TD Asset Management Inc Boosts Holdings in Baker Hughes Company (NASDAQ:BKR)

TD Asset Management Inc raised its position in shares of Baker Hughes Company (NASDAQ:BKR) by 8.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 450,620 shares of the company’s stock after purchasing an additional 34,888 shares during the quarter. TD Asset Management Inc’s holdings in Baker Hughes were worth $19,805,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Wayfinding Financial LLC bought a new stake in shares of Baker Hughes during the first quarter valued at approximately $28,000. Golden State Wealth Management LLC raised its position in shares of Baker Hughes by 678.7% during the first quarter. Golden State Wealth Management LLC now owns 693 shares of the company’s stock valued at $30,000 after buying an additional 604 shares during the last quarter. Grove Bank & Trust raised its position in shares of Baker Hughes by 76.2% during the first quarter. Grove Bank & Trust now owns 740 shares of the company’s stock valued at $33,000 after buying an additional 320 shares during the last quarter. Spire Wealth Management raised its position in shares of Baker Hughes by 132.9% during the first quarter. Spire Wealth Management now owns 815 shares of the company’s stock valued at $36,000 after buying an additional 465 shares during the last quarter. Finally, Tsfg LLC raised its position in shares of Baker Hughes by 278.8% during the first quarter. Tsfg LLC now owns 1,485 shares of the company’s stock valued at $65,000 after buying an additional 1,093 shares during the last quarter. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Lorenzo Simonelli sold 526,568 shares of the company’s stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $44.42, for a total value of $23,390,150.56. Following the completion of the sale, the chief executive officer directly owned 667,593 shares of the company’s stock, valued at $29,654,481.06. This represents a 44.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.27% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on BKR. TD Securities reduced their price objective on shares of Baker Hughes from $50.00 to $49.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th. Morgan Stanley boosted their price target on shares of Baker Hughes from $45.00 to $55.00 and gave the stock an “overweight” rating in a research report on Tuesday. UBS Group boosted their price target on shares of Baker Hughes from $40.00 to $43.00 and gave the stock a “neutral” rating in a research report on Thursday, July 24th. Piper Sandler reduced their price target on shares of Baker Hughes from $53.00 to $50.00 and set an “overweight” rating on the stock in a research report on Thursday, April 24th. Finally, The Goldman Sachs Group reduced their price target on shares of Baker Hughes from $42.00 to $41.00 and set a “buy” rating on the stock in a research report on Wednesday, July 2nd. Two investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $50.06.

Baker Hughes Stock Down 1.7%

Shares of BKR opened at $45.75 on Wednesday. The firm has a market capitalization of $45.33 billion, a P/E ratio of 14.95, a P/E/G ratio of 5.76 and a beta of 0.91. Baker Hughes Company has a 12-month low of $32.25 and a 12-month high of $49.40. The company has a current ratio of 1.41, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. The firm has a fifty day moving average price of $39.23 and a 200-day moving average price of $40.99.

Baker Hughes (NASDAQ:BKR) last issued its earnings results on Tuesday, July 22nd. The company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.08. Baker Hughes had a net margin of 11.04% and a return on equity of 14.56%. The firm had revenue of $6.91 billion during the quarter, compared to analyst estimates of $6.64 billion. During the same period in the previous year, the firm earned $0.57 earnings per share. The business’s revenue was down 3.2% on a year-over-year basis. Equities research analysts expect that Baker Hughes Company will post 2.59 earnings per share for the current year.

Baker Hughes Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, August 5th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date of this dividend is Tuesday, August 5th. Baker Hughes’s dividend payout ratio (DPR) is presently 30.07%.

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.