Massachusetts Wealth Management Lowers Stock Holdings in Baker Hughes (NASDAQ:BKR)

Massachusetts Wealth Management lowered its position in shares of Baker Hughes (NASDAQ:BKR) by 8.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,925 shares of the company’s stock after selling 775 shares during the period. Massachusetts Wealth Management’s holdings in Baker Hughes were worth $323,000 as of its most recent SEC filing.

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

Insider Transactions at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 114,286 shares of Baker Hughes stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $35.00, for a total transaction of $4,000,010.00. Following the sale, the chief executive officer now directly owns 502,053 shares in the company, valued at $17,571,855. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on BKR. Stifel Nicolaus upped their price objective on Baker Hughes from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Royal Bank of Canada reissued an “outperform” rating and set a $43.00 price target on shares of Baker Hughes in a research note on Thursday. Evercore ISI boosted their price objective on shares of Baker Hughes from $42.00 to $46.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. BMO Capital Markets increased their target price on shares of Baker Hughes from $43.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, October 10th. Finally, Piper Sandler lowered their price target on shares of Baker Hughes from $45.00 to $44.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Two equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $44.12.

Baker Hughes Trading Up 1.9 %

NASDAQ:BKR traded up $0.71 during trading hours on Friday, hitting $37.49. The company had a trading volume of 951,589 shares, compared to its average volume of 7,195,887. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.27 and a quick ratio of 0.86. The stock has a 50-day moving average price of $35.64 and a 200 day moving average price of $34.36. The company has a market capitalization of $37.41 billion, a PE ratio of 20.96, a price-to-earnings-growth ratio of 0.61 and a beta of 1.38. Baker Hughes has a 52 week low of $28.32 and a 52 week high of $39.05.

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

Baker Hughes Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Monday, November 4th will be issued a dividend of $0.21 per share. The ex-dividend date is Monday, November 4th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.24%. Baker Hughes’s dividend payout ratio (DPR) is 46.93%.

Baker Hughes Company 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.