Spirit of America Management Corp NY Trims Stock Position in Baker Hughes (NASDAQ:BKR)

Spirit of America Management Corp NY lowered its stake in shares of Baker Hughes (NASDAQ:BKR) by 9.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 69,750 shares of the company’s stock after selling 7,000 shares during the period. Spirit of America Management Corp NY’s holdings in Baker Hughes were worth $2,521,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of BKR. Wealth Enhancement Advisory Services LLC raised its stake in shares of Baker Hughes by 8.5% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 23,332 shares of the company’s stock valued at $782,000 after buying an additional 1,829 shares during the last quarter. 180 Wealth Advisors LLC increased its stake in shares of Baker Hughes by 19.9% in the 1st quarter. 180 Wealth Advisors LLC now owns 22,083 shares of the company’s stock valued at $740,000 after purchasing an additional 3,671 shares in the last quarter. Hennessy Advisors Inc. purchased a new position in shares of Baker Hughes in the 1st quarter valued at about $5,611,000. Occidental Asset Management LLC purchased a new position in shares of Baker Hughes in the 1st quarter valued at about $1,861,000. Finally, Diversified Trust Co increased its stake in shares of Baker Hughes by 98.7% in the 1st quarter. Diversified Trust Co now owns 50,029 shares of the company’s stock valued at $1,676,000 after purchasing an additional 24,850 shares in the last quarter. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on BKR. Susquehanna lifted their price target on Baker Hughes from $46.00 to $48.00 and gave the company a “positive” rating in a research note on Thursday. Piper Sandler lowered their price objective on Baker Hughes from $45.00 to $44.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Citigroup lowered their price objective on Baker Hughes from $44.00 to $42.00 and set a “buy” rating on the stock in a report on Friday, September 27th. Stifel Nicolaus lifted their price objective on Baker Hughes from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Finally, TD Cowen lifted their price objective on Baker Hughes from $46.00 to $50.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Two analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $44.12.

Baker Hughes Stock Down 0.6 %

BKR stock opened at $36.78 on Friday. The firm has a market cap of $36.71 billion, a PE ratio of 20.55, a PEG ratio of 0.61 and a beta of 1.38. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.86 and a current ratio of 1.27. The firm’s 50 day moving average price is $35.61 and its 200-day moving average price is $34.35. Baker Hughes has a one year low of $28.32 and a one year high of $39.05.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings results on Tuesday, October 22nd. The company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.61 by $0.06. The firm had revenue of $6.91 billion for the quarter, compared to analyst estimates of $7.21 billion. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.42 EPS. On average, equities research analysts anticipate that Baker Hughes will post 2.25 EPS for the current year.

Baker Hughes Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Monday, November 4th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 2.28%. The ex-dividend date is Monday, November 4th. Baker Hughes’s payout ratio is presently 46.93%.

Insider Activity

In other Baker Hughes news, CEO Lorenzo Simonelli sold 114,286 shares of the business’s 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 owns 502,053 shares of the company’s stock, valued at $17,571,855. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.25% of the company’s stock.

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.