Iridian Asset Management LLC CT Cuts Stake in Baker Hughes Company (NASDAQ:BKR)

Iridian Asset Management LLC CT cut its holdings in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 11.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 70,026 shares of the company's stock after selling 8,932 shares during the quarter. Baker Hughes makes up 1.0% of Iridian Asset Management LLC CT's investment portfolio, making the stock its 28th largest holding. Iridian Asset Management LLC CT's holdings in Baker Hughes were worth $3,078,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in BKR. Nisa Investment Advisors LLC raised its stake in Baker Hughes by 5.9% in the 1st quarter. Nisa Investment Advisors LLC now owns 199,198 shares of the company's stock valued at $8,755,000 after acquiring an additional 11,015 shares during the period. Dogwood Wealth Management LLC bought a new stake in shares of Baker Hughes during the 1st quarter valued at $612,000. Linden Thomas Advisory Services LLC lifted its holdings in shares of Baker Hughes by 2.4% in the first quarter. Linden Thomas Advisory Services LLC now owns 19,456 shares of the company's stock worth $855,000 after buying an additional 449 shares in the last quarter. Greenleaf Trust boosted its holdings in Baker Hughes by 2.2% in the 1st quarter. Greenleaf Trust now owns 13,852 shares of the company's stock valued at $609,000 after purchasing an additional 293 shares during the period. Finally, Ninety One UK Ltd grew its position in Baker Hughes by 1.3% during the first quarter. Ninety One UK Ltd now owns 487,547 shares of the company's stock worth $21,428,000 after buying an additional 6,101 shares in the last quarter. Institutional investors own 92.06% of the company's stock.

Baker Hughes Stock Down 1.9%

Shares of BKR stock traded down $0.78 during midday trading on Wednesday, reaching $39.33. 7,624,825 shares of the stock were exchanged, compared to its average volume of 7,183,960. Baker Hughes Company has a 1 year low of $32.25 and a 1 year high of $49.40. The firm has a market cap of $38.97 billion, a PE ratio of 16.37, a price-to-earnings-growth ratio of 4.32 and a beta of 0.91. The company's 50 day moving average is $37.84 and its two-hundred day moving average is $41.00. The company has a current ratio of 1.34, a quick ratio of 0.93 and a debt-to-equity ratio of 0.35.

Baker Hughes (NASDAQ:BKR - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.03. Baker Hughes had a return on equity of 14.70% and a net margin of 10.51%. The company had revenue of $6.43 billion for the quarter, compared to analysts' expectations of $6.54 billion. On average, equities research analysts predict that Baker Hughes Company will post 2.59 EPS for the current year.

Baker Hughes Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Tuesday, May 6th were paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend was Tuesday, May 6th. Baker Hughes's dividend payout ratio is 31.40%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. TD Securities decreased their price target on shares of Baker Hughes from $50.00 to $49.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Morgan Stanley decreased their price objective on Baker Hughes from $55.00 to $45.00 and set an "overweight" rating on the stock in a report on Friday, May 16th. Barclays cut their target price on Baker Hughes from $54.00 to $48.00 and set an "overweight" rating for the company in a research note on Thursday, April 24th. Citigroup lowered their price objective on shares of Baker Hughes from $54.00 to $53.00 and set a "buy" rating for the company in a report on Tuesday, April 8th. Finally, Evercore ISI decreased their target price on shares of Baker Hughes from $52.00 to $50.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Two investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $48.50.

Baker Hughes Company 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.