Russell Investments Group Ltd. Cuts Stock Position in Baker Hughes Company (NASDAQ:BKR)

Key Points

• Russell Investments Group Ltd. reduced its stake in Baker Hughes by 9.7%, ending the quarter with 1,948,297 shares valued at approximately $85.58 million.
• Despite this reduction, institutional investors and hedge funds own an impressive 92.06% of Baker Hughes' stock, showcasing significant institutional interest.
• Baker Hughes recently announced a quarterly dividend of $0.23 per share, reflecting an annualized rate of $0.92 and a dividend yield of 2.2%.

Russell Investments Group Ltd. decreased its position in Baker Hughes Company (NASDAQ:BKR - Free Report) by 9.7% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 1,948,297 shares of the company's stock after selling 208,264 shares during the period. Russell Investments Group Ltd. owned about 0.20% of Baker Hughes worth $85,584,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Resona Asset Management Co. Ltd. boosted its holdings in Baker Hughes by 6.7% in the first quarter. Resona Asset Management Co. Ltd. now owns 319,631 shares of the company's stock valued at $14,005,000 after acquiring an additional 19,996 shares in the last quarter. Callan Family Office LLC grew its stake in shares of Baker Hughes by 20.0% during the 1st quarter. Callan Family Office LLC now owns 37,841 shares of the company's stock valued at $1,663,000 after purchasing an additional 6,309 shares during the period. HighTower Advisors LLC grew its stake in shares of Baker Hughes by 3.3% during the 1st quarter. HighTower Advisors LLC now owns 682,801 shares of the company's stock valued at $30,009,000 after purchasing an additional 21,621 shares during the period. AIA Group Ltd grew its stake in shares of Baker Hughes by 3.3% during the 1st quarter. AIA Group Ltd now owns 12,719 shares of the company's stock valued at $559,000 after acquiring an additional 401 shares during the period. Finally, CCM Investment Group LLC bought a new position in shares of Baker Hughes during the 1st quarter valued at approximately $1,518,000. Institutional investors own 92.06% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on BKR. Industrial Alliance Securities set a $53.00 price target on Baker Hughes in a research note on Wednesday, July 30th. Morgan Stanley raised their price target on Baker Hughes from $45.00 to $55.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Evercore ISI raised their price target on Baker Hughes from $53.00 to $55.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. Barclays lifted their target price on Baker Hughes from $48.00 to $53.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Finally, BMO Capital Markets reiterated an "outperform" rating and set a $53.00 target price (up from $46.00) on shares of Baker Hughes in a research report on Wednesday, July 30th. Three investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $51.47.

Insider Transactions at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 526,568 shares of the business's stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $44.42, for a total value of $23,390,150.56. Following the completion of the transaction, the chief executive officer directly owned 667,593 shares of the company's stock, valued at approximately $29,654,481.06. The trade was a 44.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.27% of the company's stock.

Baker Hughes Stock Down 1.0%

NASDAQ BKR traded down $0.45 during trading on Friday, hitting $42.80. The company's stock had a trading volume of 6,566,692 shares, compared to its average volume of 7,942,709. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.41 and a quick ratio of 1.00. The company has a market cap of $42.20 billion, a PE ratio of 13.99, a P/E/G ratio of 1.95 and a beta of 0.94. The business's 50 day simple moving average is $40.80 and its 200-day simple moving average is $40.84. Baker Hughes Company has a fifty-two week low of $32.25 and a fifty-two week high of $49.40.

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

Baker Hughes Dividend Announcement

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

Baker Hughes Company Profile

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.