Minneapolis Portfolio Management Group LLC Sells 11,886 Shares of Baker Hughes (NASDAQ:BKR)

Minneapolis Portfolio Management Group LLC lessened its position in shares of Baker Hughes (NASDAQ:BKR) by 2.0% in the 3rd quarter, HoldingsChannel reports. The fund owned 575,359 shares of the company’s stock after selling 11,886 shares during the period. Baker Hughes makes up about 2.7% of Minneapolis Portfolio Management Group LLC’s portfolio, making the stock its 22nd largest holding. Minneapolis Portfolio Management Group LLC’s holdings in Baker Hughes were worth $20,799,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its holdings in Baker Hughes by 32.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,364,995 shares of the company’s stock worth $581,729,000 after acquiring an additional 4,207,973 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Baker Hughes by 7.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,898,322 shares of the company’s stock worth $348,074,000 after purchasing an additional 680,621 shares in the last quarter. Legal & General Group Plc grew its position in Baker Hughes by 8.6% during the 2nd quarter. Legal & General Group Plc now owns 8,723,388 shares of the company’s stock worth $306,801,000 after purchasing an additional 692,859 shares during the last quarter. American Century Companies Inc. increased its stake in Baker Hughes by 3.1% during the 2nd quarter. American Century Companies Inc. now owns 8,274,250 shares of the company’s stock valued at $291,005,000 after purchasing an additional 248,122 shares in the last quarter. Finally, Clearbridge Investments LLC raised its holdings in shares of Baker Hughes by 10.2% in the first quarter. Clearbridge Investments LLC now owns 6,609,115 shares of the company’s stock worth $221,405,000 after buying an additional 612,715 shares during the last quarter. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Insider Buying and Selling

In related 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 completion of the transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.25% of the stock is owned by insiders.

Baker Hughes Price Performance

Shares of BKR stock traded down $0.23 during mid-day trading on Friday, hitting $37.85. 7,921,211 shares of the stock were exchanged, compared to its average volume of 7,227,976. 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 0.88, a current ratio of 1.30 and a debt-to-equity ratio of 0.37. The company has a market cap of $37.60 billion, a PE ratio of 16.97, a price-to-earnings-growth ratio of 0.64 and a beta of 1.38. The firm has a fifty day moving average of $35.98 and a 200 day moving average of $34.54.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings results on Tuesday, October 22nd. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.06. The company had revenue of $6.91 billion for the quarter, compared to the consensus estimate of $7.21 billion. Baker Hughes had a return on equity of 13.77% and a net margin of 8.20%. Baker Hughes’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.42 earnings per share. Research analysts anticipate that Baker Hughes will post 2.28 earnings per share for the current year.

Baker Hughes Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Monday, November 4th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend is Monday, November 4th. Baker Hughes’s payout ratio is presently 37.67%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Baker Hughes from $42.00 to $43.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Wells Fargo & Company raised Baker Hughes from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $40.00 to $42.00 in a report on Wednesday, September 25th. Piper Sandler reduced their price objective on Baker Hughes from $45.00 to $44.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Evercore ISI upped their target price on Baker Hughes from $42.00 to $46.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Finally, BMO Capital Markets raised their price target on shares of Baker Hughes from $43.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, October 10th. Two investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, Baker Hughes has a consensus rating of “Moderate Buy” and a consensus target price of $44.12.

Baker Hughes Company 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.