, Jefferies Financial Group upped their price objective on shares of Baker Hughes from $59.00 to $67.00 and gave the company a "buy" rating in a research note on Saturday, January 31st. Twenty investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $59.61.

Baker Hughes Company 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.

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