Barnes Group (NYSE:B – Get Free Report) updated its FY24 earnings guidance on Friday. The company provided earnings per share (EPS) guidance of $1.62-1.82 for the period, compared to the consensus estimate of $1.70. The company issued revenue guidance of +13-16% yr/yr to ~$1.64-1.68 billion, compared to the consensus revenue estimate of $1.63 billion. Barnes Group also updated its FY 2024 guidance to 1.620-1.820 EPS.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently weighed in on B shares. Oppenheimer raised their price objective on shares of Barnes Group from $36.00 to $43.00 and gave the company an outperform rating in a report on Tuesday, February 20th. Truist Financial raised their target price on shares of Barnes Group from $23.00 to $34.00 and gave the stock a hold rating in a research note on Wednesday, January 10th. DA Davidson upgraded shares of Barnes Group from a neutral rating to a buy rating and raised their target price for the stock from $35.00 to $45.00 in a research note on Thursday, April 18th. Finally, StockNews.com upgraded shares of Barnes Group from a sell rating to a hold rating in a research note on Monday, February 19th.
View Our Latest Stock Report on Barnes Group
Barnes Group Price Performance
Barnes Group (NYSE:B – Get Free Report) last posted its earnings results on Friday, February 16th. The industrial products company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.06. The business had revenue of $415.50 million for the quarter, compared to analysts’ expectations of $420.47 million. Barnes Group had a net margin of 1.10% and a return on equity of 6.20%. The business’s revenue for the quarter was up 32.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.52 earnings per share. Sell-side analysts predict that Barnes Group will post 1.69 earnings per share for the current year.
Barnes Group Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Thursday, February 22nd were issued a $0.16 dividend. The ex-dividend date of this dividend was Wednesday, February 21st. This represents a $0.64 annualized dividend and a yield of 1.78%. Barnes Group’s dividend payout ratio is presently 206.46%.
About Barnes Group
Barnes Group Inc provides engineered products, industrial technologies, and solutions in the United States and internationally. The company operates through two segments: Industrial and Aerospace. The Industrial segment offers precision components, products, and systems used by various customers in end-markets, such as mobility, industrial equipment, automation, personal care, packaging, electronics, and medical devices.
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