Neo Ivy Capital Management Takes Position in Baker Hughes Company (NASDAQ:BKR)

Key Points

• Neo Ivy Capital Management has acquired a new position in Baker Hughes Company, purchasing 12,824 shares valued at approximately $564,000 during the first quarter.
• Baker Hughes recently announced a quarterly dividend of $0.23 per share, equating to an annualized dividend yield of 2.00%.
• In its last quarterly earnings report, Baker Hughes reported an EPS of $0.63, exceeding analysts' expectations of $0.55 with revenues of $6.91 billion.

Neo Ivy Capital Management purchased a new position in Baker Hughes Company (NASDAQ:BKR - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 12,824 shares of the company's stock, valued at approximately $564,000.

Several other large investors also recently modified their holdings of the company. Assetmark Inc. lifted its position in shares of Baker Hughes by 13.3% during the 1st quarter. Assetmark Inc. now owns 26,880 shares of the company's stock valued at $1,181,000 after buying an additional 3,161 shares in the last quarter. Cetera Investment Advisers lifted its holdings in Baker Hughes by 36.0% during the first quarter. Cetera Investment Advisers now owns 112,945 shares of the company's stock valued at $4,964,000 after purchasing an additional 29,906 shares in the last quarter. Avantax Advisory Services Inc. increased its stake in shares of Baker Hughes by 17.0% in the first quarter. Avantax Advisory Services Inc. now owns 26,212 shares of the company's stock worth $1,152,000 after purchasing an additional 3,816 shares in the last quarter. Brookwood Investment Group LLC purchased a new position in shares of Baker Hughes during the 1st quarter valued at $664,000. Finally, Journey Strategic Wealth LLC boosted its holdings in Baker Hughes by 6.8% in the 1st quarter. Journey Strategic Wealth LLC now owns 6,711 shares of the company's stock worth $295,000 after buying an additional 429 shares during the period. Institutional investors own 92.06% of the company's stock.

Baker Hughes Price Performance

Shares of Baker Hughes stock traded down $0.04 during mid-day trading on Wednesday, reaching $45.71. 2,442,658 shares of the stock traded hands, compared to its average volume of 8,065,945. The company has a quick ratio of 1.00, a current ratio of 1.41 and a debt-to-equity ratio of 0.33. The business has a 50-day moving average of $39.23 and a 200 day moving average of $40.99. The stock has a market capitalization of $45.29 billion, a PE ratio of 14.93, a PEG ratio of 5.76 and a beta of 0.91. Baker Hughes Company has a fifty-two week low of $32.25 and a fifty-two week high of $49.40.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.08. Baker Hughes had a net margin of 11.04% and a return on equity of 14.56%. The company had revenue of $6.91 billion for the quarter, compared to analysts' expectations of $6.64 billion. During the same quarter in the previous year, the company posted $0.57 EPS. The firm's quarterly revenue was down 3.2% on a year-over-year basis. On average, analysts predict that Baker Hughes Company will post 2.59 EPS for the current year.

Baker Hughes Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th will be issued a $0.23 dividend. The ex-dividend date is Tuesday, August 5th. This represents a $0.92 annualized dividend and a yield of 2.01%. Baker Hughes's payout ratio is 30.07%.

Insider Buying and Selling at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 526,568 shares of the company's stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $44.42, for a total value of $23,390,150.56. Following the transaction, the chief executive officer directly owned 667,593 shares in the company, valued at approximately $29,654,481.06. This represents a 44.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.27% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

BKR has been the topic of a number of research analyst reports. UBS Group boosted their price target on Baker Hughes from $43.00 to $46.00 and gave the stock a "neutral" rating in a report on Wednesday. Stifel Nicolaus dropped their price objective on shares of Baker Hughes from $50.00 to $49.00 and set a "buy" rating for the company in a research note on Wednesday, July 16th. Jefferies Financial Group reissued a "buy" rating on shares of Baker Hughes in a research note on Sunday. Susquehanna raised their price target on Baker Hughes from $46.00 to $52.00 and gave the stock a "positive" rating in a research report on Thursday, July 24th. Finally, TD Securities lowered their target price on shares of Baker Hughes from $50.00 to $49.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Two research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $50.50.

About Baker Hughes

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.