Spitfire Capital LLC bought a new stake in Baker Hughes Incorporated (NYSE:BHGE) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 67,550 shares of the company’s stock, valued at approximately $2,474,000. Baker Hughes makes up about 1.0% of Spitfire Capital LLC’s investment portfolio, making the stock its 20th biggest holding.
Several other hedge funds have also bought and sold shares of the stock. AMP Capital Investors Ltd bought a new stake in Baker Hughes in the third quarter worth $10,329,000. Allianz Asset Management GmbH bought a new stake in Baker Hughes in the third quarter worth $32,984,000. Nomura Asset Management Co. Ltd. bought a new stake in Baker Hughes in the third quarter worth $2,127,000. Partners Capital Investment Group Holdings LLC bought a new stake in Baker Hughes in the third quarter worth $747,000. Finally, Caisse DE Depot ET Placement DU Quebec bought a new stake in Baker Hughes in the third quarter worth $2,734,000. 89.48% of the stock is owned by hedge funds and other institutional investors.
BHGE has been the subject of a number of analyst reports. Zacks Investment Research downgraded Baker Hughes from a “hold” rating to a “sell” rating in a research report on Tuesday, September 5th. Scotiabank set a $44.00 target price on Baker Hughes and gave the stock a “hold” rating in a research report on Saturday, October 21st. Citigroup decreased their target price on Baker Hughes from $44.00 to $41.00 and set a “buy” rating for the company in a research report on Wednesday, October 25th. Barclays set a $41.00 target price on Baker Hughes and gave the stock a “buy” rating in a research report on Thursday, October 26th. Finally, Cowen reiterated an “outperform” rating and set a $50.00 target price on shares of Baker Hughes in a research report on Wednesday, September 13th. Two 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 stock. Baker Hughes has an average rating of “Hold” and an average target price of $40.74.
Baker Hughes (NYSE:BHGE) last announced its quarterly earnings results on Friday, October 20th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.07). The firm had revenue of $5.38 billion for the quarter, compared to analysts’ expectations of $5.52 billion. Baker Hughes had a negative net margin of 6.66% and a negative return on equity of 0.84%. The business’s quarterly revenue was up 77.7% compared to the same quarter last year. sell-side analysts anticipate that Baker Hughes Incorporated will post 0.41 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, November 22nd. Stockholders of record on Monday, November 6th were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, November 3rd. This represents a $0.72 annualized dividend and a dividend yield of 2.34%. This is a positive change from Baker Hughes’s previous quarterly dividend of $0.17. Baker Hughes’s dividend payout ratio (DPR) is currently -32.98%.
In other news, insider Matthias L. Heilmann purchased 1,500 shares of the business’s stock in a transaction dated Thursday, October 26th. The shares were purchased at an average price of $30.04 per share, for a total transaction of $45,060.00. Following the completion of the purchase, the insider now owns 3,500 shares in the company, valued at approximately $105,140. The purchase was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.66% of the company’s stock.
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