Zacks Investment Research upgraded shares of Barnes Group (NYSE:B) from a sell rating to a hold rating in a research note published on Wednesday.
According to Zacks, “Barnes Group Inc. is a global industrial and aerospace manufacturer and service provider, serving a wide range of end markets and customers. “
A number of other brokerages also recently weighed in on B. UBS Group downgraded shares of Barnes Group from a buy rating to a neutral rating and decreased their target price for the company from $72.00 to $65.00 in a research note on Friday, February 15th. SunTrust Banks reaffirmed a hold rating and set a $57.00 target price on shares of Barnes Group in a research note on Friday, February 22nd. Sidoti raised shares of Barnes Group from a neutral rating to a buy rating in a research note on Wednesday, January 2nd. Finally, DA Davidson set a $66.00 target price on shares of Barnes Group and gave the company a hold rating in a research note on Monday, November 19th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Barnes Group has an average rating of Hold and a consensus price target of $66.17.
B traded up $0.25 on Wednesday, hitting $58.32. The company had a trading volume of 169,558 shares, compared to its average volume of 150,602. Barnes Group has a 52-week low of $49.06 and a 52-week high of $72.70. The firm has a market capitalization of $3.11 billion, a PE ratio of 18.11, a price-to-earnings-growth ratio of 2.49 and a beta of 1.48. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.27 and a quick ratio of 1.50.
Barnes Group (NYSE:B) last announced its earnings results on Friday, February 22nd. The industrial products company reported $0.84 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.02. Barnes Group had a net margin of 4.60% and a return on equity of 13.39%. The business had revenue of $384.10 million during the quarter, compared to the consensus estimate of $391.37 million. During the same quarter last year, the firm earned $0.71 earnings per share. The business’s revenue for the quarter was up 3.0% on a year-over-year basis. Analysts expect that Barnes Group will post 3.27 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 8th. Investors of record on Monday, February 25th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 1.10%. The ex-dividend date is Friday, February 22nd. Barnes Group’s dividend payout ratio (DPR) is currently 19.88%.
In related news, CFO Christopher J. Stephens sold 13,200 shares of the firm’s stock in a transaction that occurred on Tuesday, February 26th. The shares were sold at an average price of $58.94, for a total transaction of $778,008.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard J. Hipple purchased 1,000 shares of Barnes Group stock in a transaction that occurred on Wednesday, February 27th. The shares were purchased at an average cost of $58.83 per share, with a total value of $58,830.00. The disclosure for this purchase can be found here. 7.93% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. grew its position in Barnes Group by 0.8% in the 4th quarter. BlackRock Inc. now owns 6,913,977 shares of the industrial products company’s stock worth $370,728,000 after purchasing an additional 55,465 shares during the period. Bank of America Corp DE grew its position in Barnes Group by 1.0% in the 4th quarter. Bank of America Corp DE now owns 4,881,072 shares of the industrial products company’s stock worth $261,724,000 after purchasing an additional 50,717 shares during the period. Wasatch Advisors Inc. grew its position in Barnes Group by 24.4% in the 3rd quarter. Wasatch Advisors Inc. now owns 3,153,172 shares of the industrial products company’s stock worth $223,970,000 after purchasing an additional 618,888 shares during the period. Macquarie Group Ltd. grew its position in Barnes Group by 12.5% in the 3rd quarter. Macquarie Group Ltd. now owns 2,098,289 shares of the industrial products company’s stock worth $149,041,000 after purchasing an additional 232,733 shares during the period. Finally, Bank of New York Mellon Corp grew its position in Barnes Group by 1.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 674,853 shares of the industrial products company’s stock worth $47,935,000 after purchasing an additional 7,152 shares during the period. 81.30% of the stock is owned by institutional investors.
Barnes Group Company Profile
Barnes Group Inc operates as an industrial and aerospace manufacturer, and service provider in the United States and internationally. Its Industrial segment offers precision components, products, and systems for applications serving various customers in end-markets, such as transportation, industrial equipment, consumer products, packaging, electronics, medical devices, and energy.
Featured Story: What is the float in trading stocks?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Barnes Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Barnes Group and related companies with MarketBeat.com's FREE daily email newsletter.