Kentucky Retirement Systems Insurance Trust Fund Sells 2,776 Shares of Baker Hughes (NASDAQ:BKR)

Kentucky Retirement Systems Insurance Trust Fund lowered its stake in Baker Hughes (NASDAQ:BKR) by 8.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 29,413 shares of the company’s stock after selling 2,776 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Baker Hughes were worth $1,063,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Empowered Funds LLC grew its position in Baker Hughes by 1,586.6% during the third quarter. Empowered Funds LLC now owns 265,828 shares of the company’s stock worth $9,610,000 after buying an additional 250,067 shares in the last quarter. Empirical Finance LLC raised its stake in Baker Hughes by 2.9% in the third quarter. Empirical Finance LLC now owns 31,049 shares of the company’s stock valued at $1,122,000 after purchasing an additional 874 shares in the last quarter. CIBC Asset Management Inc lifted its position in Baker Hughes by 5.4% during the third quarter. CIBC Asset Management Inc now owns 308,637 shares of the company’s stock valued at $11,157,000 after purchasing an additional 15,895 shares during the last quarter. ING Groep NV grew its stake in Baker Hughes by 41.6% in the 3rd quarter. ING Groep NV now owns 141,315 shares of the company’s stock worth $5,109,000 after buying an additional 41,519 shares in the last quarter. Finally, Metis Global Partners LLC increased its holdings in shares of Baker Hughes by 6.2% in the 3rd quarter. Metis Global Partners LLC now owns 73,085 shares of the company’s stock worth $2,642,000 after buying an additional 4,269 shares during the last quarter. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on BKR. Argus raised shares of Baker Hughes from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. BMO Capital Markets lifted their price objective on Baker Hughes from $43.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, October 10th. Citigroup raised their price target on Baker Hughes from $42.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday. Wells Fargo & Company upgraded shares of Baker Hughes from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $40.00 to $42.00 in a report on Wednesday, September 25th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $43.00 price target on shares of Baker Hughes in a research report on Thursday, October 24th. Two analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $44.59.

Baker Hughes Price Performance

BKR opened at $42.94 on Monday. The firm has a market cap of $42.49 billion, a PE ratio of 19.26, a P/E/G ratio of 0.72 and a beta of 1.38. The stock has a 50-day moving average price of $37.48 and a 200-day moving average price of $35.24. Baker Hughes has a 1 year low of $28.32 and a 1 year high of $44.49. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.30 and a quick ratio of 0.88.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings results on Tuesday, October 22nd. The company reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.06. The firm had revenue of $6.91 billion for the quarter, compared to analysts’ expectations of $7.21 billion. Baker Hughes had a net margin of 8.20% and a return on equity of 13.77%. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.42 earnings per share. Sell-side analysts predict that Baker Hughes will post 2.29 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.96%. The ex-dividend date was Monday, November 4th. Baker Hughes’s dividend payout ratio is currently 37.67%.

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.