iA Global Asset Management Inc. Grows Stock Position in Baker Hughes Company (NASDAQ:BKR)

Key Points

• iA Global Asset Management Inc. has increased its stake in Baker Hughes by 19.4%, holding 183,569 shares valued at $8,068,000 after buying an additional 29,776 shares.
• Baker Hughes recently announced a quarterly dividend of $0.23 per share, representing an annual yield of 2.1% and a payout ratio of 30.07%.
• Analysts have generally rated Baker Hughes positively, with an average target price of $51.47 and 18 analysts giving the stock a "buy" rating.

iA Global Asset Management Inc. boosted its holdings in Baker Hughes Company (NASDAQ:BKR - Free Report) by 19.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 183,569 shares of the company's stock after buying an additional 29,776 shares during the period. iA Global Asset Management Inc.'s holdings in Baker Hughes were worth $8,068,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Capital Research Global Investors grew its stake in Baker Hughes by 0.6% during the fourth quarter. Capital Research Global Investors now owns 27,687,590 shares of the company's stock worth $1,135,744,000 after buying an additional 177,232 shares during the period. FMR LLC increased its holdings in Baker Hughes by 12.5% in the 4th quarter. FMR LLC now owns 15,702,057 shares of the company's stock valued at $644,098,000 after purchasing an additional 1,744,225 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Baker Hughes by 8.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 11,552,478 shares of the company's stock valued at $473,880,000 after purchasing an additional 874,297 shares in the last quarter. Northern Trust Corp raised its position in Baker Hughes by 18.4% in the fourth quarter. Northern Trust Corp now owns 10,000,756 shares of the company's stock valued at $410,231,000 after purchasing an additional 1,553,536 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Baker Hughes by 10.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 6,109,441 shares of the company's stock worth $273,703,000 after purchasing an additional 568,365 shares in the last quarter. Hedge funds and other institutional investors own 92.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Evercore ISI upped their price target on Baker Hughes from $53.00 to $55.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Jefferies Financial Group set a $58.00 price objective on Baker Hughes in a report on Wednesday, July 30th. Stifel Nicolaus reduced their target price on Baker Hughes from $50.00 to $49.00 and set a "buy" rating for the company in a research note on Wednesday, July 16th. Piper Sandler decreased their price target on shares of Baker Hughes from $53.00 to $50.00 and set an "overweight" rating for the company in a research report on Thursday, April 24th. Finally, Industrial Alliance Securities set a $53.00 price target on shares of Baker Hughes in a report on Wednesday, July 30th. Three investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $51.47.

Insider Transactions at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 526,568 shares of the business's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $44.42, for a total transaction of $23,390,150.56. Following the completion of the transaction, the chief executive officer 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 the SEC website. Insiders own 0.27% of the company's stock.

Baker Hughes Price Performance

BKR opened at $43.82 on Wednesday. The firm has a market cap of $43.20 billion, a price-to-earnings ratio of 14.32, a price-to-earnings-growth ratio of 5.38 and a beta of 0.94. Baker Hughes Company has a fifty-two week low of $32.25 and a fifty-two week high of $49.40. The company's 50-day moving average price is $39.98 and its 200 day moving average price is $40.94. The company has a quick ratio of 1.00, a current ratio of 1.41 and a debt-to-equity ratio of 0.33.

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

Baker Hughes Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Tuesday, August 5th. Baker Hughes's dividend payout ratio (DPR) 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.