Hartford Investment Management Co. Sells 1,475 Shares of Baker Hughes (NASDAQ:BKR)

Hartford Investment Management Co. lessened its holdings in Baker Hughes (NASDAQ:BKR) by 2.4% in the fourth quarter, HoldingsChannel reports. The fund owned 61,163 shares of the company’s stock after selling 1,475 shares during the period. Hartford Investment Management Co.’s holdings in Baker Hughes were worth $2,509,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of BKR. Summit Trail Advisors LLC lifted its position in Baker Hughes by 44.1% during the fourth quarter. Summit Trail Advisors LLC now owns 9,340 shares of the company’s stock worth $383,000 after purchasing an additional 2,858 shares during the period. Paladin Wealth LLC acquired a new position in shares of Baker Hughes in the fourth quarter valued at approximately $456,000. Savant Capital LLC lifted its position in Baker Hughes by 4.9% in the 4th quarter. Savant Capital LLC now owns 103,248 shares of the company’s stock worth $4,235,000 after buying an additional 4,851 shares during the last quarter. Angeles Wealth Management LLC lifted its position in Baker Hughes by 17.3% in the 4th quarter. Angeles Wealth Management LLC now owns 6,789 shares of the company’s stock worth $278,000 after buying an additional 1,002 shares during the last quarter. Finally, Kestra Private Wealth Services LLC lifted its position in Baker Hughes by 24.9% in the fourth quarter. Kestra Private Wealth Services LLC now owns 24,455 shares of the company’s stock valued at $1,003,000 after purchasing an additional 4,869 shares during the last quarter. Institutional investors own 92.06% of the company’s stock.

Baker Hughes Stock Down 1.5 %

BKR stock opened at $46.41 on Thursday. Baker Hughes has a 52 week low of $28.63 and a 52 week high of $49.40. The stock has a market capitalization of $45.92 billion, a P/E ratio of 15.57, a P/E/G ratio of 2.07 and a beta of 1.39. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 0.35. The firm has a 50-day simple moving average of $43.56 and a 200-day simple moving average of $39.68.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings results on Thursday, January 30th. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.07. Baker Hughes had a net margin of 10.70% and a return on equity of 14.58%. Equities analysts forecast that Baker Hughes will post 2.57 earnings per share for the current fiscal year.

Baker Hughes Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 21st. Stockholders of record on Tuesday, February 11th will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.98%. This is a positive change from Baker Hughes’s previous quarterly dividend of $0.21. The ex-dividend date is Tuesday, February 11th. Baker Hughes’s dividend payout ratio (DPR) is presently 28.19%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Evercore ISI boosted their price objective on Baker Hughes from $46.00 to $52.00 and gave the company an “outperform” rating in a research report on Wednesday, January 15th. Piper Sandler boosted their price target on Baker Hughes from $53.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Royal Bank of Canada boosted their price target on Baker Hughes from $49.00 to $53.00 and gave the stock an “outperform” rating in a research report on Monday, February 3rd. Stifel Nicolaus upped their price objective on Baker Hughes from $48.00 to $54.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. Finally, Argus upgraded shares of Baker Hughes from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Two research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, Baker Hughes has an average rating of “Moderate Buy” and a consensus price target of $51.06.

Insider Activity

In related news, EVP Maria C. Borras sold 8,000 shares of the firm’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $44.77, for a total transaction of $358,160.00. Following the transaction, the executive vice president now owns 173,302 shares of the company’s stock, valued at $7,758,730.54. This trade represents a 4.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.25% of the company’s stock.

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.