Mirae Asset Global Investments Co. Ltd. Purchases 69,046 Shares of Baker Hughes (NASDAQ:BKR)

Mirae Asset Global Investments Co. Ltd. grew its position in Baker Hughes (NASDAQ:BKR) by 32.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 280,787 shares of the company’s stock after acquiring an additional 69,046 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Baker Hughes were worth $10,150,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Redmont Wealth Advisors LLC acquired a new position in Baker Hughes during the first quarter worth approximately $27,000. New Covenant Trust Company N.A. bought a new position in shares of Baker Hughes during the 1st quarter worth approximately $34,000. Alta Advisers Ltd acquired a new position in shares of Baker Hughes during the 2nd quarter worth approximately $42,000. Headlands Technologies LLC bought a new stake in Baker Hughes in the 2nd quarter valued at $48,000. Finally, Quarry LP raised its stake in Baker Hughes by 81.1% in the 2nd quarter. Quarry LP now owns 1,594 shares of the company’s stock valued at $56,000 after acquiring an additional 714 shares during the period. 92.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 114,286 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $35.00, for a total value of $4,000,010.00. Following the completion of the transaction, the chief executive officer now owns 502,053 shares of the company’s stock, valued at $17,571,855. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.25% of the stock is currently owned by insiders.

Baker Hughes Stock Performance

NASDAQ BKR opened at $37.52 on Monday. The firm’s 50 day simple moving average is $35.70 and its 200 day simple moving average is $34.39. The firm has a market capitalization of $37.44 billion, a price-to-earnings ratio of 20.96, a P/E/G ratio of 0.61 and a beta of 1.38. The company has a current ratio of 1.27, a quick ratio of 0.86 and a debt-to-equity ratio of 0.37. Baker Hughes has a 1 year low of $28.32 and a 1 year high of $39.05.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings results on Tuesday, October 22nd. The company reported $0.67 earnings per share (EPS) 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 company had revenue of $6.91 billion for the quarter, compared to analyst estimates of $7.21 billion. During the same quarter last year, the company posted $0.42 EPS. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. As a group, research analysts expect that Baker Hughes will post 2.25 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Monday, November 4th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Monday, November 4th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.24%. Baker Hughes’s payout ratio is currently 46.93%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on BKR shares. The Goldman Sachs Group upped their price objective on shares of Baker Hughes from $39.00 to $43.00 and gave the company a “buy” rating in a report on Monday, July 29th. Stifel Nicolaus increased their price target on shares of Baker Hughes from $40.00 to $45.00 and gave the company a “buy” rating in a report on Monday, July 29th. Citigroup reduced their price objective on Baker Hughes from $44.00 to $42.00 and set a “buy” rating for the company in a report on Friday, September 27th. Morgan Stanley increased their target price on Baker Hughes from $42.00 to $45.00 and gave the stock an “overweight” rating in a research note on Thursday, October 3rd. Finally, BMO Capital Markets boosted their price target on Baker Hughes from $43.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, October 10th. Two research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $44.12.

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.