Sienna Gestion Lowers Holdings in Baker Hughes Company (NASDAQ:BKR)

Key Points

• Sienna Gestion reduced its stake in Baker Hughes by 6.1%, selling 19,504 shares and now holds a total of 298,777 shares, which are valued at approximately $12.76 million.
• Baker Hughes CEO, Lorenzo Simonelli, sold 526,568 shares at an average price of $44.42, resulting in a significant decrease of 44.1% in his holdings.
• Several analysts have raised their price targets for Baker Hughes, with Morgan Stanley setting a new target at $55.00, reflecting a positive outlook despite the company experiencing a 3.2% decline in year-over-year revenue.

Sienna Gestion cut its holdings in Baker Hughes Company (NASDAQ:BKR - Free Report) by 6.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 298,777 shares of the company's stock after selling 19,504 shares during the period. Baker Hughes accounts for 1.0% of Sienna Gestion's holdings, making the stock its 19th biggest holding. Sienna Gestion's holdings in Baker Hughes were worth $12,764,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Bessemer Group Inc. boosted its holdings in shares of Baker Hughes by 6.8% in the 4th quarter. Bessemer Group Inc. now owns 13,994 shares of the company's stock worth $573,000 after purchasing an additional 891 shares during the period. Rockefeller Capital Management L.P. boosted its holdings in shares of Baker Hughes by 20.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 37,591 shares of the company's stock worth $1,538,000 after purchasing an additional 6,375 shares during the period. Townsquare Capital LLC boosted its holdings in shares of Baker Hughes by 8.3% in the 4th quarter. Townsquare Capital LLC now owns 23,345 shares of the company's stock worth $958,000 after purchasing an additional 1,794 shares during the period. Summit Investment Advisors Inc. boosted its holdings in shares of Baker Hughes by 2.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 41,125 shares of the company's stock worth $1,687,000 after purchasing an additional 1,170 shares during the period. Finally, Mariner LLC boosted its holdings in shares of Baker Hughes by 2.1% in the 4th quarter. Mariner LLC now owns 830,588 shares of the company's stock worth $34,069,000 after purchasing an additional 17,133 shares during the period. 92.06% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Baker Hughes news, CEO Lorenzo Simonelli sold 526,568 shares of the business's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $44.42, for a total transaction of $23,390,150.56. Following the sale, the chief executive officer owned 667,593 shares in the company, valued at approximately $29,654,481.06. The trade was a 44.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 mid-day trading on Friday, hitting $42.80. 6,566,692 shares of the company's stock traded hands, compared to its average volume of 8,466,977. The company has a fifty day moving average of $40.90 and a 200 day moving average of $40.83. Baker Hughes Company has a twelve month low of $32.25 and a twelve month high of $49.40. The company has a market capitalization of $42.20 billion, a P/E ratio of 13.99, a P/E/G ratio of 1.95 and a beta of 0.94. 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 (NASDAQ:BKR - Get Free Report) last posted its quarterly earnings results 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 the consensus estimate of $6.64 billion. Baker Hughes had a return on equity of 14.56% and a net margin of 11.04%. The company's quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.57 EPS. On average, analysts forecast that Baker Hughes Company will post 2.59 EPS for the current year.

Baker Hughes Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th were paid 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 payout ratio is presently 30.07%.

Wall Street Analysts Forecast Growth

BKR has been the subject of a number of recent research reports. Susquehanna lifted their target price on Baker Hughes from $46.00 to $52.00 and gave the stock a "positive" rating in a report on Thursday, July 24th. The Goldman Sachs Group dropped their price objective on Baker Hughes from $42.00 to $41.00 and set a "buy" rating for the company in a report on Wednesday, July 2nd. BMO Capital Markets restated an "outperform" rating and set a $53.00 price objective (up previously from $46.00) on shares of Baker Hughes in a report on Wednesday, July 30th. Seaport Res Ptn cut Baker Hughes from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 29th. Finally, Industrial Alliance Securities set a $53.00 price objective on Baker Hughes in a report on Wednesday, July 30th. Three equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat, Baker Hughes currently has a consensus rating of "Moderate Buy" and an average price target of $51.47.

About Baker Hughes

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.