Mitsubishi UFJ Asset Management Co. Ltd. Purchases 180,809 Shares of Baker Hughes Company (NASDAQ:BKR)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Baker Hughes by 10.9%, owning approximately 1.84 million shares valued at $80.7 million as of the latest quarter.
• Baker Hughes reported $0.63 earnings per share for the last quarter, exceeding estimates and showing a 3.2% decrease in year-over-year revenue.
• The company announced a quarterly dividend of $0.23 per share, with a dividend yield of 2.1%, highlighting its commitment to returning value to shareholders.

Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Baker Hughes Company (NASDAQ:BKR - Free Report) by 10.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,837,276 shares of the company's stock after purchasing an additional 180,809 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.19% of Baker Hughes worth $80,748,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. Deutsche Bank AG boosted its holdings in Baker Hughes by 5.3% in the first quarter. Deutsche Bank AG now owns 8,181,944 shares of the company's stock worth $359,596,000 after purchasing an additional 411,396 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Baker Hughes by 2.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 7,274,492 shares of the company's stock worth $319,714,000 after acquiring an additional 187,589 shares during the last quarter. ASR Vermogensbeheer N.V. acquired a new position in Baker Hughes during the 1st quarter worth $17,197,000. Citizens Financial Group Inc. RI acquired a new position in Baker Hughes during the 1st quarter worth $8,314,000. Finally, Vanguard Group Inc. lifted its position in Baker Hughes by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 122,118,216 shares of the company's stock worth $5,367,096,000 after acquiring an additional 924,501 shares during the last quarter. 92.06% of the stock is currently owned by institutional investors.

Baker Hughes Price Performance

NASDAQ BKR traded down $0.12 on Wednesday, reaching $42.40. The company's stock had a trading volume of 2,287,890 shares, compared to its average volume of 7,947,000. The firm has a market cap of $41.80 billion, a PE ratio of 13.81, a price-to-earnings-growth ratio of 1.95 and a beta of 0.94. The business has a 50-day moving average price of $40.57 and a 200 day moving average price of $40.83. Baker Hughes Company has a 52 week low of $32.25 and a 52 week high of $49.40. The company has a current ratio of 1.41, a quick ratio of 1.00 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 earnings per share for the quarter, beating analysts' consensus estimates of $0.55 by $0.08. The business had revenue of $6.91 billion for the quarter, compared to analysts' expectations of $6.64 billion. Baker Hughes had a net margin of 11.04% and a return on equity of 14.56%. The firm's revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.57 earnings per share. Sell-side analysts expect that Baker Hughes Company will post 2.59 EPS for the current year.

Baker Hughes Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, August 5th will be paid a $0.23 dividend. The ex-dividend date of this dividend is Tuesday, August 5th. This represents a $0.92 dividend on an annualized basis and a yield of 2.2%. Baker Hughes's payout ratio is presently 30.07%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Morgan Stanley boosted their target price on shares of Baker Hughes from $45.00 to $55.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. TD Securities cut their target price on shares of Baker Hughes from $50.00 to $49.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. UBS Group reissued a "neutral" rating and set a $46.00 target price (up previously from $43.00) on shares of Baker Hughes in a research report on Wednesday, July 30th. Susquehanna boosted their target price on shares of Baker Hughes from $46.00 to $52.00 and gave the stock a "positive" rating in a research report on Thursday, July 24th. Finally, Piper Sandler cut their target price 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. Three analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $51.47.

Insiders Place Their Bets

In other Baker Hughes news, CEO Lorenzo Simonelli sold 526,568 shares of the company's stock in a transaction dated 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 sale, the chief executive officer directly owned 667,593 shares of the company's stock, valued at approximately $29,654,481.06. This represents a 44.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.27% of the stock is currently owned by insiders.

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.