$351.30 Million in Sales Expected for Barnes Group, Inc. (B) This Quarter
Brokerages forecast that Barnes Group, Inc. (NYSE:B) will announce $351.30 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Barnes Group’s earnings, with estimates ranging from $349.70 million to $354.60 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 business is scheduled to announce its next quarterly earnings results on Friday, October 27th.
On average, analysts expect that Barnes Group will report full-year sales of $351.30 million for the current fiscal year, with estimates ranging from $1.39 billion to $1.41 billion. For the next financial year, analysts forecast that the firm will post sales of $1.47 billion per share, with estimates ranging from $1.46 billion to $1.50 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Barnes Group.
Barnes Group (NYSE:B) last issued its quarterly earnings data on Friday, July 28th. The industrial products company reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.12. Barnes Group had a net margin of 11.69% and a return on equity of 13.02%. The business had revenue of $364.49 million for the quarter, compared to analysts’ expectations of $337.69 million. During the same period in the previous year, the business earned $0.63 earnings per share. The company’s revenue was up 18.8% on a year-over-year basis.
B has been the topic of a number of recent analyst reports. BidaskClub lowered Barnes Group from a “strong-buy” rating to a “buy” rating in a research note on Thursday, July 27th. Jefferies Group LLC reissued a “buy” rating and issued a $66.00 price objective on shares of Barnes Group in a research note on Thursday, June 8th. ValuEngine raised Barnes Group from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Zacks Investment Research raised 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. Finally, Oppenheimer Holdings, Inc. boosted their price objective on Barnes Group from $58.00 to $67.00 and gave the stock an “outperform” rating in a research note on Monday, July 31st. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $58.20.
Shares of Barnes Group (NYSE B) opened at 62.52 on Friday. The company’s 50 day moving average is $60.32 and its 200-day moving average is $55.50. Barnes Group has a 52 week low of $37.88 and a 52 week high of $62.60. The company has a market capitalization of $3.37 billion, a PE ratio of 21.86 and a beta of 1.43.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Thursday, August 24th will be paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 0.90%. The ex-dividend date is Tuesday, August 22nd. Barnes Group’s dividend payout ratio (DPR) is presently 19.58%.
In other news, 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 value of $46,221.10. The disclosure for this sale can be found here. Insiders have sold 8,755 shares of company stock worth $528,361 in the last ninety days. 8.50% of the stock is currently owned by insiders.
Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its position in Barnes Group by 1.3% in the second quarter. BlackRock Inc. now owns 6,147,376 shares of the industrial products company’s stock valued at $359,804,000 after buying an additional 77,829 shares during the last quarter. Bank of America Corp DE raised its position in Barnes Group by 0.4% in the first quarter. Bank of America Corp DE now owns 5,487,280 shares of the industrial products company’s stock valued at $281,717,000 after buying an additional 23,017 shares during the last quarter. Vanguard Group Inc. raised its position in Barnes Group by 1.2% in the second quarter. Vanguard Group Inc. now owns 4,588,211 shares of the industrial products company’s stock valued at $268,548,000 after buying an additional 55,741 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Barnes Group by 0.5% in the first quarter. Dimensional Fund Advisors LP now owns 3,526,503 shares of the industrial products company’s stock valued at $181,050,000 after buying an additional 19,233 shares during the last quarter. Finally, Northern Trust Corp raised its position in Barnes Group by 6.3% in the second quarter. Northern Trust Corp now owns 1,664,281 shares of the industrial products company’s stock valued at $97,410,000 after buying an additional 98,189 shares during the last quarter. 85.28% of the stock is currently owned by institutional investors and hedge funds.
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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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