Heartland Bank & Trust Co Buys New Shares in Baker Hughes Company $BKR

Key Points

• Heartland Bank & Trust Co acquired a new stake in Baker Hughes Company, purchasing 8,711 shares valued at approximately $334,000 in the second quarter.
• Several hedge funds have significantly increased their positions in Baker Hughes, with NorthRock Partners LLC growing its stake by 54.2% and Envestnet Portfolio Solutions Inc. growing its stake by 266.0% during the same period.
• Analysts have raised their price targets for Baker Hughes, with Evercore ISI setting a new target of $55.00 while maintaining an "outperform" rating for the stock.

Heartland Bank & Trust Co bought a new stake in Baker Hughes Company (NASDAQ:BKR - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 8,711 shares of the company's stock, valued at approximately $334,000.

A number of other hedge funds have also added to or reduced their stakes in the business. NorthRock Partners LLC grew its position in Baker Hughes by 54.2% in the second quarter. NorthRock Partners LLC now owns 13,584 shares of the company's stock valued at $521,000 after purchasing an additional 4,774 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its position in Baker Hughes by 266.0% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 127,646 shares of the company's stock valued at $4,894,000 after purchasing an additional 92,768 shares in the last quarter. Vest Financial LLC grew its position in Baker Hughes by 66.6% in the second quarter. Vest Financial LLC now owns 742,494 shares of the company's stock valued at $28,467,000 after purchasing an additional 296,796 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in Baker Hughes by 19.0% in the second quarter. Allspring Global Investments Holdings LLC now owns 7,272,976 shares of the company's stock valued at $281,391,000 after purchasing an additional 1,163,535 shares in the last quarter. Finally, LRI Investments LLC lifted its stake in Baker Hughes by 59.3% in the second quarter. LRI Investments LLC now owns 1,032 shares of the company's stock valued at $40,000 after acquiring an additional 384 shares during the last quarter. Institutional investors own 92.06% of the company's stock.

Insider Buying and Selling

In related news, CAO Rebecca L. Charlton sold 1,000 shares of the firm's stock in a transaction dated Tuesday, September 23rd. The shares were sold at an average price of $50.00, for a total transaction of $50,000.00. Following the transaction, the chief accounting officer directly owned 11,772 shares of the company's stock, valued at approximately $588,600. This trade represents a 7.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Lorenzo Simonelli sold 526,568 shares of the firm'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 transaction, the chief executive officer directly owned 667,593 shares in the company, valued at approximately $29,654,481.06. This represents a 44.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 553,068 shares of company stock valued at $24,712,651. 0.27% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on BKR shares. Evercore ISI lifted their price objective on shares of Baker Hughes from $53.00 to $55.00 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. Royal Bank Of Canada lifted their price objective on shares of Baker Hughes from $50.00 to $54.00 and gave the company an "outperform" rating in a research report on Thursday, October 9th. Morgan Stanley lifted their price objective on shares of Baker Hughes from $45.00 to $55.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Zephirin Group lifted their price objective on shares of Baker Hughes from $37.00 to $40.00 and gave the company a "hold" rating in a research report on Thursday, October 2nd. Finally, UBS Group lifted their price objective on shares of Baker Hughes from $46.00 to $48.00 and gave the company a "neutral" rating in a research report on Monday, October 6th. Twenty-two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $52.57.

Baker Hughes Stock Performance

NASDAQ BKR opened at $45.49 on Tuesday. The firm has a 50-day moving average of $45.97 and a 200-day moving average of $41.33. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.41. The stock has a market cap of $44.85 billion, a PE ratio of 14.87, a P/E/G ratio of 2.05 and a beta of 0.99. Baker Hughes Company has a 52-week low of $33.60 and a 52-week high of $50.92.

Baker Hughes (NASDAQ:BKR - Get Free Report) last posted its earnings results on Friday, November 18th. The company reported $0.16 earnings per share (EPS) for the quarter. The company had revenue of $5.09 billion during the quarter. Baker Hughes had a net margin of 11.04% and a return on equity of 14.56%. On average, sell-side analysts anticipate that Baker Hughes Company will post 2.59 EPS for the current year.

Baker Hughes Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, August 5th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Tuesday, August 5th. Baker Hughes's dividend payout ratio (DPR) is currently 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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