Palouse Capital Management Inc. Sells 4,587 Shares of Baker Hughes (NASDAQ:BKR)

Palouse Capital Management Inc. reduced its position in shares of Baker Hughes (NASDAQ:BKR) by 4.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 105,580 shares of the company’s stock after selling 4,587 shares during the period. Baker Hughes comprises about 2.4% of Palouse Capital Management Inc.’s investment portfolio, making the stock its 13th largest holding. Palouse Capital Management Inc.’s holdings in Baker Hughes were worth $3,817,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. UMB Bank n.a. raised its holdings in Baker Hughes by 18.4% during the second quarter. UMB Bank n.a. now owns 1,873 shares of the company’s stock worth $66,000 after acquiring an additional 291 shares in the last quarter. Guinness Atkinson Asset Management Inc boosted its holdings in shares of Baker Hughes by 6.9% during the second quarter. Guinness Atkinson Asset Management Inc now owns 7,205 shares of the company’s stock worth $253,000 after acquiring an additional 467 shares during the period. Meeder Advisory Services Inc. grew its position in shares of Baker Hughes by 5.2% in the first quarter. Meeder Advisory Services Inc. now owns 10,438 shares of the company’s stock valued at $350,000 after purchasing an additional 520 shares during the last quarter. Signaturefd LLC increased its stake in shares of Baker Hughes by 8.7% during the second quarter. Signaturefd LLC now owns 6,890 shares of the company’s stock worth $242,000 after purchasing an additional 553 shares during the period. Finally, Massmutual Trust Co. FSB ADV lifted its holdings in Baker Hughes by 26.2% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 2,867 shares of the company’s stock worth $104,000 after purchasing an additional 595 shares during the last quarter. 92.06% of the stock is currently owned by institutional investors.

Baker Hughes Price Performance

NASDAQ:BKR traded up $0.07 during midday trading on Monday, hitting $36.47. The company had a trading volume of 1,684,584 shares, compared to its average volume of 7,199,863. The company has a market capitalization of $36.40 billion, a PE ratio of 20.34, a P/E/G ratio of 0.61 and a beta of 1.38. The company has a quick ratio of 0.86, a current ratio of 1.27 and a debt-to-equity ratio of 0.37. Baker Hughes has a 52-week low of $28.32 and a 52-week high of $39.05. The stock’s fifty day moving average price is $35.52 and its 200-day moving average price is $34.30.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings results on Thursday, July 25th. The company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.08. The business had revenue of $7.10 billion for the quarter, compared to analysts’ expectations of $6.81 billion. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The business’s quarterly revenue was up 12.4% on a year-over-year basis. During the same period last year, the business earned $0.39 earnings per share. As a group, research analysts expect that Baker Hughes will post 2.25 earnings per share for the current year.

Baker Hughes Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Tuesday, August 6th were paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date was Tuesday, August 6th. Baker Hughes’s dividend payout ratio (DPR) is presently 46.93%.

Insider Activity at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 114,286 shares of Baker Hughes stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $35.00, for a total value of $4,000,010.00. Following the sale, the chief executive officer now directly owns 502,053 shares in the company, valued at approximately $17,571,855. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.25% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

BKR has been the subject of a number of recent research reports. Piper Sandler cut their price objective on shares of Baker Hughes from $45.00 to $44.00 and set an “overweight” rating for the company in a report on Monday, July 15th. TD Cowen raised their price target on Baker Hughes from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. UBS Group decreased their price objective on shares of Baker Hughes from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. BMO Capital Markets lifted their price target on Baker Hughes from $43.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, October 10th. Finally, Royal Bank of Canada upped their price objective on Baker Hughes from $39.00 to $43.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Two investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.59.

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.