Bank of New York Mellon Corp Sells 1,101,487 Shares of Baker Hughes (NASDAQ:BKR)

Bank of New York Mellon Corp cut its stake in Baker Hughes (NASDAQ:BKR) by 13.0% in the 4th quarter, Holdings Channel reports. The fund owned 7,370,392 shares of the company’s stock after selling 1,101,487 shares during the quarter. Bank of New York Mellon Corp’s holdings in Baker Hughes were worth $302,334,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in BKR. Geode Capital Management LLC boosted its holdings in shares of Baker Hughes by 0.5% in the 3rd quarter. Geode Capital Management LLC now owns 24,078,093 shares of the company’s stock worth $867,514,000 after purchasing an additional 123,172 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its stake in Baker Hughes by 34.7% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 10,920,478 shares of the company’s stock worth $394,775,000 after buying an additional 2,811,940 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Baker Hughes by 1.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,633,006 shares of the company’s stock valued at $348,233,000 after acquiring an additional 145,537 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Baker Hughes by 0.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,951,703 shares of the company’s stock valued at $251,304,000 after acquiring an additional 22,383 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Baker Hughes by 0.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 5,541,076 shares of the company’s stock worth $230,271,000 after acquiring an additional 45,324 shares in the last quarter. Institutional investors own 92.06% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Maria C. Borras sold 8,000 shares of the business’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $44.77, for a total transaction of $358,160.00. Following the sale, the executive vice president now owns 173,302 shares in the company, valued at approximately $7,758,730.54. The trade was a 4.41 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.25% of the stock is owned by corporate insiders.

Baker Hughes Stock Down 1.2 %

Shares of Baker Hughes stock opened at $43.51 on Thursday. The company’s fifty day simple moving average is $44.45 and its two-hundred day simple moving average is $40.40. Baker Hughes has a 12-month low of $29.19 and a 12-month high of $49.40. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 0.35. The company has a market cap of $43.08 billion, a P/E ratio of 14.60, a PEG ratio of 2.00 and a beta of 1.39.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings results on Thursday, January 30th. The company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. Baker Hughes had a net margin of 10.70% and a return on equity of 14.58%. Research analysts anticipate that Baker Hughes will post 2.59 EPS for the current year.

Baker Hughes Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 21st. Investors of record on Tuesday, February 11th were paid a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 2.11%. This is a boost from Baker Hughes’s previous quarterly dividend of $0.21. The ex-dividend date was Tuesday, February 11th. Baker Hughes’s dividend payout ratio is presently 30.87%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on BKR shares. Evercore ISI upped their price objective on shares of Baker Hughes from $46.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, January 15th. Jefferies Financial Group upped their price target on shares of Baker Hughes from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, January 3rd. Susquehanna lifted their price objective on Baker Hughes from $53.00 to $55.00 and gave the stock a “positive” rating in a report on Monday, February 3rd. Stifel Nicolaus increased their target price on Baker Hughes from $48.00 to $54.00 and gave the company a “buy” rating in a report on Monday, February 3rd. Finally, Atb Cap Markets lowered Baker Hughes from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Two analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.06.

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.