Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Baker Hughes (NYSE:BKR – Get Rating) by 98.7% during the first quarter, Holdings Channel reports. The institutional investor owned 159,801 shares of the company’s stock after acquiring an additional 79,388 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Baker Hughes were worth $5,818,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in BKR. Riverview Trust Co purchased a new stake in Baker Hughes during the first quarter worth about $27,000. DB Wealth Management Group LLC purchased a new stake in shares of Baker Hughes in the first quarter valued at about $34,000. Covestor Ltd lifted its holdings in shares of Baker Hughes by 104.7% in the first quarter. Covestor Ltd now owns 1,349 shares of the company’s stock valued at $49,000 after purchasing an additional 690 shares in the last quarter. Krane Funds Advisors LLC purchased a new stake in shares of Baker Hughes in the first quarter valued at about $50,000. Finally, Benjamin Edwards Inc. lifted its holdings in shares of Baker Hughes by 36.2% in the first quarter. Benjamin Edwards Inc. now owns 1,464 shares of the company’s stock valued at $53,000 after purchasing an additional 389 shares in the last quarter. Hedge funds and other institutional investors own 96.62% of the company’s stock.
In other news, Director Michael R. Dumais bought 10,000 shares of the firm’s stock in a transaction dated Thursday, July 21st. The stock was acquired at an average cost of $24.39 per share, for a total transaction of $243,900.00. Following the completion of the purchase, the director now owns 24,977 shares of the company’s stock, valued at $609,189.03. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.29% of the company’s stock.
Baker Hughes Price Performance
Baker Hughes (NYSE:BKR – Get Rating) last released its quarterly earnings data on Wednesday, July 20th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.11). Baker Hughes had a positive return on equity of 3.82% and a negative net margin of 2.27%. The business had revenue of $5.05 billion during the quarter, compared to analyst estimates of $5.34 billion. During the same period in the previous year, the company earned $0.10 EPS. Baker Hughes’s revenue was down 1.8% on a year-over-year basis. As a group, analysts predict that Baker Hughes will post 0.94 EPS for the current year.
Baker Hughes Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, August 19th. Stockholders of record on Tuesday, August 9th were paid a $0.18 dividend. The ex-dividend date of this dividend was Monday, August 8th. This represents a $0.72 annualized dividend and a dividend yield of 3.13%. Baker Hughes’s dividend payout ratio (DPR) is presently -167.44%.
Wall Street Analyst Weigh In
Several analysts have issued reports on BKR shares. Barclays reduced their price target on shares of Baker Hughes from $46.00 to $44.00 in a report on Thursday, July 21st. Susquehanna reduced their price target on shares of Baker Hughes from $39.00 to $35.00 in a report on Thursday, July 21st. Stephens cut their price objective on shares of Baker Hughes from $40.00 to $32.00 in a research report on Thursday, July 21st. Seaport Res Ptn reissued a “buy” rating on shares of Baker Hughes in a research report on Thursday, July 21st. Finally, The Goldman Sachs Group cut their price objective on shares of Baker Hughes from $41.00 to $32.00 and set a “buy” rating for the company in a research report on Wednesday, July 13th. Two equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $36.05.
Baker Hughes Profile
Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. It operates through four segments: Oilfield Services (OFS), Oilfield Equipment (OFE), Turbomachinery & Process Solutions (TPS), and Digital Solutions (DS). The OFS segment offers exploration, drilling, wireline, evaluation, completion, production, and intervention services; and drilling and completions fluids, wireline services, downhole completion tools and systems, wellbore intervention tools and services, pressure pumping systems, oilfield and industrial chemicals, and artificial lift technologies for oil and natural gas, and oilfield service companies.
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