Massachusetts Wealth Management Sells 775 Shares of Baker Hughes (NASDAQ:BKR)

Massachusetts Wealth Management lowered its stake in Baker Hughes (NASDAQ:BKR) by 8.0% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 8,925 shares of the company’s stock after selling 775 shares during the quarter. Massachusetts Wealth Management’s holdings in Baker Hughes were worth $323,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BKR. Redmont Wealth Advisors LLC purchased a new stake in shares of Baker Hughes in the first quarter worth $27,000. New Covenant Trust Company N.A. bought a new position in Baker Hughes in the 1st quarter worth about $34,000. Alta Advisers Ltd purchased a new stake in Baker Hughes during the 2nd quarter valued at about $42,000. Headlands Technologies LLC purchased a new stake in Baker Hughes during the 2nd quarter valued at about $48,000. Finally, Quarry LP increased its stake in Baker Hughes by 81.1% during the 2nd quarter. Quarry LP now owns 1,594 shares of the company’s stock valued at $56,000 after purchasing an additional 714 shares in the last quarter. Institutional investors own 92.06% of the company’s stock.

Insider Buying and Selling at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 114,286 shares of the firm’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 transaction of $4,000,010.00. Following the completion of the transaction, the chief executive officer now owns 502,053 shares in the company, valued at $17,571,855. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. JPMorgan Chase & Co. increased their price target on shares of Baker Hughes from $42.00 to $43.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Benchmark reiterated a “buy” rating and issued a $42.00 price target on shares of Baker Hughes in a research note on Thursday. Susquehanna increased their price objective on shares of Baker Hughes from $46.00 to $48.00 and gave the company a “positive” rating in a research report on Thursday. Wells Fargo & Company upgraded Baker Hughes from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $40.00 to $42.00 in a research note on Wednesday, September 25th. Finally, Jefferies Financial Group raised their price objective on shares of Baker Hughes from $46.00 to $48.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Two research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $44.12.

Baker Hughes Price Performance

BKR traded up $0.71 on Friday, hitting $37.49. 951,589 shares of the company’s stock traded hands, compared to its average volume of 7,195,887. The company’s 50 day simple moving average is $35.64 and its 200-day simple moving average is $34.36. The company has a current ratio of 1.27, a quick ratio of 0.86 and a debt-to-equity ratio of 0.37. Baker Hughes has a one year low of $28.32 and a one year high of $39.05. The firm has a market cap of $37.41 billion, a price-to-earnings ratio of 20.96, a P/E/G ratio of 0.61 and a beta of 1.38.

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

Baker Hughes Dividend Announcement

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

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.