Cornercap Investment Counsel Inc. Has $1.76 Million Stock Holdings in Baker Hughes (NASDAQ:BKR)

Cornercap Investment Counsel Inc. cut its stake in shares of Baker Hughes (NASDAQ:BKR) by 25.2% during the third quarter, Holdings Channel reports. The firm owned 48,565 shares of the company’s stock after selling 16,370 shares during the quarter. Baker Hughes makes up approximately 0.5% of Cornercap Investment Counsel Inc.’s portfolio, making the stock its 28th largest holding. Cornercap Investment Counsel Inc.’s holdings in Baker Hughes were worth $1,756,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Ashton Thomas Securities LLC acquired a new position in Baker Hughes during the third quarter valued at $30,000. New Covenant Trust Company N.A. acquired a new position in Baker Hughes during the first quarter valued at $34,000. Alta Advisers Ltd acquired a new position in Baker Hughes during the second quarter valued at $42,000. Headlands Technologies LLC acquired a new position in Baker Hughes during the second quarter valued at $48,000. Finally, Quarry LP raised its position in Baker Hughes by 81.1% during the second quarter. Quarry LP now owns 1,594 shares of the company’s stock valued at $56,000 after buying an additional 714 shares during the period. 92.06% of the stock is owned by institutional investors and hedge funds.

Baker Hughes Price Performance

Shares of NASDAQ:BKR opened at $43.18 on Friday. The business has a 50 day moving average price of $37.12 and a 200 day moving average price of $35.07. The company has a quick ratio of 0.88, a current ratio of 1.30 and a debt-to-equity ratio of 0.37. The company has a market cap of $42.73 billion, a price-to-earnings ratio of 19.36, a PEG ratio of 0.73 and a beta of 1.38. Baker Hughes has a twelve month low of $28.32 and a twelve month high of $44.49.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings results on Tuesday, October 22nd. The company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.61 by $0.06. The firm had revenue of $6.91 billion during the quarter, compared to analysts’ expectations of $7.21 billion. Baker Hughes had a return on equity of 13.77% and a net margin of 8.20%. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.42 EPS. Research analysts predict that Baker Hughes will post 2.29 earnings per share for the current year.

Baker Hughes Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 4th were issued a $0.21 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $0.84 annualized dividend and a yield of 1.95%. Baker Hughes’s dividend payout ratio (DPR) is 37.67%.

Wall Street Analyst Weigh In

A number of research analysts have commented on BKR shares. Morgan Stanley boosted their target price on Baker Hughes from $42.00 to $45.00 and gave the company an “overweight” rating in a research note on Thursday, October 3rd. Jefferies Financial Group boosted their target price on Baker Hughes from $46.00 to $48.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Susquehanna boosted their target price on Baker Hughes from $46.00 to $48.00 and gave the company a “positive” rating in a research note on Thursday, October 24th. JPMorgan Chase & Co. boosted their target price on Baker Hughes from $42.00 to $43.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Finally, Barclays boosted their target price on Baker Hughes from $41.00 to $46.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Two investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $44.59.

Baker Hughes Company Profile

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.