CIBC Asset Management Inc Acquires 107,283 Shares of Baker Hughes Company $BKR

Key Points

• CIBC Asset Management increased its Baker Hughes stake by 35.1% in the fourth quarter, adding 107,283 shares to bring its total holdings to 413,187 shares worth about $18.8 million.
• Institutional ownership remains very high, with multiple large investors including Vanguard, Capital World Investors, and Norges Bank also boosting positions in Baker Hughes.
• Analysts are still broadly positive on the stock: Baker Hughes has a Moderate Buy consensus, an average price target of $69.14, and shares recently rose 2.9% to $66.11 after strong quarterly EPS of $0.58.

CIBC Asset Management Inc raised its holdings in Baker Hughes Company (NASDAQ:BKR - Free Report) by 35.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 413,187 shares of the company's stock after acquiring an additional 107,283 shares during the quarter. CIBC Asset Management Inc's holdings in Baker Hughes were worth $18,817,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in BKR. Vanguard Group Inc. lifted its stake in shares of Baker Hughes by 0.5% in the 3rd quarter. Vanguard Group Inc. now owns 123,890,075 shares of the company's stock valued at $6,035,924,000 after purchasing an additional 598,159 shares during the last quarter. Capital World Investors raised its holdings in Baker Hughes by 7.1% during the third quarter. Capital World Investors now owns 47,546,388 shares of the company's stock valued at $2,316,462,000 after buying an additional 3,153,709 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Baker Hughes by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 26,213,363 shares of the company's stock worth $1,189,194,000 after buying an additional 204,534 shares during the last quarter. Capital Research Global Investors boosted its stake in shares of Baker Hughes by 7.1% during the 3rd quarter. Capital Research Global Investors now owns 25,903,241 shares of the company's stock worth $1,262,033,000 after acquiring an additional 1,728,016 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Baker Hughes during the 4th quarter valued at about $1,022,491,000. 92.06% of the stock is owned by institutional investors.

Insider Activity

In related 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 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Maria Georgia Magno sold 5,063 shares of the company's stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $59.04, for a total value of $298,919.52. Following the completion of the transaction, the insider directly owned 15,555 shares of the company's stock, valued at approximately $918,367.20. This trade represents a 24.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 282,745 shares of company stock valued at $16,651,472. Insiders own 0.19% of the company's stock.

Analyst Ratings Changes

BKR has been the subject of several analyst reports. Stifel Nicolaus boosted their target price on Baker Hughes from $63.00 to $74.00 and gave the stock a "buy" rating in a report on Monday, April 27th. Johnson Rice began coverage on Baker Hughes in a report on Wednesday, February 25th. They set a "buy" rating and a $68.00 price target on the stock. Argus lifted their price target on shares of Baker Hughes from $67.00 to $79.00 in a research report on Friday, May 1st. Royal Bank Of Canada boosted their price objective on shares of Baker Hughes from $68.00 to $71.00 and gave the stock an "outperform" rating in a research note on Monday, April 27th. Finally, Citigroup decreased their price objective on shares of Baker Hughes from $80.00 to $74.00 and set a "buy" rating for the company in a report on Wednesday. Eighteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $69.14.

Baker Hughes Stock Up 2.9%

Shares of BKR stock opened at $66.11 on Friday. Baker Hughes Company has a 12 month low of $37.08 and a 12 month high of $70.41. The firm 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. The stock has a 50 day moving average of $63.91 and a 200-day moving average of $57.31. 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 (NASDAQ:BKR - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, topping 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 business had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $6.71 billion. During the same quarter last year, the company posted $0.51 earnings per share. Baker Hughes's quarterly revenue was up 2.5% on a year-over-year basis. On average, equities analysts predict that Baker Hughes Company will post 2.31 EPS for the current year.

Baker Hughes Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th were issued a dividend of $0.23 per share. The ex-dividend date was Tuesday, May 5th. This represents a $0.92 annualized dividend and a dividend yield of 1.4%. Baker Hughes's payout ratio is presently 29.39%.

Baker Hughes Profile

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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