TCW Group Inc. Lowers Stock Position in Baker Hughes Company (NASDAQ:BKR)

Key Points

• TCW Group Inc. reduced its stake in Baker Hughes Company by 0.5%, now holding about 1.68 million shares valued at approximately $74 million.
• Several analysts have adjusted their price targets for Baker Hughes, with UBS increasing it to $43, while Evercore ISI lowered their target to $50, highlighting a range of ratings from "hold" to "buy".
• CEO Lorenzo Simonelli sold over 526,000 shares of Baker Hughes stock, representing a 44.1% decrease in his ownership, while the company declared a quarterly $0.23 dividend scheduled for payout in August.

TCW Group Inc. lessened its stake in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 0.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,684,752 shares of the company's stock after selling 7,704 shares during the quarter. TCW Group Inc. owned approximately 0.17% of Baker Hughes worth $74,045,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Capital Research Global Investors lifted its position in Baker Hughes by 0.6% during the fourth quarter. Capital Research Global Investors now owns 27,687,590 shares of the company's stock valued at $1,135,744,000 after buying an additional 177,232 shares during the period. Geode Capital Management LLC lifted its position in Baker Hughes by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 24,543,925 shares of the company's stock valued at $1,004,212,000 after buying an additional 465,832 shares during the period. FMR LLC lifted its position in Baker Hughes by 12.5% during the fourth quarter. FMR LLC now owns 15,702,057 shares of the company's stock valued at $644,098,000 after buying an additional 1,744,225 shares during the period. Dimensional Fund Advisors LP lifted its position in Baker Hughes by 8.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,552,478 shares of the company's stock valued at $473,880,000 after buying an additional 874,297 shares during the period. Finally, Northern Trust Corp lifted its position in Baker Hughes by 18.4% during the fourth quarter. Northern Trust Corp now owns 10,000,756 shares of the company's stock valued at $410,231,000 after buying an additional 1,553,536 shares during the period. Hedge funds and other institutional investors own 92.06% of the company's stock.

Insider Transactions at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 526,568 shares of Baker Hughes stock in a transaction dated 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 transaction, the chief executive officer directly owned 667,593 shares of the company's stock, valued at $29,654,481.06. The trade was a 44.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.27% of the company's stock.

Baker Hughes Stock Performance

NASDAQ:BKR traded up $0.50 on Monday, hitting $46.55. The stock had a trading volume of 5,758,320 shares, compared to its average volume of 7,872,403. The stock has a market cap of $46.12 billion, a price-to-earnings ratio of 15.21, a price-to-earnings-growth ratio of 5.71 and a beta of 0.91. The company has a quick ratio of 1.00, a current ratio of 1.41 and a debt-to-equity ratio of 0.33. The business's 50-day simple moving average is $39.06 and its two-hundred day simple moving average is $40.96. Baker Hughes Company has a 52-week low of $32.25 and a 52-week high of $49.40.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.08. The business had revenue of $6.91 billion for the quarter, compared to analysts' expectations of $6.64 billion. Baker Hughes had a return on equity of 14.56% and a net margin of 11.04%. The business's revenue for the quarter was down 3.2% on a year-over-year basis. During the same period last year, the firm posted $0.57 earnings per share. As a group, research analysts predict that Baker Hughes Company will post 2.59 earnings per share for the current year.

Baker Hughes Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th will be given a $0.23 dividend. The ex-dividend date is Tuesday, August 5th. This represents a $0.92 annualized dividend and a yield of 1.98%. Baker Hughes's payout ratio is 30.07%.

Analyst Ratings Changes

Several equities analysts have commented on the company. Citigroup lowered their price objective on Baker Hughes from $54.00 to $53.00 and set a "buy" rating for the company in a research report on Tuesday, April 8th. Morgan Stanley reduced their price target on Baker Hughes from $55.00 to $45.00 and set an "overweight" rating for the company in a report on Friday, May 16th. TD Securities reduced their price target on Baker Hughes from $50.00 to $49.00 and set a "buy" rating for the company in a report on Thursday, April 24th. The Goldman Sachs Group reduced their price target on Baker Hughes from $42.00 to $41.00 and set a "buy" rating for the company in a report on Wednesday, July 2nd. Finally, Piper Sandler reduced their price target on Baker Hughes from $53.00 to $50.00 and set an "overweight" rating for the company in a report on Thursday, April 24th. Two research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, Baker Hughes currently has an average rating of "Moderate Buy" and a consensus target price of $49.50.

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.