New York State Common Retirement Fund Buys 218,937 Shares of Baker Hughes Company (NASDAQ:BKR)

New York State Common Retirement Fund grew its stake in Baker Hughes Company (NASDAQ:BKR - Free Report) by 32.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 895,987 shares of the company's stock after purchasing an additional 218,937 shares during the period. New York State Common Retirement Fund owned approximately 0.09% of Baker Hughes worth $39,379,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. China Universal Asset Management Co. Ltd. boosted its position in Baker Hughes by 51.9% during the first quarter. China Universal Asset Management Co. Ltd. now owns 24,455 shares of the company's stock worth $1,075,000 after purchasing an additional 8,351 shares in the last quarter. Geode Capital Management LLC lifted 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 buying an additional 465,832 shares during the period. Principal Financial Group Inc. lifted its position in Baker Hughes by 7.2% during the first quarter. Principal Financial Group Inc. now owns 1,239,175 shares of the company's stock worth $54,462,000 after buying an additional 82,706 shares during the period. Johnson Investment Counsel Inc. acquired a new stake in Baker Hughes during the first quarter worth about $360,000. Finally, DAVENPORT & Co LLC acquired a new stake in Baker Hughes during the first quarter worth about $233,000. Institutional investors and hedge funds own 92.06% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on BKR. Barclays decreased their price objective on shares of Baker Hughes from $54.00 to $48.00 and set an "overweight" rating for the company in a research report on Thursday, April 24th. The Goldman Sachs Group dropped their target price on Baker Hughes from $42.00 to $41.00 and set a "buy" rating on the stock in a research report on Wednesday, July 2nd. Piper Sandler dropped their price target on shares of Baker Hughes from $53.00 to $50.00 and set an "overweight" rating on the stock in a research note on Thursday, April 24th. TD Cowen lowered their price objective on shares of Baker Hughes from $50.00 to $49.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. Finally, Royal Bank Of Canada lowered their price objective on shares of Baker Hughes from $50.00 to $46.00 and set an "outperform" rating on the stock in a research note on Thursday, April 24th. Two equities research 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 $48.50.

Baker Hughes Stock Down 2.2%

BKR stock traded down $0.88 during midday trading on Tuesday, reaching $38.99. The company had a trading volume of 5,068,356 shares, compared to its average volume of 7,193,140. Baker Hughes Company has a 1 year low of $32.25 and a 1 year high of $49.40. The company has a current ratio of 1.34, a quick ratio of 0.93 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $38.63 billion, a P/E ratio of 13.31, a PEG ratio of 5.08 and a beta of 0.91. The company has a 50 day moving average of $38.12 and a two-hundred day moving average of $40.98.

Baker Hughes (NASDAQ:BKR - Get Free Report) last released 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. Baker Hughes had a net margin of 10.51% and a return on equity of 14.70%. The business had revenue of $6.43 billion during the quarter, compared to analyst estimates of $6.54 billion. On average, equities research analysts expect that Baker Hughes Company will post 2.59 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Tuesday, May 6th were issued a $0.23 dividend. The ex-dividend date of this dividend was Tuesday, May 6th. This represents a $0.92 annualized dividend and a yield of 2.36%. Baker Hughes's dividend payout ratio (DPR) is presently 31.40%.

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.