Minneapolis Portfolio Management Group LLC Acquires 44,527 Shares of Baker Hughes Company $BKR

Key Points

• Minneapolis Portfolio Management Group LLC increased its Baker Hughes stake by 7.7% in the fourth quarter, buying 44,527 additional shares and bringing its total holding to 624,412 shares worth about $28.4 million.
• Several insiders sold shares recently, including CEO Lorenzo Simonelli, who sold 272,594 shares for about $16.0 million; insiders have sold 550,250 shares worth roughly $33.0 million over the last quarter.
• Analysts remain generally bullish on Baker Hughes, with 18 Buy ratings and a consensus “Moderate Buy” view; the average price target stands at $69.41 while the stock recently traded near $62.97.

Minneapolis Portfolio Management Group LLC grew its holdings in Baker Hughes Company (NASDAQ:BKR - Free Report) by 7.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 624,412 shares of the company's stock after purchasing an additional 44,527 shares during the period. Baker Hughes comprises about 3.2% of Minneapolis Portfolio Management Group LLC's investment portfolio, making the stock its 17th biggest holding. Minneapolis Portfolio Management Group LLC owned 0.06% of Baker Hughes worth $28,436,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. New Mexico Educational Retirement Board increased its holdings in shares of Baker Hughes by 0.9% in the 4th quarter. New Mexico Educational Retirement Board now owns 45,142 shares of the company's stock worth $2,056,000 after purchasing an additional 400 shares in the last quarter. Reaves W H & Co. Inc. bought a new stake in shares of Baker Hughes in the 4th quarter worth $228,000. Peapack Gladstone Financial Corp grew its holdings in shares of Baker Hughes by 5.7% in the fourth quarter. Peapack Gladstone Financial Corp now owns 208,731 shares of the company's stock worth $9,505,000 after acquiring an additional 11,220 shares during the period. Nomura Asset Management Co. Ltd. grew its holdings in shares of Baker Hughes by 1.8% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 374,243 shares of the company's stock worth $17,043,000 after acquiring an additional 6,459 shares during the period. Finally, MUFG Securities EMEA plc grew its holdings in shares of Baker Hughes by 283.8% in the fourth quarter. MUFG Securities EMEA plc now owns 2,375,463 shares of the company's stock worth $108,179,000 after acquiring an additional 1,756,593 shares during the period. Institutional investors own 92.06% of the company's stock.

Insider Buying and Selling at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 272,594 shares of the business's stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $58.79, for a total value of $16,025,801.26. Following the transaction, the chief executive officer directly owned 866,444 shares in the company, valued at $50,938,242.76. The trade was a 23.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Maria Georgia Magno sold 5,063 shares of the business's stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $59.04, for a total value of $298,919.52. Following the completion of the transaction, the insider owned 15,555 shares in the company, valued at $918,367.20. The trade was a 24.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 550,250 shares of company stock worth $32,988,331 over the last quarter. 0.19% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

BKR has been the subject of several research analyst reports. Royal Bank Of Canada lifted their price objective on Baker Hughes from $68.00 to $71.00 and gave the stock an "outperform" rating in a report on Monday, April 27th. Susquehanna lifted their price objective on Baker Hughes from $70.00 to $80.00 and gave the stock a "positive" rating in a report on Monday, April 27th. Barclays reaffirmed an "equal weight" rating and issued a $74.00 price objective (up from $62.00) on shares of Baker Hughes in a report on Thursday, May 7th. JPMorgan Chase & Co. lifted their price objective on Baker Hughes from $60.00 to $74.00 and gave the stock an "overweight" rating in a report on Monday, April 27th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Baker Hughes in a report on Friday, April 24th. Eighteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Baker Hughes presently has an average rating of "Moderate Buy" and a consensus price target of $69.41.

Baker Hughes Price Performance

NASDAQ BKR opened at $62.97 on Tuesday. The company has a market capitalization of $62.47 billion, a PE ratio of 20.12, a price-to-earnings-growth ratio of 2.27 and a beta of 0.97. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.77 and a current ratio of 2.13. The business's fifty day moving average is $63.74 and its 200 day moving average is $56.95. Baker Hughes Company has a fifty-two week low of $36.82 and a fifty-two week high of $70.41.

Baker Hughes (NASDAQ:BKR - Get Free Report) last released its earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.09. The company had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $6.71 billion. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.Baker Hughes's quarterly revenue was up 2.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.51 earnings per share. Sell-side analysts predict that Baker Hughes Company will post 2.31 earnings per share for the current year.

Baker Hughes Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were given a dividend of $0.23 per share. The ex-dividend date was Tuesday, May 5th. This represents a $0.92 annualized dividend and a yield of 1.5%. Baker Hughes's payout ratio is 29.39%.

About Baker Hughes

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.

Want to see what other hedge funds are holding BKR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Baker Hughes Company (NASDAQ:BKR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.