Pacer Advisors Inc. Buys 3,713,301 Shares of Baker Hughes Company (NASDAQ:BKR)

Key Points

• Pacer Advisors Inc. significantly increased its stake in Baker Hughes Company, acquiring over 3.7 million shares to own nearly 3.9 million shares in total, marking a remarkable 2,585.6% increase in the first quarter.
• Baker Hughes recently announced a quarterly dividend of $0.23 per share, which translates to an annualized dividend yield of 2.01%.
• Analysts have mixed views on Baker Hughes, with some raising price targets while others reduce them, but the overall consensus remains a "Moderate Buy" rating with an average target price of $49.50.

Pacer Advisors Inc. grew its stake in Baker Hughes Company (NASDAQ:BKR - Free Report) by 2,585.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,856,915 shares of the company's stock after acquiring an additional 3,713,301 shares during the period. Pacer Advisors Inc. owned 0.39% of Baker Hughes worth $169,511,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Neo Ivy Capital Management bought a new position in shares of Baker Hughes in the 1st quarter valued at about $564,000. Assetmark Inc. grew its holdings in shares of Baker Hughes by 13.3% in the 1st quarter. Assetmark Inc. now owns 26,880 shares of the company's stock valued at $1,181,000 after acquiring an additional 3,161 shares in the last quarter. Cetera Investment Advisers grew its holdings in shares of Baker Hughes by 36.0% in the 1st quarter. Cetera Investment Advisers now owns 112,945 shares of the company's stock valued at $4,964,000 after acquiring an additional 29,906 shares in the last quarter. Avantax Advisory Services Inc. grew its holdings in shares of Baker Hughes by 17.0% in the 1st quarter. Avantax Advisory Services Inc. now owns 26,212 shares of the company's stock valued at $1,152,000 after acquiring an additional 3,816 shares in the last quarter. Finally, Brookwood Investment Group LLC bought a new position in Baker Hughes during the first quarter worth about $664,000. Institutional investors own 92.06% of the company's stock.

Baker Hughes Trading Up 2.3%

Shares of BKR stock opened at $45.72 on Friday. The firm has a 50 day moving average price of $38.72 and a two-hundred day moving average price of $40.95. The company has a quick ratio of 0.93, a current ratio of 1.41 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $45.30 billion, a PE ratio of 14.94, a price-to-earnings-growth ratio of 5.60 and a beta of 0.91. Baker Hughes Company has a 12-month low of $32.25 and a 12-month high of $49.40.

Baker Hughes (NASDAQ:BKR - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The company reported $0.63 earnings per share 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 company had revenue of $6.91 billion during the quarter, compared to the consensus estimate of $6.64 billion. During the same period in the previous year, the business earned $0.57 earnings per share. The firm's quarterly revenue was down 3.2% on a year-over-year basis. As a group, analysts predict that Baker Hughes Company will post 2.59 earnings per share for the current year.

Baker Hughes Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th will be given a $0.23 dividend. The ex-dividend date of this dividend is Tuesday, August 5th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.01%. Baker Hughes's payout ratio is 31.40%.

Analysts Set New Price Targets

BKR has been the subject of a number of research analyst reports. Piper Sandler reduced their price target on Baker Hughes from $53.00 to $50.00 and set an "overweight" rating for the company in a report on Thursday, April 24th. Evercore ISI reduced their price target on Baker Hughes from $52.00 to $50.00 and set an "outperform" rating for the company in a report on Thursday, April 24th. TD Cowen lifted their price target on Baker Hughes from $52.00 to $54.00 and gave the stock a "buy" rating in a report on Thursday. Barclays lifted their price target on Baker Hughes from $48.00 to $53.00 and gave the stock an "overweight" rating in a report on Thursday. Finally, Stifel Nicolaus reduced their price target on Baker Hughes from $50.00 to $49.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Two research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Baker Hughes has a consensus rating of "Moderate Buy" and a consensus target price of $49.50.

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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