CIBC Private Wealth Group LLC Sells 10,778 Shares of Baker Hughes (NASDAQ:BKR)

CIBC Private Wealth Group LLC cut its position in shares of Baker Hughes (NASDAQ:BKR) by 35.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,024 shares of the company’s stock after selling 10,778 shares during the period. CIBC Private Wealth Group LLC’s holdings in Baker Hughes were worth $870,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC grew its holdings in shares of Baker Hughes by 0.5% in the third quarter. Geode Capital Management LLC now owns 24,078,093 shares of the company’s stock valued at $867,514,000 after purchasing an additional 123,172 shares in the last quarter. Norges Bank purchased a new position in shares of Baker Hughes in the 4th quarter worth $829,092,000. Raymond James Financial Inc. bought a new stake in shares of Baker Hughes in the 4th quarter worth about $291,289,000. Charles Schwab Investment Management Inc. raised its position in shares of Baker Hughes by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,086,903 shares of the company’s stock valued at $290,705,000 after buying an additional 135,200 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Baker Hughes by 0.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 5,541,076 shares of the company’s stock valued at $230,271,000 after acquiring an additional 45,324 shares during the last quarter. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on BKR. Barclays decreased their price objective on Baker Hughes from $55.00 to $54.00 and set an “overweight” rating on the stock in a research report on Monday, March 31st. Benchmark restated a “buy” rating and issued a $57.00 price target on shares of Baker Hughes in a research report on Tuesday, February 11th. Jefferies Financial Group boosted their price objective on shares of Baker Hughes from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, January 3rd. The Goldman Sachs Group raised their target price on shares of Baker Hughes from $51.00 to $52.00 and gave the stock a “buy” rating in a report on Thursday, January 23rd. Finally, TD Cowen reduced their price objective on shares of Baker Hughes from $53.00 to $51.00 and set a “buy” rating on the stock in a research report on Wednesday, January 8th. Two analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.00.

Baker Hughes Price Performance

BKR opened at $35.41 on Friday. The company has a market capitalization of $35.06 billion, a price-to-earnings ratio of 11.88, a PEG ratio of 2.00 and a beta of 1.08. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 0.35. Baker Hughes has a 12-month low of $30.93 and a 12-month high of $49.40. The business’s fifty day simple moving average is $44.40 and its 200-day simple moving average is $41.97.

Baker Hughes (NASDAQ:BKR) last posted its earnings results on Thursday, January 30th. The company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Baker Hughes had a net margin of 10.70% and a return on equity of 14.58%. On average, equities research analysts anticipate that Baker Hughes will post 2.59 earnings per share for the current fiscal year.

Baker Hughes Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 21st. Shareholders of record on Tuesday, February 11th were issued a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, February 11th. This represents a $0.92 dividend on an annualized basis and a yield of 2.60%. This is a positive change from Baker Hughes’s previous quarterly dividend of $0.21. Baker Hughes’s dividend payout ratio is currently 30.87%.

Insider Buying and Selling at Baker Hughes

In related news, EVP Maria C. Borras sold 8,000 shares of the company’s stock in a transaction 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 completion of the sale, the executive vice president now directly owns 173,302 shares in the company, valued at $7,758,730.54. This represents a 4.41 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.25% of the company’s stock.

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.