Baker Hughes (NASDAQ:BKR) Shares Sold by Iridian Asset Management LLC CT

Iridian Asset Management LLC CT reduced its stake in shares of Baker Hughes (NASDAQ:BKR) by 3.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 145,094 shares of the company’s stock after selling 5,911 shares during the period. Baker Hughes comprises approximately 1.1% of Iridian Asset Management LLC CT’s holdings, making the stock its 25th biggest position. Iridian Asset Management LLC CT’s holdings in Baker Hughes were worth $5,245,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Pinnacle Associates Ltd. grew its position in shares of Baker Hughes by 3.4% in the 3rd quarter. Pinnacle Associates Ltd. now owns 174,889 shares of the company’s stock worth $5,978,000 after acquiring an additional 5,696 shares in the last quarter. First Trust Direct Indexing L.P. lifted its stake in Baker Hughes by 1.4% during the third quarter. First Trust Direct Indexing L.P. now owns 29,841 shares of the company’s stock worth $1,079,000 after purchasing an additional 398 shares during the last quarter. Adams Natural Resources Fund Inc. boosted its holdings in Baker Hughes by 34.5% in the third quarter. Adams Natural Resources Fund Inc. now owns 398,800 shares of the company’s stock worth $14,417,000 after purchasing an additional 102,400 shares during the period. Adams Diversified Equity Fund Inc. bought a new stake in Baker Hughes during the third quarter valued at $8,311,000. Finally, China Universal Asset Management Co. Ltd. raised its holdings in shares of Baker Hughes by 110.0% during the third quarter. China Universal Asset Management Co. Ltd. now owns 12,601 shares of the company’s stock worth $456,000 after purchasing an additional 6,601 shares during the period. Institutional investors own 92.06% of the company’s stock.

Baker Hughes Trading Up 1.1 %

Shares of NASDAQ:BKR opened at $37.49 on Thursday. The company has a 50 day moving average of $35.86 and a 200-day moving average of $34.46. The company has a current ratio of 1.27, a quick ratio of 0.86 and a debt-to-equity ratio of 0.37. The firm has a market cap of $37.41 billion, a P/E ratio of 20.94, a P/E/G ratio of 0.61 and a beta of 1.38. Baker Hughes has a twelve month low of $28.32 and a twelve month high of $39.05.

Baker Hughes (NASDAQ:BKR) last released its earnings results on Tuesday, October 22nd. The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.06. Baker Hughes had a return on equity of 12.45% and a net margin of 7.37%. The firm had revenue of $6.91 billion during the quarter, compared to the consensus estimate of $7.21 billion. During the same period in the prior year, the firm posted $0.42 earnings per share. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. As a group, analysts anticipate that Baker Hughes will post 2.25 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Monday, November 4th will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend is Monday, November 4th. Baker Hughes’s dividend payout ratio (DPR) is presently 46.93%.

Analyst Upgrades and Downgrades

BKR has been the subject of several research reports. Argus raised shares of Baker Hughes from a “hold” rating to a “buy” rating in a report on Friday, October 25th. BMO Capital Markets upped their target price on Baker Hughes from $43.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, October 10th. Citigroup dropped their price target on Baker Hughes from $44.00 to $42.00 and set a “buy” rating on the stock in a research report on Friday, September 27th. UBS Group reduced their price objective on Baker Hughes from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. Finally, Morgan Stanley increased their target price on Baker Hughes from $42.00 to $45.00 and gave the stock an “overweight” rating in a research report on Thursday, October 3rd. Two research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.12.

Insider Buying and Selling at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 114,286 shares of Baker Hughes stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $35.00, for a total value of $4,000,010.00. Following the transaction, the chief executive officer now owns 502,053 shares of the company’s stock, valued at $17,571,855. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.25% of the stock is owned by corporate insiders.

About Baker Hughes

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.