Fred Alger Management LLC Reduces Stock Position in Baker Hughes (NASDAQ:BKR)

Fred Alger Management LLC lessened its stake in shares of Baker Hughes (NASDAQ:BKR – Get Rating) by 82.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 772,206 shares of the company’s stock after selling 3,542,965 shares during the quarter. Fred Alger Management LLC owned about 0.08% of Baker Hughes worth $16,185,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. SeaCrest Wealth Management LLC purchased a new position in shares of Baker Hughes in the second quarter worth approximately $27,000. Alpha Paradigm Partners LLC purchased a new position in shares of Baker Hughes in the second quarter worth approximately $29,000. Ameliora Wealth Management Ltd. purchased a new position in shares of Baker Hughes in the third quarter worth approximately $47,000. Sandy Spring Bank purchased a new position in shares of Baker Hughes in the third quarter worth approximately $48,000. Finally, Covestor Ltd boosted its holdings in shares of Baker Hughes by 104.7% in the first quarter. Covestor Ltd now owns 1,349 shares of the company’s stock worth $49,000 after buying an additional 690 shares during the last quarter. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Insider Buying and Selling

In related news, EVP Maria C. Borras sold 9,811 shares of the business’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 sale, the executive vice president now owns 59,463 shares in the company, valued at $1,839,190.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.34% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

BKR has been the topic of a number of research reports. Piper Sandler raised shares of Baker Hughes from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $34.00 to $43.00 in a report on Wednesday, February 15th. Barclays raised their price objective on shares of Baker Hughes from $38.00 to $42.00 and gave the stock an “overweight” rating in a report on Wednesday, January 25th. Susquehanna raised their target price on shares of Baker Hughes from $35.00 to $40.00 and gave the stock a “positive” rating in a research note on Tuesday, January 24th. Citigroup raised their target price on shares of Baker Hughes from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, January 25th. Finally, Morgan Stanley raised their target price on shares of Baker Hughes from $32.00 to $35.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 4th. One investment analyst has rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Baker Hughes currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.68.

Baker Hughes Trading Up 0.8 %

Baker Hughes stock opened at $28.36 on Wednesday. The stock has a market cap of $28.68 billion, a P/E ratio of -47.27 and a beta of 1.46. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.32 and a quick ratio of 0.90. Baker Hughes has a 1 year low of $20.42 and a 1 year high of $39.78. The firm’s 50 day moving average price is $31.02 and its 200-day moving average price is $28.16.

Baker Hughes (NASDAQ:BKR – Get Rating) last released its quarterly earnings data on Monday, January 23rd. The company reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $5.91 billion for the quarter, compared to the consensus estimate of $6.07 billion. During the same quarter in the previous year, the business earned $0.25 EPS. The company’s quarterly revenue was up 7.7% on a year-over-year basis. On average, equities analysts predict that Baker Hughes will post 1.57 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 17th. Investors of record on Monday, February 6th were given a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 2.68%. The ex-dividend date was Friday, February 3rd. Baker Hughes’s dividend payout ratio is presently -126.67%.

About Baker Hughes

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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.