Bank of New York Mellon Corp Acquires 39,084 Shares of Baker Hughes Company $BKR

Key Points

• Bank of New York Mellon increased its stake in Baker Hughes by 0.6% in the fourth quarter, adding 39,084 shares and bringing its total holdings to 6.62 million shares worth about $301.4 million.
• Baker Hughes reported stronger-than-expected quarterly earnings of $0.58 per share, beating estimates, while revenue rose 2.5% year over year to $6.59 billion.
• The company also returned cash to shareholders with a quarterly dividend of $0.23 per share, and analysts currently rate the stock a consensus Moderate Buy with an average target price of $69.14.

Bank of New York Mellon Corp raised its position in Baker Hughes Company (NASDAQ:BKR - Free Report) by 0.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 6,619,211 shares of the company's stock after buying an additional 39,084 shares during the period. Bank of New York Mellon Corp owned about 0.67% of Baker Hughes worth $301,439,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of BKR. Krilogy Financial LLC raised its position in shares of Baker Hughes by 3.2% during the fourth quarter. Krilogy Financial LLC now owns 5,722 shares of the company's stock worth $261,000 after acquiring an additional 180 shares during the last quarter. 3Chopt Investment Partners LLC raised its position in shares of Baker Hughes by 0.5% during the fourth quarter. 3Chopt Investment Partners LLC now owns 42,679 shares of the company's stock worth $1,944,000 after acquiring an additional 203 shares during the last quarter. Formidable Asset Management LLC raised its position in shares of Baker Hughes by 3.2% during the fourth quarter. Formidable Asset Management LLC now owns 7,341 shares of the company's stock worth $358,000 after acquiring an additional 225 shares during the last quarter. CoreCap Advisors LLC raised its position in shares of Baker Hughes by 16.4% during the fourth quarter. CoreCap Advisors LLC now owns 1,619 shares of the company's stock worth $74,000 after acquiring an additional 228 shares during the last quarter. Finally, Root Financial Partners LLC raised its position in shares of Baker Hughes by 16.1% during the fourth quarter. Root Financial Partners LLC now owns 1,756 shares of the company's stock worth $80,000 after acquiring an additional 244 shares during the last quarter. 92.06% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Baker Hughes

In other Baker Hughes news, CAO Rebecca L. Charlton sold 5,088 shares of the business's stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total value of $326,751.36. Following the completion of the transaction, the chief accounting officer directly owned 15,997 shares of the company's stock, valued at approximately $1,027,327.34. The trade was a 24.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lorenzo Simonelli sold 272,594 shares of the business's stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $58.79, for a total value of $16,025,801.26. Following the completion of the transaction, the chief executive officer directly owned 866,444 shares of the company's stock, valued at approximately $50,938,242.76. The trade was a 23.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 282,745 shares of company stock valued at $16,651,472. Company insiders own 0.19% of the company's stock.

Baker Hughes Stock Up 2.9%

Shares of Baker Hughes stock opened at $66.11 on Friday. The company has a quick ratio of 1.77, a current ratio of 2.13 and a debt-to-equity ratio of 0.79. Baker Hughes Company has a 12 month low of $37.08 and a 12 month high of $70.41. The business has a fifty day simple moving average of $63.91 and a 200 day simple moving average of $57.31. The stock has a market cap of $65.59 billion, a PE ratio of 21.12, a price-to-earnings-growth ratio of 2.29 and a beta of 0.93.

Baker Hughes (NASDAQ:BKR - Get Free Report) last posted its earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, topping 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 firm had revenue of $6.59 billion for the quarter, compared to analyst estimates of $6.71 billion. During the same period in the previous year, the company posted $0.51 earnings per share. The company's revenue for the quarter was up 2.5% on a year-over-year basis. Research analysts predict that Baker Hughes Company will post 2.31 EPS for the current year.

Baker Hughes Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend was Tuesday, May 5th. Baker Hughes's payout ratio is presently 29.39%.

Analysts Set New Price Targets

BKR has been the subject of a number of recent research reports. UBS Group boosted their target price on Baker Hughes from $69.00 to $73.00 and gave the stock a "neutral" rating in a research report on Monday, April 27th. Royal Bank Of Canada boosted their target price on Baker Hughes from $68.00 to $71.00 and gave the stock an "outperform" rating in a research report on Monday, April 27th. Jefferies Financial Group restated a "buy" rating and set a $80.00 target price on shares of Baker Hughes in a research report on Sunday, April 26th. Piper Sandler boosted their target price on Baker Hughes from $64.00 to $72.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 28th. Finally, Johnson Rice initiated coverage on Baker Hughes in a research note on Wednesday, February 25th. They set a "buy" rating and a $68.00 price objective for the company. Eighteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $69.14.

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.

Want to see what other hedge funds are holding BKR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Baker Hughes Company (NASDAQ:BKR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.