Barnes Group, Inc. (B) Expected to Announce Quarterly Sales of $351.30 Million
Equities analysts expect that Barnes Group, Inc. (NYSE:B) will announce $351.30 million in sales for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for Barnes Group’s earnings, with the highest sales estimate coming in at $354.60 million and the lowest estimate coming in at $349.70 million. Barnes Group posted sales of $311.56 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 12.8%. The firm is scheduled to issue its next quarterly earnings report before the market opens on Friday, October 27th.
According to Zacks, analysts expect that Barnes Group will report full-year sales of $351.30 million for the current fiscal year, with estimates ranging from $1.40 billion to $1.41 billion. For the next fiscal year, analysts anticipate that the business will report sales of $1.47 billion per share, with estimates ranging from $1.46 billion to $1.50 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Barnes Group.
Barnes Group (NYSE:B) last announced its earnings results on Friday, July 28th. The industrial products company reported $0.81 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 analyst estimates of $337.69 million. During the same period in the prior year, the company posted $0.63 EPS. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year.
B has been the topic of several recent research reports. BidaskClub cut Barnes Group from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 27th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $66.00 price objective on shares of Barnes Group in a report on Thursday, June 8th. ValuEngine raised Barnes Group from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Deutsche Bank AG lifted their price objective on Barnes Group from $65.00 to $70.00 and gave the company a “buy” rating in a report on Friday, September 8th. Finally, Oppenheimer Holdings, Inc. lifted their price objective on Barnes Group from $58.00 to $67.00 and gave the company an “outperform” rating in a report on Monday, July 31st. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $62.60.
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Barnes Group (NYSE B) traded down 0.13% during mid-day trading on Tuesday, reaching $68.52. The company’s stock had a trading volume of 380,740 shares. The firm has a market cap of $3.69 billion, a PE ratio of 23.96 and a beta of 1.43. Barnes Group has a one year low of $37.88 and a one year high of $69.03. The stock’s 50 day moving average is $61.72 and its 200 day moving average is $56.83.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 8th. Stockholders of record on Thursday, August 24th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Tuesday, August 22nd. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.82%. Barnes Group’s payout ratio is 19.58%.
In related news, Director Thomas O. Barnes sold 755 shares of the company’s stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $61.22, for a total transaction of $46,221.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Marian Acker sold 6,000 shares of the company’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $60.38, for a total transaction of $362,280.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 8,755 shares of company stock valued at $528,361. Insiders own 8.50% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Citadel Advisors LLC bought a new position in shares of Barnes Group during the first quarter worth about $445,000. BNP Paribas Arbitrage SA raised its stake in Barnes Group by 1.5% during the first quarter. BNP Paribas Arbitrage SA now owns 11,794 shares of the industrial products company’s stock worth $606,000 after acquiring an additional 171 shares during the period. First Trust Advisors LP raised its stake in Barnes Group by 7.0% during the second quarter. First Trust Advisors LP now owns 111,842 shares of the industrial products company’s stock worth $6,546,000 after acquiring an additional 7,269 shares during the period. Invictus RG acquired a new stake in Barnes Group during the first quarter worth about $354,000. Finally, Stifel Financial Corp acquired a new stake in Barnes Group during the first quarter worth about $9,198,000. 85.08% of the stock is currently owned by institutional investors and hedge funds.
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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