Glenmede Trust Co. NA Decreases Stake in Baker Hughes Company $BKR

Key Points

• Glenmede Trust reduced its Baker Hughes stake by 11.3% in the first quarter, selling 51,033 shares and retaining 400,882 shares valued at approximately $24.5 million. Institutional investors collectively own 92.06% of the company.
• Baker Hughes insiders sold 367,910 shares worth approximately $22.4 million during the last quarter, including substantial sales by CEO Lorenzo Simonelli and Chief Accounting Officer Rebecca Charlton under pre-arranged Rule 10b5-1 plans.
• The company reported quarterly earnings of $0.64 per share and revenue of $6.74 billion, exceeding analyst estimates. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $69.95, while Baker Hughes announced a quarterly dividend of $0.23 per share.

Glenmede Trust Co. NA cut its stake in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 11.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 400,882 shares of the company's stock after selling 51,033 shares during the quarter. Glenmede Trust Co. NA's holdings in Baker Hughes were worth $24,474,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in BKR. EFG International AG purchased a new position in Baker Hughes in the fourth quarter valued at about $26,000. Cullen Frost Bankers Inc. lifted its position in shares of Baker Hughes by 344.1% during the 4th 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 purchased a new stake in shares of Baker Hughes during the 4th quarter worth approximately $31,000. MV Capital Management Inc. purchased a new stake in shares of Baker Hughes during the 4th quarter worth approximately $34,000. Finally, Acumen Wealth Advisors LLC acquired a new stake in shares of Baker Hughes in the 4th quarter worth approximately $35,000. Hedge funds and other institutional investors own 92.06% of the company's stock.

Insider Transactions at Baker Hughes

In other Baker Hughes news, CAO Rebecca L. Charlton sold 5,088 shares of the firm's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total transaction of $326,751.36. Following the sale, the chief accounting officer directly owned 15,997 shares of the company's stock, valued at $1,027,327.34. This trade represents a 24.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lorenzo Simonelli sold 181,411 shares of Baker Hughes 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 approximately $41,102,232.92. This trade represents a 20.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 367,910 shares of company stock valued at $22,420,797. 0.19% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Argus raised their price objective on Baker Hughes from $67.00 to $79.00 in a research note on Friday, May 1st. Zacks Research raised Baker Hughes from a "strong sell" rating to a "hold" rating in a report on Monday, June 15th. Barclays dropped their price target on Baker Hughes from $74.00 to $72.00 and set an "equal weight" rating for the company in a research report on Thursday, July 16th. Wall Street Zen raised Baker Hughes from a "hold" rating to a "buy" rating in a research note on Tuesday, July 28th. Finally, HSBC boosted their price objective on shares of Baker Hughes from $67.00 to $85.00 and gave the stock a "buy" rating in a research report on Monday, April 27th. Seventeen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $69.95.

Baker Hughes Price Performance

BKR stock opened at $60.49 on Friday. The stock's 50 day moving average price is $59.36 and its 200 day moving average price is $60.25. The firm has a market cap of $60.05 billion, a P/E ratio of 19.51, a PEG ratio of 1.92 and a beta of 0.96. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.77 and a current ratio of 2.09. Baker Hughes Company has a 1 year low of $41.96 and a 1 year high of $70.41.

Baker Hughes (NASDAQ:BKR - Get Free Report) last released its quarterly earnings results on Sunday, July 26th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.13. Baker Hughes had a return on equity of 13.85% and a net margin of 11.17%.The company had revenue of $6.74 billion during the quarter, compared to the consensus estimate of $6.54 billion. During the same quarter last year, the business posted $0.63 earnings per share. Baker Hughes's revenue was up 2.4% compared to the same quarter last year. On average, sell-side analysts expect that Baker Hughes Company will post 2.46 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Friday, August 7th will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Friday, August 7th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.5%. Baker Hughes's dividend payout ratio (DPR) is presently 29.68%.

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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