California State Teachers Retirement System Sells 23,118 Shares of Baker Hughes (NASDAQ:BKR)

California State Teachers Retirement System lessened its holdings in Baker Hughes (NASDAQ:BKR – Get Rating) by 1.4% in the third quarter, Holdings Channel reports. The firm owned 1,672,568 shares of the company’s stock after selling 23,118 shares during the period. California State Teachers Retirement System’s holdings in Baker Hughes were worth $35,057,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. SeaCrest Wealth Management LLC bought a new position in Baker Hughes during the second quarter valued at about $27,000. Alpha Paradigm Partners LLC bought a new position in shares of Baker Hughes during the 2nd quarter valued at approximately $29,000. Covestor Ltd increased its stake in shares of Baker Hughes by 104.7% during the 1st quarter. Covestor Ltd now owns 1,349 shares of the company’s stock worth $49,000 after purchasing an additional 690 shares during the last quarter. Private Trust Co. NA bought a new stake in shares of Baker Hughes in the 2nd quarter worth approximately $52,000. Finally, Ameliora Wealth Management Ltd. purchased a new position in Baker Hughes in the third quarter valued at approximately $47,000. 97.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on BKR. Citigroup boosted their target price on Baker Hughes from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, January 25th. HSBC increased their target price on shares of Baker Hughes from $33.30 to $39.00 in a research report on Monday, January 30th. Piper Sandler raised shares of Baker Hughes from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $34.00 to $43.00 in a research report on Wednesday, February 15th. Susquehanna raised their price objective on shares of Baker Hughes from $35.00 to $40.00 and gave the stock a “positive” rating in a report on Tuesday, January 24th. Finally, Evercore ISI boosted their price objective on Baker Hughes from $33.00 to $37.00 and gave the company an “outperform” rating in a research note on Tuesday, January 24th. One equities research analyst has rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, Baker Hughes presently has an average rating of “Moderate Buy” and a consensus price target of $36.45.

Insiders Place Their Bets

In other news, EVP Maria C. Borras sold 9,811 shares of the company’s stock in a transaction on Tuesday, January 31st. The shares were sold at an average price of $30.93, for a total value of $303,454.23. Following the completion of the sale, the executive vice president now owns 59,463 shares of the company’s stock, valued at approximately $1,839,190.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.29% of the company’s stock.

Baker Hughes Stock Performance

Baker Hughes stock opened at $26.92 on Friday. Baker Hughes has a fifty-two week low of $20.42 and a fifty-two week high of $39.78. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.90 and a current ratio of 1.32. The stock has a market cap of $27.22 billion, a P/E ratio of -44.87 and a beta of 1.46. The firm’s fifty day moving average price is $30.91 and its 200-day moving average price is $28.15.

Baker Hughes (NASDAQ:BKR – Get Rating) last released its quarterly earnings results on Monday, January 23rd. The company reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.02). Baker Hughes had a negative net margin of 2.85% and a positive return on equity of 5.98%. The firm had revenue of $5.91 billion for the quarter, compared to analysts’ expectations of $6.07 billion. During the same quarter in the previous year, the business earned $0.25 EPS. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. On average, equities research analysts expect that Baker Hughes will post 1.57 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 17th. Shareholders of record on Monday, February 6th were given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date was Friday, February 3rd. Baker Hughes’s payout ratio is currently -126.67%.

Baker Hughes Company Profile

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Baker Hughes Co is a holding company, which engages in the provision of oilfield products, services, and digital solutions. It operates through the Oilfield Services and Equipment (OFSE) and industrial and Energy Technology (IET) segments. The OFSE segment designs and manufactures products and provides services for onshore and offshore oilfield operations.