Hartford Investment Management Co. Sells 1,197 Shares of Baker Hughes (NASDAQ:BKR)

Hartford Investment Management Co. reduced its stake in Baker Hughes (NASDAQ:BKR) by 1.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 62,638 shares of the company’s stock after selling 1,197 shares during the quarter. Hartford Investment Management Co.’s holdings in Baker Hughes were worth $2,264,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Redmont Wealth Advisors LLC purchased a new stake in shares of Baker Hughes in the first quarter valued at about $27,000. New Covenant Trust Company N.A. purchased a new stake in Baker Hughes in the 1st quarter valued at about $34,000. Alta Advisers Ltd bought a new position in shares of Baker Hughes during the 2nd quarter worth approximately $42,000. Headlands Technologies LLC purchased a new position in shares of Baker Hughes in the 2nd quarter worth approximately $48,000. Finally, Quarry LP grew its holdings in shares of Baker Hughes by 81.1% in the second quarter. Quarry LP now owns 1,594 shares of the company’s stock valued at $56,000 after acquiring an additional 714 shares in the last quarter. 92.06% of the stock is currently owned by institutional investors.

Baker Hughes Stock Performance

NASDAQ:BKR opened at $36.78 on Friday. The business’s fifty day moving average is $35.61 and its 200 day moving average is $34.35. The firm has a market cap of $36.71 billion, a price-to-earnings ratio of 20.55, a PEG ratio of 0.61 and a beta of 1.38. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.86 and a current ratio of 1.27. 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 quarterly earnings results on Tuesday, October 22nd. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.06. Baker Hughes had a return on equity of 12.45% and a net margin of 7.37%. The firm had revenue of $6.91 billion for the quarter, compared to analysts’ expectations of $7.21 billion. During the same period in the prior year, the business posted $0.42 earnings per share. The company’s revenue was up 4.0% on a year-over-year basis. Research analysts predict that Baker Hughes will post 2.25 EPS for the current year.

Baker Hughes Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Monday, November 4th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 2.28%. The ex-dividend date is Monday, November 4th. Baker Hughes’s payout ratio is 46.93%.

Analyst Ratings Changes

Several research firms have weighed in on BKR. Citigroup cut their price objective on Baker Hughes from $44.00 to $42.00 and set a “buy” rating on the stock in a research report on Friday, September 27th. Royal Bank of Canada restated an “outperform” rating and set a $43.00 price target on shares of Baker Hughes in a research report on Thursday. Benchmark restated a “buy” rating and set a $42.00 price objective on shares of Baker Hughes in a report on Thursday. TD Cowen boosted their target price on shares of Baker Hughes from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Finally, Barclays increased their target price on shares of Baker Hughes from $41.00 to $46.00 and gave the company an “overweight” rating in a research report on Thursday. Two research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat.com, Baker Hughes presently has an average rating of “Moderate Buy” and an average price target of $44.12.

Insider Activity

In other Baker Hughes news, CEO Lorenzo Simonelli sold 114,286 shares of the company’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $35.00, for a total value of $4,000,010.00. Following the transaction, the chief executive officer now directly owns 502,053 shares in the company, valued at $17,571,855. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.25% of the company’s stock.

About Baker Hughes

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.