Sound Shore Management Inc. CT Cuts Stake in Baker Hughes (NASDAQ:BKR)

Sound Shore Management Inc. CT lowered its stake in shares of Baker Hughes (NASDAQ:BKR) by 3.2% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,413,144 shares of the company’s stock after selling 80,074 shares during the quarter. Baker Hughes makes up approximately 2.8% of Sound Shore Management Inc. CT’s portfolio, making the stock its 14th largest holding. Sound Shore Management Inc. CT owned about 0.24% of Baker Hughes worth $84,870,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Redmont Wealth Advisors LLC bought a new stake in shares of Baker Hughes in the first quarter valued at $27,000. New Covenant Trust Company N.A. bought a new stake in Baker Hughes in the 1st quarter valued at about $34,000. Alta Advisers Ltd purchased a new stake in Baker Hughes during the second quarter valued at about $42,000. Headlands Technologies LLC bought a new position in Baker Hughes during the second quarter worth about $48,000. Finally, UMB Bank n.a. increased its stake in shares of Baker Hughes by 281.2% in the first quarter. UMB Bank n.a. now owns 1,582 shares of the company’s stock worth $53,000 after purchasing an additional 1,167 shares in the last quarter. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on BKR. TD Cowen raised their price objective on shares of Baker Hughes from $46.00 to $50.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Jefferies Financial Group raised their price target on Baker Hughes from $46.00 to $48.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Bank of America reduced their price target on Baker Hughes from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Monday, July 15th. Morgan Stanley cut their target price on Baker Hughes from $43.00 to $42.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Finally, Royal Bank of Canada upped their price target on Baker Hughes from $39.00 to $43.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Three research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $43.19.

Baker Hughes Stock Performance

Baker Hughes stock opened at $36.04 on Friday. Baker Hughes has a fifty-two week low of $28.32 and a fifty-two week high of $39.05. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.86 and a current ratio of 1.27. The stock has a market cap of $35.97 billion, a P/E ratio of 20.13, a price-to-earnings-growth ratio of 0.54 and a beta of 1.38. The firm’s fifty day moving average price is $35.19 and its 200-day moving average price is $33.66.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings results on Thursday, July 25th. The company reported $0.57 earnings per share for the quarter, beating 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 business had revenue of $7.10 billion for the quarter, compared to the consensus estimate of $6.81 billion. During the same quarter last year, the business posted $0.39 earnings per share. The company’s revenue for the quarter was up 12.4% on a year-over-year basis. On average, equities research analysts expect that Baker Hughes will post 2.24 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Tuesday, August 6th were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 2.33%. The ex-dividend date was Tuesday, August 6th. Baker Hughes’s dividend payout ratio is currently 46.93%.

Insider Buying and Selling at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 114,286 shares of Baker Hughes stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $38.55, for a total transaction of $4,405,725.30. Following the transaction, the chief executive officer now directly owns 616,339 shares of the company’s stock, valued at $23,759,868.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.25% of the company’s stock.

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.