Barnes Group Inc. (B) Rating Increased to Buy at Zacks Investment Research
Barnes Group Inc. (NYSE:B) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday. The firm presently has a $61.00 target price on the industrial products company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 11.56% from the stock’s current price.
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. “
Several other equities analysts have also recently weighed in on B. Sidoti cut Barnes Group from a “buy” rating to a “neutral” rating in a research report on Monday, April 24th. Jefferies Group LLC reiterated a “buy” rating and issued a $63.00 price target on shares of Barnes Group in a research report on Tuesday, May 2nd. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Barnes Group presently has a consensus rating of “Buy” and an average price target of $55.25.
Barnes Group (NYSE:B) traded up 0.37% during mid-day trading on Monday, hitting $54.68. The stock had a trading volume of 198,606 shares. The firm’s 50-day moving average is $53.02 and its 200 day moving average is $49.21. The company has a market cap of $2.94 billion, a price-to-earnings ratio of 20.63 and a beta of 1.45. Barnes Group has a 12 month low of $31.13 and a 12 month high of $56.51.
Barnes Group (NYSE:B) last released its earnings results on Friday, April 28th. The industrial products company reported $0.71 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.11. Barnes Group had a return on equity of 12.10% and a net margin of 10.33%. The business had revenue of $341.80 million during the quarter, compared to the consensus estimate of $314.81 million. During the same period last year, the business posted $0.54 earnings per share. The business’s revenue for the quarter was up 18.6% on a year-over-year basis. Equities analysts anticipate that Barnes Group will post $2.78 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 9th. Stockholders of record on Thursday, May 25th will be given a $0.14 dividend. The ex-dividend date of this dividend is Tuesday, May 23rd. This is a boost from Barnes Group’s previous quarterly dividend of $0.13. This represents a $0.56 annualized dividend and a dividend yield of 1.02%. Barnes Group’s payout ratio is 23.11%.
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In related news, Director Thomas O. Barnes sold 12,577 shares of Barnes Group stock in a transaction on Thursday, February 23rd. The stock was sold at an average price of $50.14, for a total transaction of $630,610.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Mylle H. Mangum sold 3,000 shares of Barnes Group stock in a transaction on Wednesday, May 3rd. The shares were sold at an average price of $53.91, for a total value of $161,730.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 50,562 shares of company stock valued at $2,651,572. 7.80% of the stock is owned by company insiders.
A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. raised its stake 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 valued at $311,610,000 after buying an additional 6,054,701 shares in the last quarter. Norges Bank acquired a new stake in Barnes Group during the fourth quarter valued at about $31,966,000. Vanguard Group Inc. raised its stake 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 valued at $232,698,000 after buying an additional 235,065 shares in the last quarter. Stifel Financial Corp acquired a new stake in Barnes Group during the first quarter valued at about $9,198,000. Finally, Columbia Wanger Asset Management LLC acquired a new stake in Barnes Group during the first quarter valued at about $8,322,000. 83.27% of the stock is owned by institutional investors.
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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