Congress Asset Management Co. Invests $107.16 Million in Baker Hughes (NASDAQ:BKR)

Congress Asset Management Co. acquired a new position in Baker Hughes (NASDAQ:BKR) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 2,612,270 shares of the company’s stock, valued at approximately $107,155,000. Congress Asset Management Co. owned approximately 0.26% of Baker Hughes at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Geode Capital Management LLC raised its position in shares of Baker Hughes by 0.5% in the 3rd quarter. Geode Capital Management LLC now owns 24,078,093 shares of the company’s stock worth $867,514,000 after acquiring an additional 123,172 shares in the last quarter. Hotchkis & Wiley Capital Management LLC raised its position in shares of Baker Hughes by 34.7% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 10,920,478 shares of the company’s stock worth $394,775,000 after acquiring an additional 2,811,940 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Baker Hughes by 1.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,633,006 shares of the company’s stock worth $348,233,000 after acquiring an additional 145,537 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Baker Hughes by 0.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,951,703 shares of the company’s stock valued at $251,304,000 after buying an additional 22,383 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in Baker Hughes by 0.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 5,541,076 shares of the company’s stock valued at $230,271,000 after buying an additional 45,324 shares in the last quarter. 92.06% of the stock is owned by institutional investors.

Insider Activity 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 value of $358,160.00. Following the transaction, the executive vice president now owns 173,302 shares in the company, valued at approximately $7,758,730.54. This represents a 4.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.25% of the stock is owned by company insiders.

Baker Hughes Price Performance

Shares of NASDAQ BKR opened at $46.40 on Friday. Baker Hughes has a twelve month low of $28.66 and a twelve month high of $49.40. The stock’s 50 day moving average price is $43.81 and its 200-day moving average price is $39.83. The company has a market capitalization of $45.91 billion, a PE ratio of 15.57, a PEG ratio of 2.07 and a beta of 1.39. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 0.35.

Baker Hughes (NASDAQ:BKR) last announced its earnings results on Thursday, January 30th. The company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. Baker Hughes had a return on equity of 14.58% and a net margin of 10.70%. On average, equities analysts anticipate that Baker Hughes will post 2.57 EPS for the current year.

Baker Hughes Increases Dividend

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

Wall Street Analyst Weigh In

A number of brokerages recently commented on BKR. Benchmark reaffirmed a “buy” rating and issued a $57.00 target price on shares of Baker Hughes in a research report on Tuesday, February 11th. Evercore ISI boosted their target price on Baker Hughes from $46.00 to $52.00 and gave the company an “outperform” rating in a research report on Wednesday, January 15th. JPMorgan Chase & Co. boosted their target price on Baker Hughes from $50.00 to $52.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Susquehanna boosted their target price on Baker Hughes from $53.00 to $55.00 and gave the company a “positive” rating in a research report on Monday, February 3rd. Finally, Argus raised Baker Hughes from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Two research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $51.06.

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.