Mirae Asset Global Investments Co. Ltd. Buys 72,714 Shares of Baker Hughes Company $BKR

Key Points

• Mirae Asset increased its stake in Baker Hughes by 17.7%, purchasing 72,714 shares to own 484,310 shares worth $22,055,000 at quarter-end.
• Baker Hughes beat quarterly estimates (EPS $0.78 vs. $0.67; revenue $7.39B vs. $7.09B), and Wall Street sentiment is broadly positive with 20 Buy ratings, 2 Hold and an average price target of $61.30.
• Insiders sold 590,251 shares totaling about $35.3M in the last 90 days, even as institutional ownership remains high at 92.06%.

Mirae Asset Global Investments Co. Ltd. lifted its stake in Baker Hughes Company (NASDAQ:BKR - Free Report) by 17.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 484,310 shares of the company's stock after purchasing an additional 72,714 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Baker Hughes were worth $22,055,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Activest Wealth Management lifted its stake in Baker Hughes by 1,242.5% in the third quarter. Activest Wealth Management now owns 537 shares of the company's stock worth $26,000 after acquiring an additional 497 shares during the period. E Fund Management Hong Kong Co. Ltd. lifted its stake in Baker Hughes by 104.0% in the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 661 shares of the company's stock worth $32,000 after acquiring an additional 337 shares during the period. JFS Wealth Advisors LLC lifted its stake in Baker Hughes by 45.1% in the fourth quarter. JFS Wealth Advisors LLC now owns 811 shares of the company's stock worth $37,000 after acquiring an additional 252 shares during the period. Wolff Wiese Magana LLC lifted its stake in Baker Hughes by 55.6% in the fourth quarter. Wolff Wiese Magana LLC now owns 840 shares of the company's stock worth $38,000 after acquiring an additional 300 shares during the period. Finally, Spire Wealth Management lifted its stake in Baker Hughes by 357.8% in the third quarter. Spire Wealth Management now owns 1,021 shares of the company's stock worth $50,000 after acquiring an additional 798 shares during the period. 92.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BKR has been the subject of a number of research reports. Piper Sandler upped their price objective on shares of Baker Hughes from $61.00 to $64.00 and gave the stock an "overweight" rating in a research note on Wednesday. iA Financial set a $60.00 price objective on shares of Baker Hughes in a research note on Tuesday, January 27th. Johnson Rice initiated coverage on shares of Baker Hughes in a research note on Wednesday, February 25th. They issued a "buy" rating and a $68.00 price objective for the company. Zephirin Group upped their price objective on shares of Baker Hughes from $40.00 to $45.00 and gave the stock a "hold" rating in a research note on Monday, January 26th. Finally, Wall Street Zen lowered shares of Baker Hughes from a "buy" rating to a "hold" rating in a research note on Saturday, March 28th. Twenty investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $61.30.

Baker Hughes Stock Performance

BKR stock opened at $59.78 on Friday. The firm has a market cap of $59.08 billion, a price-to-earnings ratio of 22.99, a PEG ratio of 2.02 and a beta of 0.90. The firm has a 50-day simple moving average of $61.07 and a two-hundred day simple moving average of $53.23. Baker Hughes Company has a one year low of $34.56 and a one year high of $67.00. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.00 and a current ratio of 1.36.

Baker Hughes (NASDAQ:BKR - Get Free Report) last released its quarterly earnings results on Monday, January 26th. The company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.67 by $0.11. The business had revenue of $7.39 billion during the quarter, compared to analyst estimates of $7.09 billion. Baker Hughes had a net margin of 9.33% and a return on equity of 14.26%. The company's quarterly revenue was up .3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.70 earnings per share. On average, equities analysts forecast that Baker Hughes Company will post 2.59 EPS for the current fiscal year.

Baker Hughes Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Tuesday, February 17th were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Tuesday, February 17th. Baker Hughes's dividend payout ratio is presently 35.38%.

Insider Activity

In related news, insider Maria Georgia Magno sold 5,063 shares of the stock in a transaction that occurred on 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 directly owned 15,555 shares of the company's stock, valued at $918,367.20. This trade represents a 24.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William G. Beattie sold 18,023 shares of the stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $57.29, for a total transaction of $1,032,537.67. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 590,251 shares of company stock valued at $35,311,023. Corporate insiders own 0.19% of the company's stock.

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.

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