Hudson Valley Investment Advisors Inc. ADV Cuts Holdings in Baker Hughes (NASDAQ:BKR)

31 Oct 2024, 12:15 by Kim Johansen · The Markets Daily

Hudson Valley Investment Advisors Inc. ADV trimmed its stake in Baker Hughes (NASDAQ:BKR – Free Report) by 8.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 148,674 shares of the company’s stock after selling 14,320 shares during the period. Hudson Valley Investment Advisors Inc. ADV’s holdings in Baker Hughes were worth $5,375,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. New Covenant Trust Company N.A. bought a new position in shares of Baker Hughes in the 1st quarter worth $34,000. Alta Advisers Ltd bought a new position in shares of Baker Hughes in the 2nd quarter worth $42,000. Headlands Technologies LLC bought a new position in shares of Baker Hughes in the 2nd quarter worth $48,000. Quarry LP raised its position in shares of Baker Hughes by 81.1% in the 2nd quarter. Quarry LP now owns 1,594 shares of the company’s stock worth $56,000 after acquiring an additional 714 shares in the last quarter. Finally, UMB Bank n.a. raised its position in shares of Baker Hughes by 18.4% in the 2nd 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. 92.06% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on BKR. Piper Sandler reduced their price target on Baker Hughes from $45.00 to $44.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Stifel Nicolaus upped their target price on Baker Hughes from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, July 29th. BMO Capital Markets upped their target price on Baker Hughes from $43.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, October 10th. UBS Group reduced their target price on Baker Hughes from $42.00 to $40.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. Finally, Barclays upped their target price on Baker Hughes from $41.00 to $46.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Two equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $44.12.

Get Our Latest Stock Analysis on BKR

Baker Hughes Stock Up 1.1 %

Shares of BKR stock opened at $37.49 on Thursday. The stock’s 50-day simple moving average is $35.86 and its 200-day simple moving average is $34.46. 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 has a market capitalization of $37.41 billion, a PE ratio of 20.94, a P/E/G ratio of 0.61 and a beta of 1.38. Baker Hughes has a fifty-two week low of $28.32 and a fifty-two week high of $39.05.

Baker Hughes (NASDAQ:BKR – Get Free Report) last issued its earnings results on Tuesday, October 22nd. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.06. Baker Hughes had a return on equity of 12.45% and a net margin of 7.37%. The firm had revenue of $6.91 billion for the quarter, compared to the consensus estimate of $7.21 billion. During the same quarter in the prior year, the business earned $0.42 earnings per share. The company’s revenue was up 4.0% compared to the same quarter last year. Equities analysts expect that Baker Hughes will post 2.25 earnings per share for the current year.

Baker Hughes Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Monday, November 4th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Monday, November 4th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.24%. Baker Hughes’s payout ratio is 46.93%.

Insider Transactions at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 114,286 shares of the company’s stock in a transaction dated 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 in the company, valued at $17,571,855. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.25% of the company’s stock.

Baker Hughes Company Profile

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