TD Asset Management Inc. Acquires New Stake in Barnes Group, Inc. (B)
TD Asset Management Inc. acquired a new position in shares of Barnes Group, Inc. (NYSE:B) during the second quarter, according to its most recent filing with the SEC. The institutional investor acquired 23,600 shares of the industrial products company’s stock, valued at approximately $1,381,000.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. increased its position in Barnes Group by 40,783.4% in the first quarter. BlackRock Inc. now owns 6,069,547 shares of the industrial products company’s stock worth $311,610,000 after buying an additional 6,054,701 shares during the period. Vanguard Group Inc. increased its position in Barnes Group by 5.5% in the first quarter. Vanguard Group Inc. now owns 4,532,470 shares of the industrial products company’s stock worth $232,698,000 after buying an additional 235,065 shares during the period. Stifel Financial Corp bought a new position in Barnes Group during the first quarter worth approximately $9,198,000. Columbia Wanger Asset Management LLC bought a new position in Barnes Group during the first quarter worth approximately $8,322,000. Finally, WBI Investments Inc. increased its position in Barnes Group by 647.6% in the first quarter. WBI Investments Inc. now owns 86,610 shares of the industrial products company’s stock worth $4,447,000 after buying an additional 75,025 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.
Barnes Group, Inc. (NYSE B) opened at 60.57 on Friday. Barnes Group, Inc. has a 52-week low of $37.88 and a 52-week high of $62.37. The company has a market capitalization of $3.26 billion, a P/E ratio of 21.18 and a beta of 1.43. The stock has a 50 day moving average of $60.11 and a 200-day moving average of $55.11.
Barnes Group (NYSE:B) last issued its quarterly earnings results on Friday, July 28th. The industrial products company reported $0.81 EPS for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.12. Barnes Group had a return on equity of 13.02% and a net margin of 11.69%. The company had revenue of $364.49 million for the quarter, compared to analysts’ expectations of $337.69 million. During the same quarter last year, the business earned $0.63 earnings per share. Barnes Group’s revenue was up 18.8% on a year-over-year basis. On average, equities analysts forecast that Barnes Group, Inc. will post $2.89 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Thursday, August 24th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 0.92%. The ex-dividend date is Tuesday, August 22nd. Barnes Group’s dividend payout ratio (DPR) is presently 19.58%.
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A number of research analysts have commented on B shares. Zacks Investment Research upgraded shares of Barnes Group from a “hold” rating to a “buy” rating and set a $61.00 price objective on the stock in a research note on Monday, May 22nd. ValuEngine upgraded shares of Barnes Group from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Jefferies Group LLC reiterated a “buy” rating and set a $63.00 price objective on shares of Barnes Group in a research note on Tuesday, May 2nd. Oppenheimer Holdings, Inc. increased their price objective on shares of Barnes Group from $58.00 to $67.00 and gave the company an “outperform” rating in a research note on Monday, July 31st. Finally, BidaskClub downgraded shares of Barnes Group from a “strong-buy” rating to a “buy” rating in a research note on Thursday, July 27th. Two analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $58.20.
In related news, VP Marian Acker sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $60.38, for a total value of $362,280.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Thomas O. Barnes sold 2,000 shares of the firm’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $59.93, for a total value of $119,860.00. The disclosure for this sale can be found here. Company insiders own 8.50% of the company’s stock.
About Barnes Group
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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