Cookson Peirce & Co. Inc. Increases Stock Holdings in Baker Hughes Company (NASDAQ:BKR)

Key Points

• Cookson Peirce & Co. Inc. increased its stake in Baker Hughes Company by 89.3% during the 1st quarter, now holding 58,117 shares valued at approximately $2.55 million.
• CEO Lorenzo Simonelli sold 526,568 shares of Baker Hughes for over $23 million, resulting in a 44.10% decrease in their position.
• Baker Hughes recently announced a quarterly dividend of $0.23 per share, representing a 2.1% yield for shareholders of record on August 5th.

Cookson Peirce & Co. Inc. lifted its stake in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 89.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 58,117 shares of the company's stock after buying an additional 27,414 shares during the quarter. Cookson Peirce & Co. Inc.'s holdings in Baker Hughes were worth $2,554,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Prosperity Consulting Group LLC increased its holdings in Baker Hughes by 2.7% during the 1st quarter. Prosperity Consulting Group LLC now owns 10,533 shares of the company's stock worth $463,000 after purchasing an additional 278 shares during the last quarter. Greenleaf Trust increased its holdings in Baker Hughes by 2.2% during the 1st quarter. Greenleaf Trust now owns 13,852 shares of the company's stock worth $609,000 after purchasing an additional 293 shares during the last quarter. Commerce Bank increased its holdings in Baker Hughes by 1.0% during the 4th quarter. Commerce Bank now owns 31,075 shares of the company's stock worth $1,275,000 after purchasing an additional 300 shares during the last quarter. TCTC Holdings LLC increased its holdings in Baker Hughes by 7.7% during the 1st quarter. TCTC Holdings LLC now owns 4,219 shares of the company's stock worth $185,000 after purchasing an additional 301 shares during the last quarter. Finally, Grove Bank & Trust increased its holdings in Baker Hughes by 76.2% during the 1st quarter. Grove Bank & Trust now owns 740 shares of the company's stock worth $33,000 after purchasing an additional 320 shares during the last quarter. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Lorenzo Simonelli sold 526,568 shares of the company's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $44.42, for a total transaction of $23,390,150.56. Following the completion of the sale, the chief executive officer owned 667,593 shares in the company, valued at approximately $29,654,481.06. This represents a 44.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.27% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have recently commented on BKR. TD Securities decreased their target price on Baker Hughes from $50.00 to $49.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Stifel Nicolaus reduced their price objective on Baker Hughes from $50.00 to $49.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Morgan Stanley boosted their price objective on Baker Hughes from $45.00 to $55.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Barclays boosted their price objective on Baker Hughes from $48.00 to $53.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Finally, UBS Group restated a "neutral" rating and set a $46.00 price objective (up previously from $43.00) on shares of Baker Hughes in a research report on Wednesday, July 30th. Three analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $51.47.

Baker Hughes Stock Up 0.8%

NASDAQ:BKR opened at $42.85 on Thursday. The firm has a market capitalization of $42.24 billion, a price-to-earnings ratio of 14.00, a PEG ratio of 1.94 and a beta of 0.94. Baker Hughes Company has a 1-year low of $32.25 and a 1-year high of $49.40. The company has a current ratio of 1.41, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. The business's fifty day moving average price is $40.68 and its 200 day moving average price is $40.85.

Baker Hughes (NASDAQ:BKR - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.08. Baker Hughes had a return on equity of 14.56% and a net margin of 11.04%. The company had revenue of $6.91 billion for the quarter, compared to analyst estimates of $6.64 billion. During the same period in the prior year, the firm posted $0.57 EPS. The business's revenue was down 3.2% compared to the same quarter last year. On average, sell-side analysts forecast that Baker Hughes Company will post 2.59 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Tuesday, August 5th. Baker Hughes's dividend payout ratio is presently 30.07%.

Baker Hughes Profile

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.

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