Sumitomo Mitsui DS Asset Management Company Ltd Acquires 944 Shares of Baker Hughes (NASDAQ:BKR)

Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Baker Hughes (NASDAQ:BKR) by 0.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 107,407 shares of the company’s stock after purchasing an additional 944 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Baker Hughes were worth $3,883,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Redmont Wealth Advisors LLC purchased a new stake in Baker Hughes in the 1st quarter valued at about $27,000. New Covenant Trust Company N.A. bought a new position in Baker Hughes in the first quarter worth approximately $34,000. Alta Advisers Ltd purchased a new position in Baker Hughes during the 2nd quarter worth $42,000. Headlands Technologies LLC purchased a new position in Baker Hughes during the 2nd quarter worth $48,000. Finally, Quarry LP raised its position in Baker Hughes by 81.1% during the 2nd quarter. Quarry LP now owns 1,594 shares of the company’s stock valued at $56,000 after purchasing an additional 714 shares in the last quarter. 92.06% of the stock is currently owned by institutional investors.

Baker Hughes Stock Down 1.3 %

BKR stock opened at $36.40 on Monday. The stock has a market capitalization of $36.33 billion, a PE ratio of 20.34, a price-to-earnings-growth ratio of 0.61 and a beta of 1.38. Baker Hughes has a 52 week low of $28.32 and a 52 week high of $39.05. The company has a quick ratio of 0.86, a current ratio of 1.27 and a debt-to-equity ratio of 0.37. The firm has a 50 day moving average of $35.52 and a 200 day moving average of $34.30.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings results on Thursday, July 25th. The company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.08. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The business had revenue of $7.10 billion during the quarter, compared to analysts’ expectations of $6.81 billion. During the same quarter last year, the company posted $0.39 earnings per share. The business’s quarterly revenue was up 12.4% on a year-over-year basis. Sell-side analysts forecast that Baker Hughes will post 2.25 earnings per share for the current year.

Baker Hughes Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Tuesday, August 6th were given a dividend of $0.21 per share. The ex-dividend date was Tuesday, August 6th. This represents a $0.84 dividend on an annualized basis and a yield of 2.31%. Baker Hughes’s dividend payout ratio is currently 46.93%.

Insider Activity

In related news, CEO Lorenzo Simonelli sold 114,286 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $35.00, for a total value of $4,000,010.00. Following the sale, the chief executive officer now owns 502,053 shares in the company, valued at $17,571,855. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on BKR. Jefferies Financial Group raised their price target on Baker Hughes from $46.00 to $48.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Citigroup reduced their price target on shares of Baker Hughes from $44.00 to $42.00 and set a “buy” rating for the company in a report on Friday, September 27th. Piper Sandler dropped their price objective on shares of Baker Hughes from $45.00 to $44.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Benchmark reissued a “buy” rating and issued a $40.00 price objective on shares of Baker Hughes in a research note on Friday, July 26th. Finally, TD Cowen increased their target price on Baker Hughes from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Two equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, Baker Hughes presently has a consensus rating of “Moderate Buy” and an average price target of $43.59.

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.