Zurcher Kantonalbank Zurich Cantonalbank Has $15.63 Million Stock Position in Baker Hughes (NASDAQ:BKR)

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Baker Hughes (NASDAQ:BKR) by 4.0% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 444,401 shares of the company’s stock after purchasing an additional 17,110 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Baker Hughes were worth $15,630,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Twin Tree Management LP boosted its holdings in Baker Hughes by 183.0% during the first quarter. Twin Tree Management LP now owns 338,738 shares of the company’s stock worth $11,348,000 after purchasing an additional 219,060 shares during the last quarter. Cibc World Markets Corp increased its stake in shares of Baker Hughes by 59.4% in the fourth quarter. Cibc World Markets Corp now owns 274,046 shares of the company’s stock worth $9,367,000 after purchasing an additional 102,174 shares in the last quarter. Caxton Associates LP bought a new stake in shares of Baker Hughes in the fourth quarter valued at approximately $13,672,000. KBC Group NV lifted its stake in shares of Baker Hughes by 207.1% during the 4th quarter. KBC Group NV now owns 237,356 shares of the company’s stock valued at $8,113,000 after buying an additional 160,056 shares in the last quarter. Finally, Corient Private Wealth LLC boosted its holdings in Baker Hughes by 255.9% in the 4th quarter. Corient Private Wealth LLC now owns 332,623 shares of the company’s stock worth $11,369,000 after buying an additional 239,160 shares during the period. 92.06% of the stock is owned by institutional investors.

Baker Hughes Price Performance

NASDAQ:BKR traded down $0.36 during trading hours on Friday, hitting $34.90. 993,430 shares of the stock traded hands, compared to its average volume of 7,308,356. The company has a market cap of $34.83 billion, a price-to-earnings ratio of 19.70, a price-to-earnings-growth ratio of 0.61 and a beta of 1.41. Baker Hughes has a 1 year low of $28.32 and a 1 year high of $39.05. The stock has a 50 day moving average price of $35.16 and a 200 day moving average price of $33.10. The company has a quick ratio of 0.86, a current ratio of 1.27 and a debt-to-equity ratio of 0.37.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings results on Thursday, July 25th. The company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.08. The business had revenue of $7.10 billion for the quarter, compared to analysts’ expectations of $6.81 billion. Baker Hughes had a return on equity of 12.45% and a net margin of 7.37%. The business’s quarterly revenue was up 12.4% on a year-over-year basis. During the same period last year, the firm earned $0.39 earnings per share. Sell-side analysts forecast that Baker Hughes will post 2.2 EPS for the current fiscal year.

Baker Hughes Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Tuesday, August 6th were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 2.41%. The ex-dividend date was Tuesday, August 6th. Baker Hughes’s payout ratio is currently 46.93%.

Insider Buying and Selling at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 114,286 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $35.00, for a total transaction of $4,000,010.00. Following the completion of the transaction, the chief executive officer now directly owns 502,053 shares of the company’s stock, valued at $17,571,855. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Jefferies Financial Group lifted their target price on Baker Hughes from $46.00 to $48.00 and gave the company a “buy” rating in a report on Monday, July 29th. Susquehanna boosted their price objective on shares of Baker Hughes from $40.00 to $46.00 and gave the company a “positive” rating in a research note on Monday, July 29th. Royal Bank of Canada raised their price target on shares of Baker Hughes from $39.00 to $43.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Stifel Nicolaus lifted their price objective on Baker Hughes from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Finally, Piper Sandler dropped 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. Three research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $43.38.

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.