CCM Investment Group LLC Purchases New Stake in Baker Hughes Company (NASDAQ:BKR)

Key Points

• CCM Investment Group LLC acquired 35,236 shares of Baker Hughes valued at approximately $1.5 million, highlighting increasing institutional interest in the company.
• Analysts maintain a consensus of "Moderate Buy" for Baker Hughes, with a consensus price target of $51.47, reflecting optimism on the stock's future performance.
• Baker Hughes reported $0.63 EPS for the last quarter, surpassing estimates, alongside a revenue of $6.91 billion, though it showed a year-over-year decline of 3.2% in revenue.

CCM Investment Group LLC purchased a new stake in Baker Hughes Company (NASDAQ:BKR - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 35,236 shares of the company's stock, valued at approximately $1,518,000.

A number of other institutional investors also recently modified their holdings of BKR. Wayfinding Financial LLC purchased a new position in shares of Baker Hughes during the first quarter valued at approximately $28,000. Golden State Wealth Management LLC boosted its position in shares of Baker Hughes by 678.7% during the first quarter. Golden State Wealth Management LLC now owns 693 shares of the company's stock valued at $30,000 after purchasing an additional 604 shares in the last quarter. N.E.W. Advisory Services LLC bought a new stake in shares of Baker Hughes during the first quarter valued at approximately $30,000. Grove Bank & Trust boosted its holdings in Baker Hughes by 76.2% in the first quarter. Grove Bank & Trust now owns 740 shares of the company's stock worth $33,000 after acquiring an additional 320 shares in the last quarter. Finally, Spire Wealth Management lifted its holdings in shares of Baker Hughes by 132.9% during the 1st quarter. Spire Wealth Management now owns 815 shares of the company's stock valued at $36,000 after buying an additional 465 shares during the period. 92.06% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Seaport Res Ptn cut Baker Hughes from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 29th. Barclays boosted their target price on Baker Hughes from $48.00 to $53.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Industrial Alliance Securities set a $53.00 target price on Baker Hughes in a research note on Wednesday, July 30th. Jefferies Financial Group set a $58.00 price target on Baker Hughes in a research note on Wednesday, July 30th. Finally, BMO Capital Markets restated an "outperform" rating and issued a $53.00 target price (up previously from $46.00) on shares of Baker Hughes in a research note on Wednesday, July 30th. Three investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company's stock. Based on data from MarketBeat, Baker Hughes presently has a consensus rating of "Moderate Buy" and an average target price of $51.47.

Baker Hughes Stock Performance

Shares of Baker Hughes stock traded down $0.19 on Tuesday, reaching $42.51. 5,113,842 shares of the company traded hands, compared to its average volume of 8,579,502. Baker Hughes Company has a 52 week low of $32.25 and a 52 week high of $49.40. The firm has a market capitalization of $41.91 billion, a PE ratio of 13.89, a PEG ratio of 1.95 and a beta of 0.94. 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 50 day moving average of $40.47 and a 200 day moving average of $40.82.

Baker Hughes (NASDAQ:BKR - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The company reported $0.63 earnings per share (EPS) for the quarter, beating 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 firm's quarterly revenue was down 3.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.57 EPS. Equities analysts forecast that Baker Hughes Company will post 2.59 earnings per share for the current year.

Baker Hughes Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th will be issued a $0.23 dividend. The ex-dividend date is Tuesday, August 5th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.2%. Baker Hughes's dividend payout ratio (DPR) is currently 30.07%.

Insider Activity

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. Corporate insiders own 0.27% of the company's stock.

About Baker Hughes

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.