Hartford Investment Management Co. Sells 1,197 Shares of Baker Hughes (NASDAQ:BKR)

Hartford Investment Management Co. cut its position in shares of Baker Hughes (NASDAQ:BKR) by 1.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 62,638 shares of the company’s stock after selling 1,197 shares during the quarter. Hartford Investment Management Co.’s holdings in Baker Hughes were worth $2,264,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Redmont Wealth Advisors LLC bought a new position in Baker Hughes during the first quarter valued at approximately $27,000. New Covenant Trust Company N.A. purchased a new stake in shares of Baker Hughes in the 1st quarter valued at $34,000. Alta Advisers Ltd bought a new position in shares of Baker Hughes during the 2nd quarter valued at $42,000. Headlands Technologies LLC purchased a new position in Baker Hughes in the 2nd quarter worth $48,000. Finally, Quarry LP raised its position in Baker Hughes by 81.1% in the 2nd quarter. Quarry LP now owns 1,594 shares of the company’s stock worth $56,000 after purchasing an additional 714 shares during the period. 92.06% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 114,286 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $38.55, for a total value of $4,405,725.30. Following the sale, the chief executive officer now owns 616,339 shares in the company, valued at approximately $23,759,868.45. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.25% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on BKR shares. Benchmark reaffirmed a “buy” rating and set a $42.00 price objective on shares of Baker Hughes in a research note on Thursday. Wells Fargo & Company raised Baker Hughes from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $40.00 to $42.00 in a research note on Wednesday, September 25th. Jefferies Financial Group increased their price objective on Baker Hughes from $46.00 to $48.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Piper Sandler decreased their target price on shares of Baker Hughes from $45.00 to $44.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Finally, Barclays increased their price target on shares of Baker Hughes from $41.00 to $46.00 and gave the company an “overweight” rating in a research report on Thursday. Two investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $44.12.

Baker Hughes Stock Performance

Baker Hughes stock opened at $36.78 on Friday. Baker Hughes has a fifty-two week low of $28.32 and a fifty-two week high of $39.05. The stock has a market cap of $36.71 billion, a price-to-earnings ratio of 20.55, a PEG ratio of 0.61 and a beta of 1.38. The stock’s 50 day simple moving average is $35.61 and its two-hundred day simple moving average is $34.35. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.86 and a current ratio of 1.27.

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

Baker Hughes Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Monday, November 4th will be paid a $0.21 dividend. The ex-dividend date is Monday, November 4th. This represents a $0.84 annualized dividend and a dividend yield of 2.28%. Baker Hughes’s payout ratio is 46.93%.

Baker Hughes 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.