Barnes Group, Inc. (NYSE:B) Releases Earnings Results, Beats Expectations By $0.12 EPS
Barnes Group, Inc. (NYSE:B) released its quarterly earnings results on Friday. The industrial products company reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.12, Bloomberg Earnings reports. The business had revenue of $364.49 million for the quarter, compared to analysts’ expectations of $337.69 million. Barnes Group had a return on equity of 12.49% and a net margin of 11.30%. The company’s revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.63 EPS. Barnes Group updated its FY17 guidance to $2.80-2.90 EPS.
Barnes Group (NYSE:B) traded up 1.29% on Friday, reaching $60.46. The company’s stock had a trading volume of 204,380 shares. The company has a market capitalization of $3.28 billion, a price-to-earnings ratio of 21.14 and a beta of 1.43. The stock has a 50 day moving average price of $59.36 and a 200-day moving average price of $53.35. Barnes Group has a 1-year low of $36.37 and a 1-year high of $62.37.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Thursday, August 24th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 0.93%. The ex-dividend date of this dividend is Tuesday, August 22nd. Barnes Group’s dividend payout ratio (DPR) is currently 19.58%.
A number of brokerages have commented on B. Zacks Investment Research upgraded Barnes Group from a “hold” rating to a “buy” rating and set a $61.00 target price on the stock in a report on Monday, May 22nd. Jefferies Group LLC reiterated a “buy” rating and set a $63.00 target price on shares of Barnes Group in a report on Tuesday, May 2nd. BidaskClub cut Barnes Group from a “strong-buy” rating to a “buy” rating in a report on Thursday. ValuEngine upgraded Barnes Group from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Sidoti cut Barnes Group from a “buy” rating to a “neutral” rating in a report on Monday, April 24th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Barnes Group presently has a consensus rating of “Buy” and an average target price of $56.00.
In related news, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Hassell H. Mcclellan sold 2,000 shares of Barnes Group stock in a transaction on Friday, May 26th. The shares were sold at an average price of $56.00, for a total transaction of $112,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,250 shares of company stock worth $1,552,653. 8.50% of the stock is currently owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in the stock. Texas Permanent School Fund raised its stake in Barnes Group by 0.7% in the second quarter. Texas Permanent School Fund now owns 36,478 shares of the industrial products company’s stock valued at $2,135,000 after buying an additional 237 shares during the last quarter. Ironwood Investment Management LLC raised its stake in Barnes Group by 1.3% in the second quarter. Ironwood Investment Management LLC now owns 35,680 shares of the industrial products company’s stock valued at $2,088,000 after buying an additional 450 shares during the last quarter. Rothschild Asset Management Inc. raised its stake in Barnes Group by 1.6% in the second quarter. Rothschild Asset Management Inc. now owns 663,781 shares of the industrial products company’s stock valued at $38,851,000 after buying an additional 10,331 shares during the last quarter. Great West Life Assurance Co. Can raised its stake in Barnes Group by 3.3% in the second quarter. Great West Life Assurance Co. Can now owns 73,127 shares of the industrial products company’s stock valued at $4,279,000 after buying an additional 2,316 shares during the last quarter. Finally, Janney Montgomery Scott LLC acquired a new stake in Barnes Group during the second quarter valued at about $234,000. 85.71% of the stock is owned by institutional investors and hedge funds.
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Barnes Group Company Profile
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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