iA Global Asset Management Inc. Sells 14,717 Shares of Baker Hughes Company $BKR

iA Global Asset Management Inc. cut its stake in shares of Baker Hughes Company (NASDAQ:BKR) by 7.4% in the 1st quarter, HoldingsChannel reports. The fund owned 183,502 shares of the company’s stock after selling 14,717 shares during the quarter. iA Global Asset Management Inc.’s holdings in Baker Hughes were worth $11,203,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Premier Path Wealth Partners LLC boosted its stake in shares of Baker Hughes by 25.6% during the first quarter. Premier Path Wealth Partners LLC now owns 8,240 shares of the company’s stock valued at $503,000 after purchasing an additional 1,679 shares during the period. Pathway Financial Advisers LLC bought a new position in shares of Baker Hughes in the first quarter worth approximately $907,000. Moss Adams Wealth Advisors LLC purchased a new position in shares of Baker Hughes in the first quarter worth $244,000. Lansforsakringar Fondforvaltning AB publ increased its stake in shares of Baker Hughes by 17.0% in the first quarter. Lansforsakringar Fondforvaltning AB publ now owns 366,162 shares of the company’s stock worth $22,354,000 after buying an additional 53,196 shares during the period. Finally, Pinnacle Bancorp Inc. raised its holdings in Baker Hughes by 52.0% during the 1st quarter. Pinnacle Bancorp Inc. now owns 935 shares of the company’s stock valued at $57,000 after buying an additional 320 shares during the last quarter. 92.06% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Lorenzo Simonelli sold 181,411 shares of the business’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $58.43, for a total transaction of $10,599,844.73. Following the sale, the chief executive officer owned 703,444 shares in the company, valued at approximately $41,102,232.92. The trade was a 20.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total transaction of $326,751.36. Following the completion of the sale, the chief accounting officer directly owned 15,997 shares in the company, valued at $1,027,327.34. This represents a 24.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 367,910 shares of company stock worth $22,420,797. Company insiders own 0.19% of the company’s stock.

Wall Street Analysts Forecast Growth

BKR has been the subject of several analyst reports. Argus increased their price target on shares of Baker Hughes from $67.00 to $79.00 in a research report on Friday, May 1st. Zacks Research upgraded shares of Baker Hughes from a “strong sell” rating to a “hold” rating in a research report on Monday, June 15th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Baker Hughes in a research note on Friday, April 24th. Citigroup dropped their target price on shares of Baker Hughes from $80.00 to $74.00 and set a “buy” rating for the company in a report on Wednesday, June 3rd. Finally, Capital One Financial raised their target price on Baker Hughes from $66.00 to $71.00 and gave the stock an “overweight” rating in a research note on Thursday, May 21st. Eighteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $69.14.

Baker Hughes Stock Down 1.4%

Shares of NASDAQ:BKR opened at $55.50 on Wednesday. Baker Hughes Company has a 52-week low of $37.76 and a 52-week high of $70.41. The firm has a market capitalization of $55.06 billion, a P/E ratio of 17.73, a P/E/G ratio of 2.03 and a beta of 0.93. The stock has a 50 day moving average price of $63.39 and a 200-day moving average price of $58.70. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.77 and a current ratio of 2.13.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.09. The company had revenue of $6.59 billion for the quarter, compared to analyst estimates of $6.71 billion. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.The firm’s revenue was up 2.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.51 earnings per share. As a group, equities research analysts anticipate that Baker Hughes Company will post 2.28 EPS for the current fiscal year.

Baker Hughes Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $0.92 annualized dividend and a yield of 1.7%. Baker Hughes’s dividend payout ratio (DPR) is currently 29.39%.

Baker Hughes Company Profile

Baker Hughes is an energy technology company that provides a broad portfolio of products, services and digital solutions for the oil and gas and industrial markets. Its offerings span oilfield services and equipment — including drilling, evaluation, completion and production technologies — as well as turbomachinery, compressors and related process equipment used in midstream and downstream operations. The company also supplies aftermarket services, field support and integrated solutions designed to improve asset performance and uptime across the energy value chain.

The firm’s roots trace back to the merger of Baker International and Hughes Tool Company, and more recently it combined with GE’s oil and gas business in 2017 to form Baker Hughes, a GE company (BHGE); subsequent changes in ownership restored Baker Hughes as an independent publicly traded company.