Pinnacle Associates Ltd. purchased a new position in shares of Baker Hughes Incorporated (NYSE:BHGE) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 43,971 shares of the company’s stock, valued at approximately $1,610,000.
Other hedge funds have also modified their holdings of the company. First Bank & Trust acquired a new position in shares of Baker Hughes in the third quarter valued at $101,000. Amica Retiree Medical Trust acquired a new position in shares of Baker Hughes in the third quarter valued at $101,000. Trust Co. of Vermont acquired a new position in shares of Baker Hughes in the third quarter valued at $105,000. Sun Life Financial INC acquired a new position in shares of Baker Hughes in the third quarter valued at $115,000. Finally, MUFG Americas Holdings Corp acquired a new position in shares of Baker Hughes in the third quarter valued at $130,000. Institutional investors own 89.48% of the company’s stock.
Shares of Baker Hughes Incorporated (BHGE) opened at $30.70 on Monday. The company has a current ratio of 1.90, a quick ratio of 1.29 and a debt-to-equity ratio of 0.08. Baker Hughes Incorporated has a 1-year low of $29.62 and a 1-year high of $68.59.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 22nd. Stockholders of record on Monday, November 6th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend was Friday, November 3rd. This is a boost from Baker Hughes’s previous quarterly dividend of $0.17. Baker Hughes’s dividend payout ratio is presently -111.34%.
A number of brokerages recently commented on BHGE. Cowen restated an “outperform” rating and issued a $55.00 target price on shares of Baker Hughes in a research note on Wednesday, August 23rd. Jefferies Group reiterated a “hold” rating and issued a $40.00 price target (down from $67.00) on shares of Baker Hughes in a research report on Wednesday, August 9th. Susquehanna Bancshares reiterated a “neutral” rating and issued a $38.00 price target (down from $42.00) on shares of Baker Hughes in a research report on Monday, October 2nd. Royal Bank Of Canada set a $55.00 price target on Baker Hughes and gave the company a “buy” rating in a research report on Saturday, August 12th. Finally, Argus assumed coverage on Baker Hughes in a research report on Sunday, August 27th. They issued a “buy” rating on the stock. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $40.74.
In other Baker Hughes news, insider Matthias L. Heilmann bought 1,500 shares of the firm’s stock in a transaction dated Thursday, October 26th. The shares were bought at an average price of $30.04 per share, for a total transaction of $45,060.00. Following the completion of the acquisition, the insider now owns 3,500 shares of the company’s stock, valued at $105,140. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.66% of the stock is currently owned by corporate insiders.
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