Clearbridge Investments LLC Has $230.16 Million Stock Position in Baker Hughes (NASDAQ:BKR)

Clearbridge Investments LLC lowered its holdings in shares of Baker Hughes (NASDAQ:BKR) by 1.0% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 6,544,078 shares of the company’s stock after selling 65,037 shares during the period. Clearbridge Investments LLC owned 0.66% of Baker Hughes worth $230,155,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of BKR. Quarry LP raised its position in shares of Baker Hughes by 81.1% in the second quarter. Quarry LP now owns 1,594 shares of the company’s stock valued at $56,000 after purchasing an additional 714 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in Baker Hughes by 39.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 10,227 shares of the company’s stock valued at $360,000 after acquiring an additional 2,898 shares during the period. Creative Planning boosted its holdings in shares of Baker Hughes by 36.5% during the second quarter. Creative Planning now owns 61,976 shares of the company’s stock worth $2,180,000 after acquiring an additional 16,582 shares during the period. Susquehanna Fundamental Investments LLC bought a new stake in shares of Baker Hughes during the second quarter worth approximately $707,000. Finally, Legal & General Group Plc grew its position in shares of Baker Hughes by 8.6% in the second quarter. Legal & General Group Plc now owns 8,723,388 shares of the company’s stock valued at $306,801,000 after purchasing an additional 692,859 shares during the last quarter. Institutional investors own 92.06% of the company’s stock.

Insider Activity

In other Baker Hughes news, CEO Lorenzo Simonelli sold 114,286 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $38.55, for a total value of $4,405,725.30. Following the completion of the transaction, the chief executive officer now owns 616,339 shares of the company’s stock, valued at approximately $23,759,868.45. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.25% of the stock is owned by corporate insiders.

Baker Hughes Stock Performance

NASDAQ:BKR opened at $36.75 on Wednesday. Baker Hughes has a twelve month low of $28.32 and a twelve month 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 stock’s 50-day simple moving average is $35.22 and its 200 day simple moving average is $33.93. The firm has a market capitalization of $36.68 billion, a PE ratio of 20.53, a price-to-earnings-growth ratio of 0.59 and a beta of 1.38.

Baker Hughes (NASDAQ:BKR) last posted 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. The company had revenue of $7.10 billion for the quarter, compared to the consensus estimate of $6.81 billion. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The firm’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same period last year, the company posted $0.39 EPS. On average, analysts anticipate that Baker Hughes will post 2.25 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Tuesday, August 6th were issued a dividend of $0.21 per share. The ex-dividend date was Tuesday, August 6th. This represents a $0.84 annualized dividend and a dividend yield of 2.29%. Baker Hughes’s dividend payout ratio (DPR) is presently 46.93%.

Wall Street Analyst Weigh In

BKR has been the subject of several recent research reports. Citigroup reduced their price target on Baker Hughes from $44.00 to $42.00 and set a “buy” rating for the company in a research note on Friday, September 27th. TD Cowen raised their price target on shares of Baker Hughes from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Bank of America cut their price objective on shares of Baker Hughes from $40.00 to $38.00 and set a “buy” rating for the company in a report on Monday, July 15th. Royal Bank of Canada increased their target price on shares of Baker Hughes from $39.00 to $43.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Finally, Piper Sandler dropped their price target on shares of Baker Hughes from $45.00 to $44.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Two research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.38.

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.