Congress Asset Management Co. Buys Shares of 2,612,270 Baker Hughes (NASDAQ:BKR)

Congress Asset Management Co. bought a new stake in shares of Baker Hughes (NASDAQ:BKR) during the fourth quarter, Holdings Channel.com reports. The fund bought 2,612,270 shares of the company’s stock, valued at approximately $107,155,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of BKR. Ashton Thomas Securities LLC bought a new stake in Baker Hughes during the 3rd quarter valued at $30,000. True Wealth Design LLC increased its holdings in shares of Baker Hughes by 2,181.6% in the third quarter. True Wealth Design LLC now owns 867 shares of the company’s stock worth $31,000 after purchasing an additional 829 shares during the period. Groupama Asset Managment increased its holdings in shares of Baker Hughes by 1,045.1% in the third quarter. Groupama Asset Managment now owns 889,378 shares of the company’s stock worth $32,000 after purchasing an additional 811,711 shares during the period. Continuum Advisory LLC increased its holdings in shares of Baker Hughes by 442.2% in the third quarter. Continuum Advisory LLC now owns 976 shares of the company’s stock worth $35,000 after purchasing an additional 796 shares during the period. Finally, Eastern Bank increased its holdings in shares of Baker Hughes by 598.4% in the fourth quarter. Eastern Bank now owns 1,739 shares of the company’s stock worth $71,000 after purchasing an additional 1,490 shares during the period. Institutional investors own 92.06% of the company’s stock.

Baker Hughes Stock Performance

Shares of BKR stock opened at $46.40 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.94 and a current ratio of 1.32. Baker Hughes has a fifty-two week low of $28.66 and a fifty-two week high of $49.40. The stock has a 50 day moving average price of $43.81 and a two-hundred day moving average price of $39.83. The company has a market capitalization of $45.91 billion, a P/E ratio of 15.57, a PEG ratio of 2.07 and a beta of 1.39.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings data on Thursday, January 30th. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.07. Baker Hughes had a return on equity of 14.58% and a net margin of 10.70%. Analysts expect that Baker Hughes will post 2.57 earnings per share for the current year.

Baker Hughes Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 21st. Shareholders of record on Tuesday, February 11th will be given a $0.23 dividend. The ex-dividend date of this dividend is Tuesday, February 11th. This represents a $0.92 annualized dividend and a yield of 1.98%. This is an increase from Baker Hughes’s previous quarterly dividend of $0.21. Baker Hughes’s payout ratio is presently 28.19%.

Analyst Ratings Changes

Several research analysts have recently weighed in on BKR shares. Susquehanna upped their price target on shares of Baker Hughes from $53.00 to $55.00 and gave the stock a “positive” rating in a report on Monday, February 3rd. Evercore ISI upped their price target on shares of Baker Hughes from $46.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, January 15th. Benchmark reaffirmed a “buy” rating and issued a $57.00 price target on shares of Baker Hughes in a report on Tuesday, February 11th. Barclays increased their target price on Baker Hughes from $51.00 to $55.00 and gave the company an “overweight” rating in a research note on Tuesday, February 4th. Finally, Bank of America lifted their price target on Baker Hughes from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. Two analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat, Baker Hughes currently has an average rating of “Moderate Buy” and an average target price of $51.06.

Insider Buying and Selling at Baker Hughes

In related news, EVP Maria C. Borras sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $44.77, for a total transaction of $358,160.00. Following the completion of the transaction, the executive vice president now owns 173,302 shares in the company, valued at $7,758,730.54. This represents a 4.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.25% of the company’s stock.

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.