Public Sector Pension Investment Board Has $11.64 Million Holdings in Baker Hughes Company (NASDAQ:BKR)

Key Points

• The Public Sector Pension Investment Board reduced its stake in Baker Hughes Company by 45.9%, bringing its total shares to 264,749 after selling 225,023 shares in the first quarter.
• In recent analyst reports, Baker Hughes received mixed ratings, with UBS reaffirming a "neutral" rating and a target price increase to $46.00, while others such as Royal Bank of Canada and Goldman Sachs lowered their target prices.
• CEO Lorenzo Simonelli sold 526,568 shares at an average price of $44.42, which represented a 44.10% decrease in his position, leaving him with shares valued at approximately $29.65 million.

Public Sector Pension Investment Board reduced its stake in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 45.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 264,749 shares of the company's stock after selling 225,023 shares during the quarter. Public Sector Pension Investment Board's holdings in Baker Hughes were worth $11,636,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Wayfinding Financial LLC acquired a new position in Baker Hughes during the 1st quarter worth approximately $28,000. Golden State Wealth Management LLC raised its stake in Baker Hughes by 678.7% in the 1st quarter. Golden State Wealth Management LLC now owns 693 shares of the company's stock valued at $30,000 after acquiring an additional 604 shares during the period. N.E.W. Advisory Services LLC bought a new stake in Baker Hughes in the 1st quarter valued at $30,000. Grove Bank & Trust raised its stake in Baker Hughes by 76.2% in the 1st quarter. Grove Bank & Trust now owns 740 shares of the company's stock valued at $33,000 after acquiring an additional 320 shares during the period. Finally, Spire Wealth Management raised its stake in Baker Hughes by 132.9% in the 1st quarter. Spire Wealth Management now owns 815 shares of the company's stock valued at $36,000 after acquiring an additional 465 shares during the period. 92.06% of the stock is currently owned by institutional investors and hedge funds.

Baker Hughes Price Performance

NASDAQ:BKR traded down $0.45 during trading hours on Friday, hitting $42.80. The company's stock had a trading volume of 6,566,692 shares, compared to its average volume of 8,466,977. The stock has a fifty day simple moving average of $40.90 and a 200-day simple moving average of $40.83. The company has a market capitalization of $42.20 billion, a P/E ratio of 13.99, a PEG ratio of 1.95 and a beta of 0.94. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.41 and a quick ratio of 1.00. Baker Hughes Company has a twelve month low of $32.25 and a twelve month high of $49.40.

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 for the quarter, beating the consensus estimate of $0.55 by $0.08. The business had revenue of $6.91 billion for the quarter, compared to analyst estimates of $6.64 billion. Baker Hughes had a return on equity of 14.56% and a net margin of 11.04%. Baker Hughes's revenue was down 3.2% compared to the same quarter last year. During the same period last year, the firm posted $0.57 earnings per share. On average, analysts anticipate that Baker Hughes Company will post 2.59 EPS for the current fiscal year.

Baker Hughes Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, August 5th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Tuesday, August 5th. Baker Hughes's payout ratio is currently 30.07%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on BKR. BMO Capital Markets restated an "outperform" rating and issued a $53.00 price target (up previously from $46.00) on shares of Baker Hughes in a research note on Wednesday, July 30th. Piper Sandler lowered their price objective on Baker Hughes from $53.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 24th. Royal Bank Of Canada lowered their price objective 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. TD Cowen increased their price objective on Baker Hughes from $52.00 to $54.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Finally, UBS Group reiterated a "neutral" rating and set a $46.00 price objective (up previously from $43.00) on shares of Baker Hughes in a research report on Wednesday, July 30th. Three investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $51.47.

Insider Activity at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 526,568 shares of Baker Hughes 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 of the company's stock, valued at $29,654,481.06. The trade was 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. 0.27% of the stock is currently owned by corporate insiders.

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.