Neuberger Berman Group LLC Buys 928,191 Shares of Baker Hughes Company (NASDAQ:BKR)

Key Points

• Neuberger Berman Group LLC increased its holdings in Baker Hughes Company by 28.0% in the first quarter, owning approximately 4.25 million shares valued at $186.8 million.
• CEO Lorenzo Simonelli sold 526,568 shares of Baker Hughes stock for over $23 million, reducing his ownership by 44.10%.
• Analysts have a consensus rating of "Moderate Buy" on Baker Hughes, with an average target price of $51.47, highlighting significant interest from institutional investors.

Neuberger Berman Group LLC grew its position in Baker Hughes Company (NASDAQ:BKR - Free Report) by 28.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 4,247,609 shares of the company's stock after buying an additional 928,191 shares during the period. Neuberger Berman Group LLC owned 0.43% of Baker Hughes worth $186,778,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Envestnet Asset Management Inc. grew its stake in Baker Hughes by 2.8% in the first quarter. Envestnet Asset Management Inc. now owns 621,468 shares of the company's stock valued at $27,314,000 after acquiring an additional 17,035 shares during the period. China Universal Asset Management Co. Ltd. grew its stake in Baker Hughes by 51.9% in the first quarter. China Universal Asset Management Co. Ltd. now owns 24,455 shares of the company's stock valued at $1,075,000 after acquiring an additional 8,351 shares during the period. Stack Financial Management Inc acquired a new position in Baker Hughes in the first quarter valued at about $12,890,000. Principal Financial Group Inc. grew its stake in Baker Hughes by 7.2% in the first 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 during the period. Finally, Johnson Investment Counsel Inc. acquired a new position in Baker Hughes in the first quarter valued at about $360,000. 92.06% of the stock is owned by institutional investors and hedge funds.

Baker Hughes Stock Performance

Baker Hughes stock traded down $0.45 during trading on Friday, hitting $42.80. The stock had a trading volume of 6,566,692 shares, compared to its average volume of 8,466,977. Baker Hughes Company has a 1 year low of $32.25 and a 1 year high of $49.40. 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 stock's 50 day moving average is $40.80 and its two-hundred day moving average is $40.84. The stock has a market cap of $42.20 billion, a price-to-earnings ratio of 13.99, a price-to-earnings-growth ratio of 1.97 and a beta of 0.94.

Baker Hughes (NASDAQ:BKR - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The company reported $0.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.55 by $0.08. Baker Hughes had a net margin of 11.04% and a return on equity of 14.56%. The business 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 firm posted $0.57 EPS. The business's revenue for the quarter was down 3.2% compared to the same quarter last year. As a group, analysts predict that Baker Hughes Company will post 2.59 EPS for the current year.

Baker Hughes Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th will be issued a $0.23 dividend. The ex-dividend date of this dividend is Tuesday, August 5th. This represents a $0.92 annualized dividend and a dividend yield of 2.1%. Baker Hughes's dividend payout ratio is presently 30.07%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on BKR shares. Industrial Alliance Securities set a $53.00 price objective on Baker Hughes in a research note on Wednesday, July 30th. Morgan Stanley upped their price objective on Baker Hughes from $45.00 to $55.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Evercore ISI upped their price objective on Baker Hughes from $53.00 to $55.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. The Goldman Sachs Group dropped their price objective on Baker Hughes from $42.00 to $41.00 and set a "buy" rating on the stock in a research note on Wednesday, July 2nd. Finally, Piper Sandler dropped their price objective on Baker Hughes from $53.00 to $50.00 and set an "overweight" rating on the stock in a research note on Thursday, April 24th. Three equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $51.47.

Insider Buying and Selling at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 526,568 shares of the stock in a transaction 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 owned 667,593 shares of the company's stock, valued at $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 Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.27% of the company's stock.

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.