Cresset Asset Management LLC Buys 8,486 Shares of Baker Hughes Company $BKR

Cresset Asset Management LLC increased its stake in Baker Hughes Company (NASDAQ:BKR) by 73.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 19,989 shares of the company’s stock after purchasing an additional 8,486 shares during the period. Cresset Asset Management LLC’s holdings in Baker Hughes were worth $974,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Activest Wealth Management boosted its holdings in Baker Hughes by 1,242.5% during the third quarter. Activest Wealth Management now owns 537 shares of the company’s stock worth $26,000 after purchasing an additional 497 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. boosted its stake in shares of Baker Hughes by 104.0% during the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 661 shares of the company’s stock worth $32,000 after buying an additional 337 shares during the last quarter. Twin Peaks Wealth Advisors LLC acquired a new position in shares of Baker Hughes during the 2nd quarter worth about $36,000. Rothschild Investment LLC grew its holdings in shares of Baker Hughes by 66.6% in the 2nd quarter. Rothschild Investment LLC now owns 1,241 shares of the company’s stock valued at $48,000 after acquiring an additional 496 shares in the last quarter. Finally, Spire Wealth Management grew its holdings in shares of Baker Hughes by 357.8% in the 3rd quarter. Spire Wealth Management now owns 1,021 shares of the company’s stock valued at $50,000 after acquiring an additional 798 shares in the last quarter. 92.06% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Lorenzo Simonelli sold 272,593 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $61.13, for a total value of $16,663,610.09. Following the sale, the chief executive officer owned 672,810 shares in the company, valued at approximately $41,128,875.30. This represents a 28.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William G. Beattie sold 18,023 shares of Baker Hughes stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $57.29, for a total transaction of $1,032,537.67. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 312,594 shares of company stock worth $18,986,302 in the last quarter. Insiders own 0.27% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Johnson Rice started coverage on Baker Hughes in a report on Wednesday, February 25th. They set a “buy” rating and a $68.00 target price on the stock. Wall Street Zen upgraded Baker Hughes from a “hold” rating to a “buy” rating in a research note on Saturday, February 7th. Citigroup boosted their price target on Baker Hughes from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Tuesday, January 27th. Evercore reiterated an “outperform” rating and set a $68.00 price objective on shares of Baker Hughes in a research note on Wednesday, February 11th. Finally, BMO Capital Markets increased their price objective on Baker Hughes from $65.00 to $70.00 and gave the company an “outperform” rating in a report on Tuesday, March 3rd. Twenty analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.61.

Baker Hughes Trading Down 1.3%

Shares of NASDAQ:BKR opened at $59.34 on Wednesday. Baker Hughes Company has a 52-week low of $33.60 and a 52-week high of $67.00. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.00 and a current ratio of 1.36. The company has a market capitalization of $58.64 billion, a P/E ratio of 22.82, a price-to-earnings-growth ratio of 1.63 and a beta of 0.83. The company has a 50-day simple moving average of $56.69 and a 200 day simple moving average of $50.59.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings results on Monday, January 26th. The company reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.11. The firm had revenue of $7.39 billion for the quarter, compared to the consensus estimate of $7.09 billion. Baker Hughes had a return on equity of 14.26% and a net margin of 9.33%.The business’s revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.70 earnings per share. Sell-side analysts forecast that Baker Hughes Company will post 2.59 earnings per share for the current year.

Baker Hughes Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 27th. Investors of record on Tuesday, February 17th were issued a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, February 17th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.6%. Baker Hughes’s payout ratio is presently 35.38%.

About Baker Hughes

Baker Hughes is an energy technology company that provides a broad portfolio of products, services and digital solutions for the oil and gas and industrial markets. Its offerings span oilfield services and equipment — including drilling, evaluation, completion and production technologies — as well as turbomachinery, compressors and related process equipment used in midstream and downstream operations. The company also supplies aftermarket services, field support and integrated solutions designed to improve asset performance and uptime across the energy value chain.

The firm’s roots trace back to the merger of Baker International and Hughes Tool Company, and more recently it combined with GE’s oil and gas business in 2017 to form Baker Hughes, a GE company (BHGE); subsequent changes in ownership restored Baker Hughes as an independent publicly traded company.