California State Teachers Retirement System Raises Stock Position in Baker Hughes Company $BKR

California State Teachers Retirement System grew its stake in Baker Hughes Company (NASDAQ:BKR) by 3,833.2% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 120,855,357 shares of the company’s stock after purchasing an additional 117,782,673 shares during the period. California State Teachers Retirement System owned 0.12% of Baker Hughes worth $6,707,472,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. OP Asset Management Ltd purchased a new position in shares of Baker Hughes during the first quarter worth about $6,049,000. National Pension Service lifted its holdings in shares of Baker Hughes by 5.1% in the 4th quarter. National Pension Service now owns 1,317,478 shares of the company’s stock valued at $59,998,000 after purchasing an additional 64,323 shares during the last quarter. Hsbc Holdings PLC lifted its holdings in shares of Baker Hughes by 2.0% in the 4th quarter. Hsbc Holdings PLC now owns 1,892,101 shares of the company’s stock valued at $86,230,000 after purchasing an additional 37,473 shares during the last quarter. ABN AMRO Bank N.V. boosted its position in shares of Baker Hughes by 6.5% in the 1st quarter. ABN AMRO Bank N.V. now owns 679,842 shares of the company’s stock valued at $41,625,000 after purchasing an additional 41,657 shares during the period. Finally, Fifth Third Bancorp boosted its position in shares of Baker Hughes by 367.1% in the 1st quarter. Fifth Third Bancorp now owns 199,621 shares of the company’s stock valued at $12,187,000 after purchasing an additional 156,881 shares during the period. 92.06% of the stock is owned by hedge funds and other institutional investors.

Baker Hughes Stock Performance

Shares of BKR stock opened at $63.64 on Thursday. The stock has a market capitalization of $63.17 billion, a PE ratio of 20.53, a price-to-earnings-growth ratio of 2.86 and a beta of 0.96. Baker Hughes Company has a 52-week low of $43.92 and a 52-week high of $70.41. The stock’s 50-day moving average price is $60.39 and its 200 day moving average price is $61.61. The company has a quick ratio of 1.76, a current ratio of 2.09 and a debt-to-equity ratio of 0.77.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings data on Monday, July 27th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.51 by $0.13. Baker Hughes had a return on equity of 13.85% and a net margin of 11.17%.The firm had revenue of $6.74 billion during the quarter, compared to the consensus estimate of $6.54 billion. During the same period in the prior year, the business earned $0.63 EPS. The firm’s revenue was up 2.4% compared to the same quarter last year. As a group, equities research analysts forecast that Baker Hughes Company will post 2.51 EPS for the current year.

Baker Hughes Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Friday, August 7th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Friday, August 7th. Baker Hughes’s dividend payout ratio is 29.68%.

Analyst Ratings Changes

Several research analysts have commented on the company. Susquehanna lifted their price target on Baker Hughes from $70.00 to $72.00 and gave the stock a “positive” rating in a research report on Tuesday, July 28th. Jefferies Financial Group reissued a “buy” rating on shares of Baker Hughes in a report on Thursday, July 9th. Citigroup raised their target price on shares of Baker Hughes from $74.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, July 8th. TD Cowen lifted their target price on shares of Baker Hughes from $77.00 to $78.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Finally, Wall Street Zen cut shares of Baker Hughes from a “buy” rating to a “hold” rating in a report on Wednesday, August 5th. Seventeen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Baker Hughes presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.67.

Insider Activity at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 181,411 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $58.43, for a total transaction of $10,599,844.73. Following the completion of the sale, the chief executive officer directly owned 703,444 shares of the company’s stock, valued at $41,102,232.92. This trade represents a 20.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.19% of the stock is owned by company insiders.

About Baker Hughes

Baker Hughes Company (NASDAQ: BKR) is an energy technology company that provides products, services and digital solutions for the energy and industrial sectors. Its offerings support the exploration, development, production, transportation and processing of oil and natural gas, as well as broader energy and industrial operations.

The company’s portfolio includes oilfield services and equipment, drilling and completion technologies, artificial lift systems, subsea production solutions, turbomachinery, compressors, gas technology and liquefied natural gas equipment.