SSgA Funds Management, Inc. recently announced the acquisition of new stake in Baker Hughes Co (NASDAQ:BKR). The institutional investor has increased its shareholding in the Energy company by 1.81% to 67.68 million shares with purchase of 1.2 million shares. This fresh investment now brings its stake to 6.73% valued currently at $2.31 billion. In addition, BlackRock Fund Advisors raised its holdings by 1.1 million to 51.96 million shares. And Geode Capital Management LLC has lifted its position by 1.69% or 0.38 million shares – to 22.59 million shares.
Currently, there are 1.01B common shares owned by the public and among those 1.00B shares have been available to trade.
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Insiders at the company have transacted a total of 62 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 29 of these insider trades were purchases, accounting for 720,884 shares. Insider sales of the common stock occurred on 33 occasions, with total insider shares sold totaling 580,165 shares.
The top 3 mutual fund holders in Baker Hughes Co are Vanguard Total Stock Market ETF, Dodge & Cox Stock Fund, and Vanguard 500 Index Fund. Vanguard Total Stock Market ETF owns 31.52 million shares of the company’s stock, all valued at over $1.08 billion. The company sold -0.13 million shares recently to bring their total holdings to about 3.13% of the shares outstanding. Dodge & Cox Stock Fund bought 0.16 million shares to see its total holdings expand to 30.3 million shares valued at over $1.04 billion and representing 3.01% of the shares outstanding. Vanguard 500 Index Fund sold 39749.0 shares to bring its total holdings to over 24.57 million shares at a value of $839.74 million. Vanguard 500 Index Fund now owns shares totaling to 2.44% of the shares outstanding.
The company’s stock has a 5-day price change of -1.71% and -12.93% over the past three months. BKR shares are trading -9.36% year to date (YTD), with the 12-month market performance up to 1.61% higher. It has a 12-month low price of $26.12 and touched a high of $37.58 over the same period. BKR has an average intraday trading volume of 7.23 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -5.46%, -6.74%, and -5.73% respectively.
Institutional ownership of Baker Hughes Co (NASDAQ: BKR) shares accounts for 92.58% of the company’s 1.01B shares outstanding. Mutual fund holders own 63.49%, while other institutional holders and individual stakeholders account for 7.79% and 30.99% respectively.
It has a market capitalization of $31.17B and a beta (3y monthly) value of 1.42. The stock’s trailing 12-month PE ratio is 18.67, while the earnings-per-share (ttm) stands at $1.66. The company has a PEG of 0.43 and a Quick Ratio of 0.88 with the debt-to-equity ratio at 0.44. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.09% over the week and 1.90% over the month.
Analysts forecast that Baker Hughes Co (BKR) will achieve an EPS of $0.48 for the current quarter, $0.4 for the next quarter and $2.03 for 2024. The lowest estimate earnings-per-share for the quarter is $0.46 while analysts give the company a high EPS estimate of $0.5. Comparatively, EPS for the current quarter was $0.38 a year ago. Earnings per share for the fiscal year are expected to increase by 76.58%, and 27.72% over the next financial year. EPS should grow at an annualized rate of 43.70% over the next five years, compared to -20.47% over the past 5-year period.
Looking at the support for the BKR, a number of firms have released research notes about the stock. BofA Securities stated their Buy rating for the stock in a research note on July 12, 2023, with the firm’s price target at $38.
