State of Michigan Retirement System Sells 1,300 Shares of Baker Hughes (NASDAQ:BKR)

State of Michigan Retirement System trimmed its stake in shares of Baker Hughes (NASDAQ:BKR) by 0.5% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 274,212 shares of the company’s stock after selling 1,300 shares during the quarter. State of Michigan Retirement System’s holdings in Baker Hughes were worth $9,186,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of BKR. Bruce G. Allen Investments LLC bought a new stake in shares of Baker Hughes during the 4th quarter worth $33,000. Montag A & Associates Inc. lifted its position in shares of Baker Hughes by 100.0% during the 4th quarter. Montag A & Associates Inc. now owns 1,000 shares of the company’s stock worth $34,000 after buying an additional 500 shares during the last quarter. Rise Advisors LLC lifted its position in shares of Baker Hughes by 46.9% during the 1st quarter. Rise Advisors LLC now owns 1,667 shares of the company’s stock worth $56,000 after buying an additional 532 shares during the last quarter. Raleigh Capital Management Inc. lifted its position in shares of Baker Hughes by 7,226.7% during the 3rd quarter. Raleigh Capital Management Inc. now owns 2,198 shares of the company’s stock worth $78,000 after buying an additional 2,168 shares during the last quarter. Finally, Blue Trust Inc. lifted its position in shares of Baker Hughes by 15.5% during the 4th quarter. Blue Trust Inc. now owns 2,432 shares of the company’s stock worth $85,000 after buying an additional 327 shares during the last quarter. 92.06% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Baker Hughes news, EVP Maria C. Borras sold 55,980 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $32.00, for a total value of $1,791,360.00. Following the completion of the sale, the executive vice president now owns 92,035 shares of the company’s stock, valued at $2,945,120. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Baker Hughes news, EVP Maria C. Borras sold 55,980 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $32.00, for a total value of $1,791,360.00. Following the completion of the sale, the executive vice president now owns 92,035 shares of the company’s stock, valued at $2,945,120. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP James E. Apostolides sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $33.88, for a total value of $169,400.00. Following the completion of the sale, the senior vice president now directly owns 14,998 shares of the company’s stock, valued at approximately $508,132.24. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

Baker Hughes Trading Down 0.7 %

NASDAQ BKR traded down $0.25 during trading hours on Tuesday, hitting $34.69. 4,665,312 shares of the company’s stock were exchanged, compared to its average volume of 7,854,614. The stock has a 50-day simple moving average of $32.66 and a 200 day simple moving average of $32.05. Baker Hughes has a 1-year low of $28.32 and a 1-year high of $37.58. The firm has a market cap of $34.62 billion, a price-to-earnings ratio of 19.59, a PEG ratio of 0.60 and a beta of 1.41. The company has a current ratio of 1.25, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38.

Baker Hughes (NASDAQ:BKR) last released its earnings results on Wednesday, April 24th. The company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.40 by $0.03. Baker Hughes had a return on equity of 11.42% and a net margin of 6.95%. The business had revenue of $6.42 billion during the quarter, compared to analysts’ expectations of $6.37 billion. During the same quarter last year, the firm posted $0.28 earnings per share. The firm’s revenue was up 12.3% on a year-over-year basis. On average, equities analysts forecast that Baker Hughes will post 2.09 EPS for the current fiscal year.

Baker Hughes Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Monday, May 6th were paid a dividend of $0.21 per share. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $0.84 annualized dividend and a yield of 2.42%. Baker Hughes’s dividend payout ratio is currently 46.93%.

Analysts Set New Price Targets

BKR has been the subject of several research reports. UBS Group increased their target price on Baker Hughes from $35.00 to $36.00 in a research report on Tuesday, April 23rd. Morgan Stanley increased their target price on Baker Hughes from $40.00 to $43.00 in a research report on Tuesday, April 23rd. Jefferies Financial Group increased their target price on Baker Hughes from $45.00 to $46.00 and gave the company a “buy” rating in a research report on Friday. Benchmark reiterated a “buy” rating and issued a $40.00 target price on shares of Baker Hughes in a research report on Wednesday, April 24th. Finally, The Goldman Sachs Group increased their target price on Baker Hughes from $36.00 to $38.00 in a research report on Tuesday, April 23rd. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, Baker Hughes has a consensus rating of “Moderate Buy” and an average target price of $41.27.

Baker Hughes Company 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.