Nuveen LLC Makes New $404.39 Million Investment in Baker Hughes Company (NASDAQ:BKR)

Key Points

• Nuveen LLC acquired a new stake in Baker Hughes Company, buying approximately 9.2 million shares valued at around $404 million, representing 0.93% of the company's stock as of the last reporting period.
• Baker Hughes recently announced a quarterly dividend of $0.23 per share, with a corresponding annualized dividend of $0.92 and a yield of 2.1% for shareholders.
• The company's latest earnings report showed an EPS of $0.63, exceeding estimates, but reflected a 3.2% decrease in revenue compared to the previous year.

Nuveen LLC purchased a new position in Baker Hughes Company (NASDAQ:BKR - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 9,201,028 shares of the company's stock, valued at approximately $404,385,000. Nuveen LLC owned about 0.93% of Baker Hughes as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in BKR. Invesco Ltd. lifted its holdings in shares of Baker Hughes by 2.7% during the 1st quarter. Invesco Ltd. now owns 10,790,132 shares of the company's stock valued at $474,226,000 after buying an additional 283,454 shares during the period. Townsquare Capital LLC grew its position in shares of Baker Hughes by 12.2% during the first quarter. Townsquare Capital LLC now owns 26,201 shares of the company's stock valued at $1,152,000 after purchasing an additional 2,856 shares in the last quarter. Zions Bancorporation National Association UT purchased a new position in Baker Hughes in the first quarter worth about $45,000. Founders Financial Alliance LLC purchased a new position in Baker Hughes in the first quarter worth about $247,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Baker Hughes by 10.9% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,837,276 shares of the company's stock worth $80,748,000 after acquiring an additional 180,809 shares in the last quarter. Hedge funds and other institutional investors own 92.06% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. TD Cowen raised their price objective on shares of Baker Hughes from $52.00 to $54.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Royal Bank Of Canada reduced their price target on Baker Hughes from $50.00 to $46.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Jefferies Financial Group set a $58.00 price target on Baker Hughes in a research report on Wednesday, July 30th. Evercore ISI boosted their price objective on shares of Baker Hughes from $53.00 to $55.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. Finally, BMO Capital Markets reaffirmed an "outperform" rating and issued a $53.00 price target (up from $46.00) on shares of Baker Hughes in a report on Wednesday, July 30th. Three analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $51.47.

Insider Transactions at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 526,568 shares of the 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 completion of the transaction, the chief executive officer directly 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 document filed with the SEC, which is available at this link. 0.27% of the stock is owned by corporate insiders.

Baker Hughes Stock Performance

NASDAQ BKR traded up $0.34 during trading hours on Wednesday, hitting $42.85. The company had a trading volume of 5,269,440 shares, compared to its average volume of 8,581,709. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.41. Baker Hughes Company has a 1-year low of $32.25 and a 1-year high of $49.40. The company has a market cap of $42.24 billion, a PE ratio of 14.00, a price-to-earnings-growth ratio of 1.94 and a beta of 0.94. The business has a 50 day moving average of $40.57 and a 200-day moving average of $40.83.

Baker Hughes (NASDAQ:BKR - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The company reported $0.63 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $6.64 billion. During the same quarter in the prior year, the firm posted $0.57 earnings per share. Baker Hughes's revenue for the quarter was down 3.2% on a year-over-year basis. As a group, equities research analysts expect 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. Investors of record on Tuesday, August 5th will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Tuesday, August 5th. Baker Hughes's dividend payout ratio is currently 30.07%.

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.