Bank of New York Mellon Corp Has $411.39 Million Holdings in Baker Hughes Company $BKR

Bank of New York Mellon Corp lifted its position in Baker Hughes Company (NASDAQ:BKR - Free Report) by 1.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,738,599 shares of the company's stock after purchasing an additional 119,388 shares during the quarter. Bank of New York Mellon Corp owned 0.68% of Baker Hughes worth $411,391,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BKR. EFG International AG bought a new position in shares of Baker Hughes during the 4th quarter worth about $26,000. Cullen Frost Bankers Inc. increased its stake in Baker Hughes by 344.1% in the fourth quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company's stock valued at $27,000 after acquiring an additional 468 shares during the period. Quarry LP bought a new stake in Baker Hughes in the fourth quarter valued at about $31,000. MV Capital Management Inc. acquired a new position in Baker Hughes in the fourth quarter worth about $34,000. Finally, Acumen Wealth Advisors LLC acquired a new position in Baker Hughes in the fourth quarter worth about $35,000. 92.06% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Lorenzo Simonelli sold 181,411 shares of the firm's stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $58.43, for a total value of $10,599,844.73. Following the transaction, the chief executive officer owned 703,444 shares in the company, valued at $41,102,232.92. This trade represents a 20.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of Baker Hughes stock in a transaction that occurred on 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 directly owned 15,997 shares in the company, valued at $1,027,327.34. The trade was a 24.13% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 367,910 shares of company stock valued at $22,420,797. 0.19% of the stock is currently owned by corporate insiders.

Baker Hughes Stock Down 1.0%

Shares of NASDAQ BKR opened at $55.95 on Friday. Baker Hughes Company has a 12-month low of $38.97 and a 12-month high of $70.41. The firm's 50-day simple moving average is $60.85 and its 200 day simple moving average is $59.53. The company has a quick ratio of 1.77, a current ratio of 2.13 and a debt-to-equity ratio of 0.79. The company has a market cap of $55.51 billion, a price-to-earnings ratio of 17.88, a price-to-earnings-growth ratio of 2.35 and a beta of 0.96.

Baker Hughes (NASDAQ:BKR - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.09. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The firm had revenue of $6.59 billion during the quarter, compared to analysts' expectations of $6.71 billion. During the same quarter last year, the company posted $0.51 EPS. The company's quarterly revenue was up 2.5% compared to the same quarter last year. On average, research analysts expect that Baker Hughes Company will post 2.27 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th were given a dividend of $0.23 per share. The ex-dividend date was Tuesday, May 5th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.6%. Baker Hughes's payout ratio is presently 29.39%.

Analysts Set New Price Targets

BKR has been the topic of several recent analyst reports. Capital One Financial boosted their price target on Baker Hughes from $66.00 to $71.00 and gave the company an "overweight" rating in a research note on Thursday, May 21st. Wolfe Research began coverage on Baker Hughes in a report on Wednesday, July 8th. They set an "outperform" rating and a $70.00 price objective for the company. Susquehanna lowered their target price on shares of Baker Hughes from $80.00 to $70.00 and set a "positive" rating on the stock in a report on Wednesday, July 8th. JPMorgan Chase & Co. increased their target price on shares of Baker Hughes from $60.00 to $74.00 and gave the stock an "overweight" rating in a research report on Monday, April 27th. Finally, Royal Bank Of Canada lifted their price target on shares of Baker Hughes from $68.00 to $71.00 and gave the company an "outperform" rating in a report on Monday, April 27th. Eighteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $70.00.

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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