Riggs Asset Managment Co. Inc. Grows Position in Baker Hughes (NASDAQ:BKR)

Riggs Asset Managment Co. Inc. lifted its stake in shares of Baker Hughes (NASDAQ:BKR - Free Report) by 53.7% in the third quarter, according to its most recent filing with the SEC. The fund owned 136,655 shares of the company's stock after acquiring an additional 47,719 shares during the period. Riggs Asset Managment Co. Inc.'s holdings in Baker Hughes were worth $4,940,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. UMB Bank n.a. grew its position in Baker Hughes by 18.4% during the second quarter. UMB Bank n.a. now owns 1,873 shares of the company's stock valued at $66,000 after acquiring an additional 291 shares during the last quarter. Guinness Atkinson Asset Management Inc raised its position in Baker Hughes by 6.9% in the 2nd quarter. Guinness Atkinson Asset Management Inc now owns 7,205 shares of the company's stock worth $253,000 after purchasing an additional 467 shares during the period. Lake Street Advisors Group LLC lifted its stake in Baker Hughes by 8.6% in the third quarter. Lake Street Advisors Group LLC now owns 6,502 shares of the company's stock worth $235,000 after purchasing an additional 515 shares during the last quarter. Meeder Advisory Services Inc. boosted its position in Baker Hughes by 5.2% during the first quarter. Meeder Advisory Services Inc. now owns 10,438 shares of the company's stock valued at $350,000 after buying an additional 520 shares during the period. Finally, Signaturefd LLC boosted its position in Baker Hughes by 8.7% during the second quarter. Signaturefd LLC now owns 6,890 shares of the company's stock valued at $242,000 after buying an additional 553 shares during the period. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 114,286 shares of the company's stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $35.00, for a total transaction of $4,000,010.00. Following the completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.25% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. BMO Capital Markets increased their price objective on Baker Hughes from $43.00 to $45.00 and gave the company an "outperform" rating in a research note on Thursday, October 10th. Wells Fargo & Company raised shares of Baker Hughes from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $40.00 to $42.00 in a research report on Wednesday, September 25th. Stifel Nicolaus boosted their price objective on shares of Baker Hughes from $40.00 to $45.00 and gave the company a "buy" rating in a research report on Monday, July 29th. Barclays upped their price objective on shares of Baker Hughes from $41.00 to $46.00 and gave the company an "overweight" rating in a research note on Thursday. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $43.00 target price on shares of Baker Hughes in a research note on Thursday. Two analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $44.12.

Baker Hughes Stock Down 0.3 %

Shares of NASDAQ:BKR traded down $0.12 during trading on Monday, reaching $37.40. 8,516,116 shares of the stock traded hands, compared to its average volume of 7,217,398. The stock has a market cap of $37.33 billion, a P/E ratio of 20.89, a price-to-earnings-growth 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. The stock has a 50-day moving average of $35.74 and a two-hundred day moving average of $34.41. Baker Hughes has a 52-week low of $28.32 and a 52-week high of $39.05.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its quarterly earnings results on Tuesday, October 22nd. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $7.21 billion. During the same period in the prior year, the company posted $0.42 earnings per share. The company's quarterly revenue was up 4.0% on a year-over-year basis. As a group, sell-side analysts expect that Baker Hughes will post 2.25 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Monday, November 4th will be issued a dividend of $0.21 per share. The ex-dividend date is Monday, November 4th. This represents a $0.84 annualized dividend and a dividend yield of 2.25%. Baker Hughes's payout ratio is 46.93%.

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.