M&T Bank Corp Decreases Stake in Baker Hughes Company (NASDAQ:BKR)

M&T Bank Corp cut its stake in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 12.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 45,756 shares of the company's stock after selling 6,303 shares during the quarter. M&T Bank Corp's holdings in Baker Hughes were worth $2,011,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Geode Capital Management LLC boosted its position in Baker Hughes by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 24,543,925 shares of the company's stock worth $1,004,212,000 after purchasing an additional 465,832 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its position in shares of Baker Hughes by 51.9% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 24,455 shares of the company's stock worth $1,075,000 after buying an additional 8,351 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Baker Hughes by 7.2% during the 1st quarter. Principal Financial Group Inc. now owns 1,239,175 shares of the company's stock valued at $54,462,000 after acquiring an additional 82,706 shares in the last quarter. Johnson Investment Counsel Inc. purchased a new position in Baker Hughes during the 1st quarter valued at about $360,000. Finally, DAVENPORT & Co LLC acquired a new position in Baker Hughes during the first quarter worth about $233,000. Hedge funds and other institutional investors own 92.06% of the company's stock.

Baker Hughes Price Performance

Baker Hughes stock opened at $40.70 on Friday. Baker Hughes Company has a 1 year low of $32.25 and a 1 year high of $49.40. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.93 and a current ratio of 1.34. The firm has a 50 day moving average price of $38.06 and a 200 day moving average price of $40.99. The company has a market cap of $40.32 billion, a price-to-earnings ratio of 13.89, a PEG ratio of 5.08 and a beta of 0.91.

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

Baker Hughes Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Tuesday, May 6th were issued a $0.23 dividend. The ex-dividend date was Tuesday, May 6th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.26%. Baker Hughes's dividend payout ratio (DPR) is 31.40%.

Analyst Upgrades and Downgrades

BKR has been the topic of several research reports. Citigroup lowered their price target on shares of Baker Hughes from $54.00 to $53.00 and set a "buy" rating on the stock in a research report on Tuesday, April 8th. Piper Sandler lowered their target price on Baker Hughes from $53.00 to $50.00 and set an "overweight" rating on the stock in a report on Thursday, April 24th. Royal Bank Of Canada cut their price target on Baker Hughes from $50.00 to $46.00 and set an "outperform" rating for the company in a report on Thursday, April 24th. Stifel Nicolaus set a $50.00 price objective on Baker Hughes and gave the company a "buy" rating in a research report on Thursday, April 24th. Finally, Morgan Stanley dropped their price objective on Baker Hughes from $55.00 to $45.00 and set an "overweight" rating for the company in a research report on Friday, May 16th. Two 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 stock currently has an average rating of "Moderate Buy" and a consensus price target 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.

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