Reinhart Partners LLC. Lowers Position in Baker Hughes Company $BKR

Key Points

• Reinhart Partners LLC reduced its Baker Hughes stake by 26.7% in the fourth quarter, selling 29,159 shares and leaving it with 80,036 shares valued at about $3.65 million.
• Several insiders sold stock, including CEO Lorenzo Simonelli, who sold 272,594 shares, and insider Maria Georgia Magno, who sold 5,063 shares. Insider ownership is now just 0.19% of the company.
• Analysts remain mostly positive on Baker Hughes, with 18 Buy ratings and an average price target of $69.41, though Zacks Research recently downgraded the stock to Strong Sell. The company also beat quarterly EPS estimates, though revenue came in slightly below expectations.

Reinhart Partners LLC. cut its holdings in Baker Hughes Company (NASDAQ:BKR - Free Report) by 26.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 80,036 shares of the company's stock after selling 29,159 shares during the quarter. Reinhart Partners LLC.'s holdings in Baker Hughes were worth $3,645,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Woodline Partners LP raised its position in shares of Baker Hughes by 40.8% in the 1st quarter. Woodline Partners LP now owns 83,650 shares of the company's stock valued at $3,676,000 after purchasing an additional 24,225 shares during the last quarter. Focus Partners Wealth raised its position in Baker Hughes by 5.6% during the 1st quarter. Focus Partners Wealth now owns 18,481 shares of the company's stock worth $812,000 after buying an additional 986 shares during the last quarter. Jump Financial LLC purchased a new position in Baker Hughes during the 2nd quarter worth approximately $2,301,000. NewEdge Advisors LLC raised its position in Baker Hughes by 4.0% during the 2nd quarter. NewEdge Advisors LLC now owns 46,407 shares of the company's stock worth $1,779,000 after buying an additional 1,768 shares during the last quarter. Finally, Nebula Research & Development LLC purchased a new position in Baker Hughes during the 2nd quarter worth approximately $1,014,000. 92.06% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Maria Georgia Magno sold 5,063 shares of Baker Hughes stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $59.04, for a total value of $298,919.52. Following the sale, the insider owned 15,555 shares of the company's stock, valued at approximately $918,367.20. This trade represents a 24.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Lorenzo Simonelli sold 272,594 shares of the firm's stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $58.79, for a total value of $16,025,801.26. Following the completion of the transaction, the chief executive officer owned 866,444 shares in the company, valued at $50,938,242.76. The trade was a 23.93% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.19% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on BKR shares. BMO Capital Markets raised their price target on shares of Baker Hughes from $70.00 to $80.00 and gave the stock an "outperform" rating in a research report on Monday, April 27th. Citigroup raised their price target on shares of Baker Hughes from $69.00 to $80.00 and gave the stock a "buy" rating in a research report on Monday, April 27th. Jefferies Financial Group reissued a "buy" rating and set a $80.00 price target on shares of Baker Hughes in a research report on Sunday, April 26th. Zacks Research lowered shares of Baker Hughes from a "hold" rating to a "strong sell" rating in a research report on Tuesday, April 28th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Baker Hughes from $60.00 to $74.00 and gave the stock an "overweight" rating in a research note on Monday, April 27th. Eighteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $69.41.

Baker Hughes Price Performance

Baker Hughes stock opened at $64.54 on Wednesday. The company's fifty day moving average price is $63.74 and its 200 day moving average price is $56.95. Baker Hughes Company has a 1 year low of $36.89 and a 1 year high of $70.41. The stock has a market capitalization of $64.03 billion, a P/E ratio of 20.62, a P/E/G ratio of 2.24 and a beta of 0.93. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.77 and a current ratio of 2.13.

Baker Hughes (NASDAQ:BKR - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.49 by $0.09. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The firm had revenue of $6.59 billion for the quarter, compared to analysts' expectations of $6.71 billion. During the same quarter last year, the company earned $0.51 EPS. The firm's revenue for the quarter was up 2.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Baker Hughes Company will post 2.31 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were paid a $0.23 dividend. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $0.92 dividend on an annualized basis and a yield of 1.4%. Baker Hughes's dividend payout ratio (DPR) is currently 29.39%.

Baker Hughes Profile

Baker Hughes is an energy technology company that provides a broad portfolio of products, services and digital solutions for the oil and gas and industrial markets. Its offerings span oilfield services and equipment — including drilling, evaluation, completion and production technologies — as well as turbomachinery, compressors and related process equipment used in midstream and downstream operations. The company also supplies aftermarket services, field support and integrated solutions designed to improve asset performance and uptime across the energy value chain.

The firm's roots trace back to the merger of Baker International and Hughes Tool Company, and more recently it combined with GE's oil and gas business in 2017 to form Baker Hughes, a GE company (BHGE); subsequent changes in ownership restored Baker Hughes as an independent publicly traded company.

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