Riggs Asset Managment Co. Inc. Acquires 47,719 Shares of Baker Hughes (NASDAQ:BKR)

Riggs Asset Managment Co. Inc. boosted its holdings in shares of Baker Hughes (NASDAQ:BKR) by 53.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 136,655 shares of the company’s stock after purchasing an additional 47,719 shares during the quarter. Riggs Asset Managment Co. Inc.’s holdings in Baker Hughes were worth $4,940,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in BKR. Price T Rowe Associates Inc. MD boosted its holdings in shares of Baker Hughes by 32.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,364,995 shares of the company’s stock valued at $581,729,000 after purchasing an additional 4,207,973 shares during the last quarter. Legal & General Group Plc raised its stake in Baker Hughes by 8.6% during the second quarter. Legal & General Group Plc now owns 8,723,388 shares of the company’s stock valued at $306,801,000 after purchasing an additional 692,859 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Baker Hughes by 7.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 9,898,322 shares of the company’s stock valued at $348,074,000 after buying an additional 680,621 shares in the last quarter. Clearbridge Investments LLC grew its position in Baker Hughes by 10.2% in the first quarter. Clearbridge Investments LLC now owns 6,609,115 shares of the company’s stock worth $221,405,000 after acquiring an additional 612,715 shares in the last quarter. Finally, Intermede Investment Partners Ltd grew its position in Baker Hughes by 16.5% in the first quarter. Intermede Investment Partners Ltd now owns 4,284,361 shares of the company’s stock worth $143,526,000 after acquiring an additional 606,671 shares in the last quarter. 92.06% of the stock is owned by hedge funds and other institutional investors.

Baker Hughes Price Performance

Shares of BKR stock opened at $37.52 on Monday. The stock has a market capitalization of $37.44 billion, a price-to-earnings ratio of 20.96, a P/E/G ratio of 0.61 and a beta of 1.38. 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 twelve month low of $28.32 and a twelve month high of $39.05. The stock has a fifty day simple moving average of $35.70 and a two-hundred day simple moving average of $34.39.

Baker Hughes (NASDAQ:BKR) last issued its earnings results on Tuesday, October 22nd. The company reported $0.67 earnings per share (EPS) for the quarter, topping 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 company had revenue of $6.91 billion for the quarter, compared to analysts’ expectations of $7.21 billion. During the same period in the prior year, the business earned $0.42 EPS. The firm’s quarterly revenue was up 4.0% on a year-over-year basis. On average, analysts predict that Baker Hughes will post 2.25 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

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

Analyst Ratings Changes

Several research firms have recently issued reports on BKR. Argus raised Baker Hughes from a “hold” rating to a “buy” rating in a research note on Friday. UBS Group dropped their price objective on shares of Baker Hughes from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. Benchmark reiterated a “buy” rating and set a $42.00 price objective on shares of Baker Hughes in a research report on Thursday. Morgan Stanley lifted their price target on shares of Baker Hughes from $42.00 to $45.00 and gave the stock an “overweight” rating in a research note on Thursday, October 3rd. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $43.00 price objective on shares of Baker Hughes in a research report on Thursday. Two research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.12.

Insiders Place Their Bets

In other news, CEO Lorenzo Simonelli sold 114,286 shares of Baker Hughes stock in a transaction on 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 transaction, the chief executive officer now directly owns 502,053 shares in the company, valued at approximately $17,571,855. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.25% of the stock is owned by company insiders.

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.