Sound Shore Management Inc. CT Reduces Stake in Baker Hughes (NASDAQ:BKR)

Sound Shore Management Inc. CT reduced its stake in Baker Hughes (NASDAQ:BKR - Free Report) by 19.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,578,824 shares of the company's stock after selling 379,002 shares during the quarter. Sound Shore Management Inc. CT owned about 0.16% of Baker Hughes worth $64,763,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Angeles Investment Advisors LLC increased its stake in Baker Hughes by 2.5% during the 4th quarter. Angeles Investment Advisors LLC now owns 14,830 shares of the company's stock valued at $608,000 after purchasing an additional 368 shares in the last quarter. Congress Wealth Management LLC DE bought a new position in Baker Hughes in the 4th quarter valued at approximately $13,804,000. LPL Financial LLC boosted its stake in Baker Hughes by 57.7% during the 4th quarter. LPL Financial LLC now owns 289,414 shares of the company's stock valued at $11,872,000 after purchasing an additional 105,878 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Baker Hughes during the 4th quarter valued at $15,424,000. Finally, Knights of Columbus Asset Advisors LLC increased its holdings in shares of Baker Hughes by 55.6% in the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 16,709 shares of the company's stock worth $685,000 after purchasing an additional 5,970 shares in the last quarter. Hedge funds and other institutional investors own 92.06% of the company's stock.

Remove Ads

Analyst Ratings Changes

BKR has been the topic of several recent analyst reports. Piper Sandler increased their price objective on Baker Hughes from $53.00 to $55.00 and gave the company an "overweight" rating in a research report on Monday, February 3rd. Evercore ISI raised their price target on shares of Baker Hughes from $46.00 to $52.00 and gave the company an "outperform" rating in a report on Wednesday, January 15th. Bank of America boosted their price objective on shares of Baker Hughes from $42.00 to $48.00 and gave the company a "buy" rating in a report on Wednesday, December 18th. TD Cowen dropped their target price on shares of Baker Hughes from $53.00 to $51.00 and set a "buy" rating on the stock in a report on Wednesday, January 8th. Finally, Atb Cap Markets lowered shares of Baker Hughes from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, December 10th. Two investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $51.06.

Baker Hughes Price Performance

Shares of BKR traded down $0.24 during mid-day trading on Thursday, reaching $43.78. The stock had a trading volume of 1,456,921 shares, compared to its average volume of 6,247,238. The business has a fifty day moving average of $44.93 and a 200 day moving average of $41.59. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.94 and a current ratio of 1.32. The firm has a market cap of $43.35 billion, a price-to-earnings ratio of 14.69, a PEG ratio of 2.00 and a beta of 1.30. Baker Hughes has a 12 month low of $30.93 and a 12 month high of $49.40.

Baker Hughes (NASDAQ:BKR - Get Free Report) last issued its earnings results on Thursday, January 30th. The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.07. Baker Hughes had a return on equity of 14.58% and a net margin of 10.70%. Equities analysts predict that Baker Hughes will post 2.59 EPS for the current year.

Baker Hughes Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 21st. Shareholders of record on Tuesday, February 11th were issued a $0.23 dividend. This is an increase from Baker Hughes's previous quarterly dividend of $0.21. This represents a $0.92 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend was Tuesday, February 11th. Baker Hughes's payout ratio is currently 30.87%.

Insiders Place Their Bets

In other news, EVP Maria C. Borras sold 8,000 shares of the company's stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $44.77, for a total transaction of $358,160.00. Following the sale, the executive vice president now directly owns 173,302 shares of the company's stock, valued at $7,758,730.54. This represents a 4.41 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.25% of the company's stock.

Baker Hughes Company 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.