abrdn plc Sells 550,151 Shares of Baker Hughes (NASDAQ:BKR)

abrdn plc trimmed its stake in Baker Hughes (NASDAQ:BKR - Free Report) by 12.4% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 3,901,536 shares of the company's stock after selling 550,151 shares during the quarter. abrdn plc owned approximately 0.39% of Baker Hughes worth $141,567,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Twin Tree Management LP boosted its position in shares of Baker Hughes by 183.0% during the 1st quarter. Twin Tree Management LP now owns 338,738 shares of the company's stock valued at $11,348,000 after purchasing an additional 219,060 shares in the last quarter. Diversified Trust Co boosted its stake in shares of Baker Hughes by 98.7% during the 1st quarter. Diversified Trust Co now owns 50,029 shares of the company's stock valued at $1,676,000 after buying an additional 24,850 shares during the period. Wedge Capital Management L L P NC grew its stake in Baker Hughes by 20.5% in the second quarter. Wedge Capital Management L L P NC now owns 726,291 shares of the company's stock valued at $25,544,000 after purchasing an additional 123,689 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S increased its holdings in Baker Hughes by 134.7% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 238,857 shares of the company's stock worth $8,002,000 after buying an additional 137,099 shares during the last quarter. Finally, Wakefield Asset Management LLLP raised its holdings in shares of Baker Hughes by 132.1% during the 1st quarter. Wakefield Asset Management LLLP now owns 118,484 shares of the company's stock valued at $3,969,000 after purchasing an additional 67,440 shares in the last quarter. 92.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Wells Fargo & Company upgraded Baker Hughes from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $40.00 to $42.00 in a report on Wednesday, September 25th. JPMorgan Chase & Co. upped their target price on Baker Hughes from $42.00 to $43.00 and gave the company an "overweight" rating in a research note on Monday, July 29th. Argus raised Baker Hughes from a "hold" rating to a "buy" rating in a report on Friday. Barclays boosted their target price on Baker Hughes from $41.00 to $46.00 and gave the stock an "overweight" rating in a report on Thursday, October 24th. Finally, Susquehanna boosted their target price on shares of Baker Hughes from $46.00 to $48.00 and gave the stock a "positive" rating in a research note on Thursday, October 24th. Two investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, Baker Hughes presently has an average rating of "Moderate Buy" and a consensus target price of $44.12.

Baker Hughes Trading Down 0.8 %

Shares of Baker Hughes stock traded down $0.31 during trading hours on Tuesday, hitting $37.09. The company's stock had a trading volume of 5,704,401 shares, compared to its average volume of 7,217,632. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.27 and a quick ratio of 0.86. The company has a market capitalization of $37.02 billion, a PE ratio of 20.89, a price-to-earnings-growth ratio of 0.61 and a beta of 1.38. The stock has a 50 day moving average of $35.74 and a 200 day moving average of $34.41. Baker Hughes has a 12 month low of $28.32 and a 12 month high of $39.05.

Baker Hughes (NASDAQ:BKR - Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.06. The company had revenue of $6.91 billion during the quarter, compared to the consensus estimate of $7.21 billion. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The firm's revenue was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.42 earnings per share. Analysts predict that Baker Hughes will post 2.25 earnings per share for the current year.

Baker Hughes Announces Dividend

The firm 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 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 2.26%. Baker Hughes's dividend payout ratio is currently 46.93%.

Insider Activity at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 114,286 shares of the company's stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $38.55, for a total transaction of $4,405,725.30. Following the sale, the chief executive officer now owns 616,339 shares in the company, valued at approximately $23,759,868.45. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.25% of the stock is owned by insiders.

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.