Zacks Investment Research cut shares of Barnes Group (NYSE:B) from a hold rating to a strong sell rating in a report issued on Thursday morning, Zacks.com reports. They currently have $40.00 price objective on the industrial products company’s stock.
According to Zacks, “Barnes Group’s second-quarter earnings beat the Zacks Consensus Estimate by 35%. The buyout of Gimatics boosted the company’s portfolio of robotic technology solutions in the industrial automation market. Its focus on lowering its debt level and rewarding shareholders handsomely through dividends and share repurchases will work in its favor. The company has been witnessing softness in automotive, industrial and aerospace end markets on account of low order intakes mostly due to the coronavirus outbreak-related issues. Moving ahead, reduced aircraft utilization and lower aircraft demand are likely to hurt its Aerospace segment’s prospects. On uncertainties related to the impacts of the outbreak on operating results, it refrained from providing guidance for 2020. In the past three months, its shares have underperformed the industry.”
Several other equities research analysts also recently issued reports on the company. Wells Fargo & Co boosted their price objective on Barnes Group from $32.00 to $34.00 and gave the company an equal weight rating in a report on Friday, May 1st. Oppenheimer initiated coverage on shares of Barnes Group in a research report on Tuesday, July 28th. They set a buy rating and a $45.00 price target on the stock. DA Davidson reduced their target price on shares of Barnes Group from $38.00 to $32.00 and set a neutral rating on the stock in a report on Wednesday, May 20th. SunTrust Banks cut their price objective on Barnes Group from $34.00 to $30.00 and set a hold rating on the stock in a research report on Wednesday, July 15th. Finally, Alembic Global Advisors upgraded Barnes Group from a neutral rating to an overweight rating and set a $57.00 price target on the stock in a report on Tuesday, June 9th. Four analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $47.50.
NYSE:B opened at $36.87 on Thursday. The company’s 50-day moving average is $38.58 and its two-hundred day moving average is $45.50. Barnes Group has a 1-year low of $30.22 and a 1-year high of $68.60. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.99 and a quick ratio of 1.47. The firm has a market capitalization of $1.86 billion, a price-to-earnings ratio of 16.17, a PEG ratio of 2.11 and a beta of 1.14.
Barnes Group (NYSE:B) last posted its earnings results on Tuesday, July 28th. The industrial products company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.07. Barnes Group had a return on equity of 11.24% and a net margin of 8.94%. The company had revenue of $236.00 million during the quarter, compared to analysts’ expectations of $239.02 million. During the same quarter last year, the firm earned $0.75 earnings per share. The firm’s quarterly revenue was down 36.6% compared to the same quarter last year. As a group, equities analysts anticipate that Barnes Group will post 1.73 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Thursday, August 27th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend is Wednesday, August 26th. Barnes Group’s dividend payout ratio is currently 19.94%.
Institutional investors have recently bought and sold shares of the business. US Bancorp DE increased its stake in shares of Barnes Group by 10.0% during the 1st quarter. US Bancorp DE now owns 26,495 shares of the industrial products company’s stock worth $1,108,000 after purchasing an additional 2,417 shares in the last quarter. Norges Bank purchased a new position in Barnes Group during the fourth quarter worth $35,917,000. UBS Asset Management Americas Inc. raised its holdings in shares of Barnes Group by 2.0% in the fourth quarter. UBS Asset Management Americas Inc. now owns 56,123 shares of the industrial products company’s stock worth $3,477,000 after acquiring an additional 1,113 shares during the last quarter. Man Group plc lifted its position in shares of Barnes Group by 521.0% in the fourth quarter. Man Group plc now owns 40,576 shares of the industrial products company’s stock valued at $2,514,000 after acquiring an additional 34,042 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Barnes Group by 27.8% during the first quarter. Invesco Ltd. now owns 110,077 shares of the industrial products company’s stock valued at $4,604,000 after acquiring an additional 23,971 shares during the last quarter. 87.03% of the stock is currently owned by institutional investors.
About Barnes Group
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, automation, personal care, packaging, electronics, and medical devices.
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