Mirae Asset Global Investments Co. Ltd. Acquires 69,046 Shares of Baker Hughes (NASDAQ:BKR)

Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Baker Hughes (NASDAQ:BKR) by 32.6% in the 3rd quarter, Holdings Channel reports. The firm owned 280,787 shares of the company’s stock after purchasing an additional 69,046 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Baker Hughes were worth $10,150,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Twin Tree Management LP raised its position in shares of Baker Hughes by 183.0% during the first quarter. Twin Tree Management LP now owns 338,738 shares of the company’s stock worth $11,348,000 after acquiring an additional 219,060 shares during the last quarter. Diversified Trust Co raised its holdings in Baker Hughes by 98.7% during the 1st quarter. Diversified Trust Co now owns 50,029 shares of the company’s stock worth $1,676,000 after purchasing an additional 24,850 shares during the last quarter. Wedge Capital Management L L P NC lifted its position in shares of Baker Hughes by 20.5% in the 2nd quarter. Wedge Capital Management L L P NC now owns 726,291 shares of the company’s stock worth $25,544,000 after purchasing an additional 123,689 shares during the period. BI Asset Management Fondsmaeglerselskab A S boosted its stake in shares of Baker Hughes by 134.7% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 238,857 shares of the company’s stock valued at $8,002,000 after purchasing an additional 137,099 shares during the last quarter. Finally, Wakefield Asset Management LLLP increased its position in shares of Baker Hughes by 132.1% during the first quarter. Wakefield Asset Management LLLP now owns 118,484 shares of the company’s stock worth $3,969,000 after buying an additional 67,440 shares during the period. 92.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Piper Sandler dropped their target price on shares of Baker Hughes from $45.00 to $44.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Argus raised Baker Hughes from a “hold” rating to a “buy” rating in a research note on Friday. JPMorgan Chase & Co. raised their target price on Baker Hughes from $42.00 to $43.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Evercore ISI lifted their target price on Baker Hughes from $42.00 to $46.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Finally, Citigroup cut their price target on Baker Hughes from $44.00 to $42.00 and set a “buy” rating on the stock in a report on Friday, September 27th. Two research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $44.12.

Insider Buying and Selling at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 114,286 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was 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 in the company, valued at $17,571,855. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.25% of the company’s stock.

Baker Hughes Stock Up 2.0 %

BKR stock opened at $37.52 on Monday. The stock’s 50 day moving average is $35.70 and its 200-day moving average is $34.39. Baker Hughes has a twelve month low of $28.32 and a twelve month high of $39.05. The firm has a market capitalization of $37.44 billion, a PE ratio of 20.96, a P/E/G ratio of 0.61 and a beta of 1.38. The company has a quick ratio of 0.86, a current ratio of 1.27 and a debt-to-equity ratio of 0.37.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings data 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. Baker Hughes had a return on equity of 12.45% and a net margin of 7.37%. The business had revenue of $6.91 billion for the quarter, compared to analysts’ expectations of $7.21 billion. The business’s revenue was up 4.0% on a year-over-year basis. During the same period last year, the business earned $0.42 EPS. Sell-side analysts expect that Baker Hughes will post 2.25 EPS for the current fiscal year.

Baker Hughes Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders 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 yield of 2.24%. Baker Hughes’s dividend payout ratio (DPR) 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.