Zacks Investment Research Upgrades Barnes Group Inc. (B) to “Buy”
Barnes Group Inc. (NYSE:B) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The brokerage currently has a $46.00 target price on the stock. Zacks Investment Research’s price objective indicates a potential upside of 15.32% from the company’s previous close.
According to Zacks, “Barnes Group Inc. is an international manufacturer of precision metal parts and distributor of industrial supplies, serving a wide range of markets and customers. “
Separately, Jefferies Group upped their price target on Barnes Group from $41.00 to $44.00 and gave the company a “buy” rating in a research note on Monday, August 1st. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Barnes Group currently has an average rating of “Buy” and a consensus target price of $40.17.
Shares of Barnes Group (NYSE:B) opened at 39.89 on Wednesday. Barnes Group has a 1-year low of $30.07 and a 1-year high of $41.86. The firm has a 50-day moving average of $40.40 and a 200-day moving average of $36.25. The firm has a market capitalization of $2.15 billion, a PE ratio of 18.22 and a beta of 1.54.
Barnes Group (NYSE:B) last released its earnings results on Friday, July 29th. The company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.02. Barnes Group had a net margin of 10.18% and a return on equity of 11.69%. The company had revenue of $307 million for the quarter, compared to the consensus estimate of $308.71 million. During the same period in the prior year, the company posted $0.62 EPS. The company’s revenue was down 2.6% compared to the same quarter last year. On average, equities research analysts anticipate that Barnes Group will post $2.51 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Thursday, August 25th were paid a dividend of $0.13 per share. The ex-dividend date was Tuesday, August 23rd. This represents a $0.52 dividend on an annualized basis and a yield of 1.30%. Barnes Group’s payout ratio is 23.74%.
In related news, SVP Christopher J. Stephens sold 23,039 shares of the stock in a transaction that occurred on Friday, September 16th. The stock was sold at an average price of $38.76, for a total transaction of $892,991.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas O. Barnes sold 730 shares of the stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $41.46, for a total value of $30,265.80. The disclosure for this sale can be found here. Corporate insiders own 7.80% of the company’s stock.
A number of hedge funds have recently bought and sold shares of B. Vanguard Group Inc. boosted its position in shares of Barnes Group by 5.7% in the second quarter. Vanguard Group Inc. now owns 3,966,594 shares of the company’s stock valued at $131,374,000 after buying an additional 212,741 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Barnes Group by 7.9% in the second quarter. Dimensional Fund Advisors LP now owns 3,345,611 shares of the company’s stock valued at $110,804,000 after buying an additional 244,204 shares in the last quarter. Macquarie Group Ltd. boosted its position in shares of Barnes Group by 28.5% in the second quarter. Macquarie Group Ltd. now owns 1,710,686 shares of the company’s stock valued at $56,658,000 after buying an additional 379,076 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of Barnes Group by 3.5% in the second quarter. Victory Capital Management Inc. now owns 1,494,642 shares of the company’s stock valued at $49,503,000 after buying an additional 50,248 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its position in shares of Barnes Group by 1.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,292,358 shares of the company’s stock valued at $45,271,000 after buying an additional 19,661 shares in the last quarter. 83.55% of the stock is owned by institutional investors and hedge funds.
Barnes Group Company Profile
Barnes Group Inc is an industrial and aerospace manufacturer and service provider, serving a range of end-markets and customers. The Company’s engineered products, industrial technologies, and solutions are used in applications that provide transportation, manufacturing, healthcare products and technology to the world.
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