CIBC Asset Management Inc Purchases New Stake in Baker Hughes Incorporated (BHGE)

CIBC Asset Management Inc purchased a new stake in Baker Hughes Incorporated (NYSE:BHGE) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 45,346 shares of the company’s stock, valued at approximately $1,661,000.

A number of other hedge funds also recently made changes to their positions in BHGE. New Mexico Educational Retirement Board bought a new position in Baker Hughes during the second quarter worth $1,461,000. South Dakota Investment Council bought a new position in Baker Hughes during the second quarter worth $4,610,000. Tudor Investment Corp ET AL bought a new position in Baker Hughes during the second quarter worth $959,000. FTB Advisors Inc. bought a new position in Baker Hughes during the second quarter worth $442,000. Finally, Fairpointe Capital LLC bought a new position in Baker Hughes during the second quarter worth $229,000. 86.33% of the stock is currently owned by institutional investors and hedge funds.

In related news, insider Matthias L. Heilmann purchased 1,500 shares of Baker Hughes stock in a transaction that occurred on Thursday, October 26th. The shares were acquired at an average price of $30.04 per share, for a total transaction of $45,060.00. Following the transaction, the insider now directly owns 3,500 shares in the company, valued at $105,140. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.66% of the stock is owned by corporate insiders.

Several brokerages have issued reports on BHGE. Zacks Investment Research lowered shares of Baker Hughes from a “hold” rating to a “sell” rating in a report on Tuesday, September 5th. Scotiabank set a $44.00 price target on shares of Baker Hughes and gave the company a “hold” rating in a report on Saturday, October 21st. Cowen and Company reissued an “outperform” rating and issued a $50.00 price target on shares of Baker Hughes in a report on Wednesday, September 13th. Citigroup Inc. lowered their price target on shares of Baker Hughes from $44.00 to $41.00 and set a “buy” rating on the stock in a report on Wednesday, October 25th. Finally, Royal Bank Of Canada set a $38.00 price target on shares of Baker Hughes and gave the company an “outperform” rating in a report on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have assigned a buy rating to the company. Baker Hughes currently has an average rating of “Hold” and an average target price of $40.74.

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Baker Hughes Incorporated (NYSE:BHGE) opened at $30.91 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.90 and a quick ratio of 1.29. Baker Hughes Incorporated has a 52-week low of $29.62 and a 52-week high of $68.59.

Baker Hughes (NYSE:BHGE) last issued its quarterly earnings results on Friday, October 20th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by ($0.07). The company had revenue of $5.38 billion for the quarter, compared to analyst estimates of $5.52 billion. Baker Hughes had a negative return on equity of 0.84% and a negative net margin of 6.66%. The company’s revenue for the quarter was up 77.7% on a year-over-year basis. sell-side analysts forecast that Baker Hughes Incorporated will post 0.41 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 22nd. Investors of record on Monday, November 6th will be given a dividend of $0.18 per share. This is an increase from Baker Hughes’s previous quarterly dividend of $0.17. The ex-dividend date is Friday, November 3rd. This represents a $0.72 annualized dividend and a yield of 2.33%. Baker Hughes’s dividend payout ratio is -32.98%.

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Institutional Ownership by Quarter for Baker Hughes (NYSE:BHGE)

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