Franklin Resources Inc. Lowers Holdings in Baker Hughes (NASDAQ:BKR)

Franklin Resources Inc. decreased its stake in shares of Baker Hughes (NASDAQ:BKR) by 5.2% in the third quarter, Holdings Channel reports. The institutional investor owned 3,301,090 shares of the company’s stock after selling 181,624 shares during the quarter. Franklin Resources Inc.’s holdings in Baker Hughes were worth $124,236,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Ashton Thomas Securities LLC purchased a new position in shares of Baker Hughes in the third quarter worth $30,000. True Wealth Design LLC raised its stake in shares of Baker Hughes by 2,181.6% in the third quarter. True Wealth Design LLC now owns 867 shares of the company’s stock worth $31,000 after purchasing an additional 829 shares during the last quarter. Groupama Asset Managment raised its stake in shares of Baker Hughes by 1,045.1% in the third quarter. Groupama Asset Managment now owns 889,378 shares of the company’s stock worth $32,000 after purchasing an additional 811,711 shares during the last quarter. Continuum Advisory LLC raised its stake in shares of Baker Hughes by 442.2% in the third quarter. Continuum Advisory LLC now owns 976 shares of the company’s stock worth $35,000 after purchasing an additional 796 shares during the last quarter. Finally, Alta Advisers Ltd purchased a new position in shares of Baker Hughes in the second quarter worth $42,000. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Baker Hughes Trading Down 0.4 %

Shares of NASDAQ BKR opened at $42.15 on Monday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 1.30. The business’s 50 day moving average price is $40.55 and its 200-day moving average price is $36.73. Baker Hughes has a fifty-two week low of $28.32 and a fifty-two week high of $45.17. The company has a market cap of $41.71 billion, a price-to-earnings ratio of 18.90, a PEG ratio of 0.72 and a beta of 1.40.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings results on Tuesday, October 22nd. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.06. Baker Hughes had a return on equity of 13.77% and a net margin of 8.20%. 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 business posted $0.42 earnings per share. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. On average, sell-side analysts expect that Baker Hughes will post 2.29 earnings per share for the current year.

Baker Hughes Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were paid a $0.21 dividend. The ex-dividend date was Monday, November 4th. This represents a $0.84 annualized dividend and a yield of 1.99%. Baker Hughes’s dividend payout ratio (DPR) is currently 37.67%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on BKR shares. Wells Fargo & Company upgraded Baker Hughes from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $40.00 to $42.00 in a research report on Wednesday, September 25th. Royal Bank of Canada upped their price objective on Baker Hughes from $43.00 to $49.00 and gave the company an “outperform” rating in a research report on Thursday. Morgan Stanley upped their price objective on Baker Hughes from $42.00 to $45.00 and gave the company an “overweight” rating in a research report on Thursday, October 3rd. Argus raised Baker Hughes from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Finally, Susquehanna boosted their price target on Baker Hughes from $46.00 to $48.00 and gave the company a “positive” rating in a report on Thursday, October 24th. Three investment analysts have rated the stock with a hold rating and seventeen have issued 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 $45.12.

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.