California State Teachers Retirement System Sells 895,110 Shares of Baker Hughes Company $BKR

California State Teachers Retirement System lessened its stake in Baker Hughes Company (NASDAQ:BKR - Free Report) by 29.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,177,574 shares of the company's stock after selling 895,110 shares during the quarter. California State Teachers Retirement System owned approximately 0.22% of Baker Hughes worth $120,855,357 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. lifted its position in shares of 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 in the last quarter. MV Capital Management Inc. bought a new stake in shares of Baker Hughes during the 4th quarter worth about $34,000. Jones Financial Companies Lllp acquired a new position in Baker Hughes in the second quarter worth about $39,000. Meeder Asset Management Inc. increased its position in Baker Hughes by 49.0% in the first quarter. Meeder Asset Management Inc. now owns 651 shares of the company's stock worth $40,000 after purchasing an additional 214 shares during the period. Finally, Ascentis Independent Advisors acquired a new stake in Baker Hughes during the 1st quarter worth approximately $49,000. Hedge funds and other institutional investors own 92.06% of the company's stock.

Insider Activity

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 transaction of $10,599,844.73. Following the sale, the chief executive officer owned 703,444 shares of the company's stock, valued at $41,102,232.92. This trade represents a 20.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.19% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on BKR shares. Weiss Ratings downgraded shares of Baker Hughes from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday, July 13th. Wolfe Research started coverage on Baker Hughes in a research report on Wednesday, July 8th. They set an "outperform" rating and a $70.00 price objective for the company. Piper Sandler boosted their price objective on Baker Hughes from $71.00 to $73.00 and gave the company an "overweight" rating in a report on Tuesday, July 28th. Wall Street Zen lowered shares of Baker Hughes from a "buy" rating to a "hold" rating in a report on Wednesday, August 5th. Finally, Royal Bank Of Canada increased their target price on shares of Baker Hughes from $71.00 to $76.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 25th. Seventeen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $71.81.

Baker Hughes Price Performance

NASDAQ BKR traded down $0.14 during trading on Tuesday, reaching $56.64. 4,092,880 shares of the company traded hands, compared to its average volume of 8,838,422. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.76 and a current ratio of 2.09. Baker Hughes Company has a 1-year low of $43.92 and a 1-year high of $70.41. The company has a market cap of $56.22 billion, a price-to-earnings ratio of 18.32, a P/E/G ratio of 2.64 and a beta of 0.96. The stock's 50 day moving average price is $60.72 and its two-hundred day moving average price is $61.51.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its earnings results on Monday, July 27th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.51 by $0.13. The business had revenue of $6.74 billion during the quarter, compared to the consensus estimate of $6.54 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 13.85%. Baker Hughes's revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.63 EPS. As a group, analysts anticipate that Baker Hughes Company will post 2.51 EPS for the current year.

Baker Hughes Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 17th. Investors of record on Friday, August 7th were given a dividend of $0.23 per share. The ex-dividend date was Friday, August 7th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.6%. Baker Hughes's dividend payout ratio is currently 29.68%.

About Baker Hughes

Baker Hughes Company NASDAQ: BKR is an energy technology company that provides products, services and digital solutions for the energy and industrial sectors. Its offerings support the exploration, development, production, transportation and processing of oil and natural gas, as well as broader energy and industrial operations.

The company's portfolio includes oilfield services and equipment, drilling and completion technologies, artificial lift systems, subsea production solutions, turbomachinery, compressors, gas technology and liquefied natural gas equipment.

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.