Ritholtz Wealth Management Takes $458,000 Position in Baker Hughes (NASDAQ:BKR)

Ritholtz Wealth Management acquired a new position in Baker Hughes (NASDAQ:BKR) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 13,025 shares of the company’s stock, valued at approximately $458,000.

A number of other hedge funds have also bought and sold shares of BKR. Price T Rowe Associates Inc. MD lifted its holdings in shares of Baker Hughes by 32.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,364,995 shares of the company’s stock valued at $581,729,000 after buying an additional 4,207,973 shares during the period. Norges Bank bought a new position in Baker Hughes in the fourth quarter valued at about $551,555,000. Dimensional Fund Advisors LP boosted its position in Baker Hughes by 19.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,669,307 shares of the company’s stock worth $296,319,000 after purchasing an additional 1,395,083 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Baker Hughes by 3.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,658,242 shares of the company’s stock valued at $227,579,000 after purchasing an additional 204,839 shares during the period. Finally, Clearbridge Investments LLC increased its position in shares of Baker Hughes by 10.2% during the 1st quarter. Clearbridge Investments LLC now owns 6,609,115 shares of the company’s stock valued at $221,405,000 after purchasing an additional 612,715 shares during the last quarter. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Insider Activity at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 114,286 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $35.00, for a total transaction of $4,000,010.00. Following the sale, the chief executive officer now directly owns 502,053 shares in the company, valued at approximately $17,571,855. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.25% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BKR. Benchmark restated a “buy” rating and set a $40.00 target price on shares of Baker Hughes in a research report on Friday, July 26th. The Goldman Sachs Group boosted their price objective on shares of Baker Hughes from $39.00 to $43.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Royal Bank of Canada raised their target price on Baker Hughes from $39.00 to $43.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Stifel Nicolaus boosted their price target on Baker Hughes from $40.00 to $45.00 and gave the company a “buy” rating in a report on Monday, July 29th. Finally, Wells Fargo & Company raised their price objective on Baker Hughes from $35.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $43.38.

Baker Hughes Stock Up 0.2 %

Shares of BKR stock opened at $34.06 on Thursday. The company’s fifty day simple moving average is $35.24 and its two-hundred day simple moving average is $33.30. Baker Hughes has a 52 week low of $28.32 and a 52 week high of $39.05. The stock has a market cap of $33.99 billion, a P/E ratio of 19.03, a PEG ratio of 0.57 and a beta of 1.41. The company has a quick ratio of 0.86, a current ratio of 1.27 and a debt-to-equity ratio of 0.37.

Baker Hughes (NASDAQ:BKR) last posted its earnings results on Thursday, July 25th. The company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.08. Baker Hughes had a return on equity of 12.45% and a net margin of 7.37%. The company had revenue of $7.10 billion for the quarter, compared to the consensus estimate of $6.81 billion. During the same period in the previous year, the business earned $0.39 earnings per share. The firm’s revenue for the quarter was up 12.4% on a year-over-year basis. Analysts predict that Baker Hughes will post 2.24 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Tuesday, August 6th were paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date was Tuesday, August 6th. Baker Hughes’s payout ratio is 46.93%.

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.