Resona Asset Management Co. Ltd. Grows Holdings in Baker Hughes Company (NASDAQ:BKR)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Baker Hughes by 6.7%, owning a total of 319,631 shares, valued at approximately $14.01 million.
• Baker Hughes recently reported earnings of $0.63 EPS, exceeding analysts' expectations of $0.55 EPS, despite a 3.2% decline in quarterly revenue compared to the previous year.
• The company declared a quarterly dividend of $0.23 to be paid on August 15, reflecting an annualized yield of 2.1% and a payout ratio of 30.07%.

Resona Asset Management Co. Ltd. boosted its holdings in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 6.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 319,631 shares of the company's stock after buying an additional 19,996 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Baker Hughes were worth $14,005,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the stock. Envestnet Asset Management Inc. increased its holdings in shares of Baker Hughes by 2.8% during the first quarter. Envestnet Asset Management Inc. now owns 621,468 shares of the company's stock worth $27,314,000 after buying an additional 17,035 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in Baker Hughes by 51.9% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 24,455 shares of the company's stock valued at $1,075,000 after purchasing an additional 8,351 shares during the last quarter. Stack Financial Management Inc purchased a new position in shares of Baker Hughes in the 1st quarter worth approximately $12,890,000. Principal Financial Group Inc. raised its holdings in shares of Baker Hughes by 7.2% in the 1st quarter. Principal Financial Group Inc. now owns 1,239,175 shares of the company's stock worth $54,462,000 after purchasing an additional 82,706 shares during the period. Finally, Johnson Investment Counsel Inc. bought a new stake in shares of Baker Hughes in the 1st quarter worth approximately $360,000. 92.06% of the stock is currently owned by institutional investors.

Insider Transactions at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 526,568 shares of Baker Hughes 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 sale, the chief executive officer directly owned 667,593 shares in the company, valued at $29,654,481.06. This trade represents a 44.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.27% of the company's stock.

Baker Hughes Stock Down 1.0%

NASDAQ:BKR traded down $0.45 during midday trading on Friday, reaching $42.80. 6,566,692 shares of the stock traded hands, compared to its average volume of 8,466,977. 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 12-month low of $32.25 and a 12-month high of $49.40. The stock has a market capitalization of $42.20 billion, a PE ratio of 13.99, a price-to-earnings-growth ratio of 1.95 and a beta of 0.94. The business has a 50-day moving average of $40.90 and a two-hundred 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 for the quarter, topping 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 firm had revenue of $6.91 billion for the quarter, compared to analyst estimates of $6.64 billion. During the same quarter in the prior year, the business earned $0.57 earnings per share. The business's quarterly revenue was down 3.2% compared to the same quarter last year. On average, equities analysts forecast that Baker Hughes Company will post 2.59 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, August 5th were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.1%. The ex-dividend date was Tuesday, August 5th. Baker Hughes's dividend payout ratio (DPR) is presently 30.07%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on BKR. Stifel Nicolaus cut their price target on shares of Baker Hughes from $50.00 to $49.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. BMO Capital Markets reaffirmed an "outperform" rating and issued a $53.00 target price (up previously from $46.00) on shares of Baker Hughes in a research report on Wednesday, July 30th. TD Securities lowered their target price 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. The Goldman Sachs Group lowered their target price on shares of Baker Hughes from $42.00 to $41.00 and set a "buy" rating on the stock in a research note on Wednesday, July 2nd. Finally, Evercore ISI lifted their price target 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. Three equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $51.47.

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.