Ritholtz Wealth Management Trims Stock Holdings in Baker Hughes Company $BKR

Key Points

• Ritholtz Wealth Management reduced its holdings in Baker Hughes Company (NASDAQ:BKR) by 19.5%, resulting in 27,959 shares valued at approximately $1,072,000 after selling 6,766 shares in the second quarter.
• Multiple institutional investors, including Harbour Investments and Envestnet Portfolio Solutions, significantly increased their stakes in Baker Hughes, reflecting a broader interest in the company.
• Baker Hughes recently announced a quarterly dividend of $0.23, with a yield of 2.0%, and reported quarterly earnings of $0.16 per share amidst a market capitalization of $44.54 billion.

Ritholtz Wealth Management lowered its holdings in Baker Hughes Company (NASDAQ:BKR - Free Report) by 19.5% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 27,959 shares of the company's stock after selling 6,766 shares during the period. Ritholtz Wealth Management's holdings in Baker Hughes were worth $1,072,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Harbour Investments Inc. raised its stake in Baker Hughes by 61.7% during the second quarter. Harbour Investments Inc. now owns 854 shares of the company's stock valued at $33,000 after buying an additional 326 shares in the last quarter. Alpine Woods Capital Investors LLC raised its stake in Baker Hughes by 4.0% during the second quarter. Alpine Woods Capital Investors LLC now owns 44,593 shares of the company's stock valued at $1,710,000 after buying an additional 1,716 shares in the last quarter. Heartland Bank & Trust Co acquired a new stake in Baker Hughes during the second quarter valued at approximately $334,000. NorthRock Partners LLC raised its stake in Baker Hughes by 54.2% during the second quarter. NorthRock Partners LLC now owns 13,584 shares of the company's stock valued at $521,000 after buying an additional 4,774 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its stake in Baker Hughes by 266.0% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 127,646 shares of the company's stock valued at $4,894,000 after buying an additional 92,768 shares in the last quarter. Hedge funds and other institutional investors own 92.06% of the company's stock.

Insider Activity at Baker Hughes

In related news, CAO Rebecca L. Charlton sold 1,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 23rd. The stock was sold at an average price of $50.00, for a total value of $50,000.00. Following the sale, the chief accounting officer directly owned 11,772 shares in the company, valued at $588,600. This trade represents a 7.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Sreeganesh Ramaswamy sold 25,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 23rd. The shares were sold at an average price of $50.00, for a total value of $1,250,000.00. Following the completion of the sale, the executive vice president owned 40,520 shares in the company, valued at approximately $2,026,000. This represents a 38.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 553,068 shares of company stock worth $24,712,651 in the last three months. 0.27% of the stock is owned by company insiders.

Baker Hughes Stock Up 1.2%

Shares of Baker Hughes stock opened at $45.18 on Friday. The company has a current ratio of 1.41, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. The business's 50 day simple moving average is $46.08 and its 200-day simple moving average is $41.38. The stock has a market capitalization of $44.54 billion, a price-to-earnings ratio of 14.76, a PEG ratio of 1.93 and a beta of 0.99. Baker Hughes Company has a twelve month low of $33.60 and a twelve month high of $50.92.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its quarterly earnings results on Friday, November 18th. The company reported $0.16 earnings per share for the quarter. Baker Hughes had a return on equity of 14.56% and a net margin of 11.04%.The business had revenue of $5.09 billion for the quarter. Equities research analysts forecast that Baker Hughes Company will post 2.59 earnings per share for the current year.

Baker Hughes Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, August 5th were given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 2.0%. The ex-dividend date was Tuesday, August 5th. Baker Hughes's dividend payout ratio (DPR) is currently 30.07%.

Analysts Set New Price Targets

Several analysts have issued reports on BKR shares. Melius started coverage on Baker Hughes in a research note on Wednesday, August 20th. They set a "buy" rating and a $60.00 price objective on the stock. TD Cowen upped their price objective on Baker Hughes from $52.00 to $54.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. The Goldman Sachs Group cut their price objective on Baker Hughes from $42.00 to $41.00 and set a "buy" rating on the stock in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. upped their price objective on Baker Hughes from $52.00 to $53.00 and gave the company an "overweight" rating in a research note on Tuesday, September 30th. Finally, Seaport Res Ptn cut Baker Hughes from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 29th. Twenty-two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $52.91.

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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