Baker Hughes Company $BKR Shares Sold by Icon Advisers Inc. Co.

Icon Advisers Inc. Co. cut its holdings in shares of Baker Hughes Company (NASDAQ:BKR) by 39.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 64,051 shares of the company’s stock after selling 42,160 shares during the quarter. Icon Advisers Inc. Co.’s holdings in Baker Hughes were worth $3,910,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Pinion Investment Advisors LLC acquired a new stake in Baker Hughes during the 4th quarter worth about $778,000. OP Asset Management Ltd acquired a new position in shares of Baker Hughes in the 1st quarter valued at about $6,049,000. USA Financial Formulas acquired a new stake in Baker Hughes during the fourth quarter worth about $830,000. Ninety One UK Ltd grew its holdings in Baker Hughes by 28.6% during the fourth quarter. Ninety One UK Ltd now owns 469,329 shares of the company’s stock worth $21,373,000 after acquiring an additional 104,428 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Baker Hughes by 17.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 484,310 shares of the company’s stock valued at $22,055,000 after purchasing an additional 72,714 shares in the last quarter. 92.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BKR. BMO Capital Markets upped their price target on Baker Hughes from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday, April 27th. Weiss Ratings lowered shares of Baker Hughes from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, July 13th. Susquehanna reduced their price target on Baker Hughes from $80.00 to $70.00 and set a “positive” rating on the stock in a report on Wednesday, July 8th. Evercore reaffirmed an “outperform” rating and set a $76.00 price target on shares of Baker Hughes in a research report on Monday, April 27th. Finally, Argus upped their target price on shares of Baker Hughes from $67.00 to $79.00 in a research report on Friday, May 1st. Eighteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.00.

Insiders Place Their Bets

In related news, CAO Rebecca L. Charlton sold 5,088 shares of the business’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total transaction of $326,751.36. Following the completion of the transaction, the chief accounting officer owned 15,997 shares in the company, valued at approximately $1,027,327.34. The trade was a 24.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lorenzo Simonelli sold 181,411 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $58.43, for a total value of $10,599,844.73. Following the completion of the transaction, the chief executive officer owned 703,444 shares in the company, valued at approximately $41,102,232.92. The trade was a 20.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 367,910 shares of company stock valued at $22,420,797. Insiders own 0.19% of the company’s stock.

Baker Hughes Stock Up 0.4%

Baker Hughes stock opened at $56.60 on Thursday. The firm has a market capitalization of $56.15 billion, a P/E ratio of 18.08, a P/E/G ratio of 2.35 and a beta of 0.96. The stock’s fifty day simple moving average is $60.31 and its 200-day simple moving average is $59.85. Baker Hughes Company has a twelve month low of $41.15 and a twelve month high of $70.41. The company has a current ratio of 2.13, a quick ratio of 1.77 and a debt-to-equity ratio of 0.79.

Baker Hughes (NASDAQ:BKR) last released its earnings results on Thursday, April 23rd. The company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.49 by $0.09. The firm had revenue of $6.59 billion during the quarter, compared to analysts’ expectations of $6.71 billion. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.Baker Hughes’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.51 EPS. As a group, equities analysts expect that Baker Hughes Company will post 2.26 earnings per share for the current fiscal year.

Baker Hughes Company Profile

Baker Hughes is an energy technology company that provides a broad portfolio of products, services and digital solutions for the oil and gas and industrial markets. Its offerings span oilfield services and equipment — including drilling, evaluation, completion and production technologies — as well as turbomachinery, compressors and related process equipment used in midstream and downstream operations. The company also supplies aftermarket services, field support and integrated solutions designed to improve asset performance and uptime across the energy value chain.

The firm’s roots trace back to the merger of Baker International and Hughes Tool Company, and more recently it combined with GE’s oil and gas business in 2017 to form Baker Hughes, a GE company (BHGE); subsequent changes in ownership restored Baker Hughes as an independent publicly traded company.