Zacks Investment Research lowered shares of Barnes Group (NYSE:B) from a hold rating to a sell rating in a report published on Thursday morning, Zacks.com reports. Zacks Investment Research currently has $55.00 target price on the industrial products company’s stock.
According to Zacks, “Barnes Group's second-quarter 2019 earnings and revenues both missed the Zacks Consensus Estimate by 3.9%. The company believes that continued strength in its OEM and aftermarket businesses, driven by solid demand for maintenance, repair and overhaul, and spare parts will boost revenues in the quarters ahead. The company also expects its strategic business acquisitions to prove beneficial. For 2019, Barnes Group anticipates revenue growth of 3-4%. The company's focus on rewarding shareholders handsomely through dividends and share repurchases will work in its favor. However, over the past three months, its shares have underperformed the industry. Also, rising costs of sales remain a concern for near-term margins. Rise in debt levels can increase its financial obligations. Further, adverse foreign exchange impact is a persistent concern.”
B has been the subject of a number of other research reports. UBS Group dropped their price target on Barnes Group from $60.00 to $56.00 and set a neutral rating for the company in a research report on Tuesday, July 30th. Alembic Global Advisors initiated coverage on Barnes Group in a research report on Friday, May 17th. They issued an overweight rating and a $67.00 target price for the company. SunTrust Banks downgraded Barnes Group from a hold rating to a sell rating and dropped their target price for the stock from $53.00 to $48.00 in a research report on Friday, June 14th. Finally, DA Davidson dropped their target price on Barnes Group to $56.00 and set a neutral rating for the company in a research report on Thursday, April 11th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. Barnes Group has an average rating of Hold and an average price target of $60.67.
Barnes Group (NYSE:B) last issued its quarterly earnings results on Friday, July 26th. The industrial products company reported $0.75 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.78 by ($0.03). The business had revenue of $371.70 million for the quarter, compared to the consensus estimate of $387.29 million. Barnes Group had a net margin of 9.95% and a return on equity of 13.20%. The business’s revenue was down 1.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.90 EPS. Analysts expect that Barnes Group will post 3.14 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 26th will be given a $0.16 dividend. The ex-dividend date is Friday, August 23rd. This represents a $0.64 dividend on an annualized basis and a yield of 1.32%. Barnes Group’s payout ratio is 19.88%.
In other Barnes Group news, Director Mylle H. Mangum sold 1,000 shares of Barnes Group stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $51.89, for a total value of $51,890.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Gary G. Benanav sold 12,500 shares of Barnes Group stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $55.86, for a total value of $698,250.00. The disclosure for this sale can be found here. Insiders sold a total of 15,500 shares of company stock valued at $861,100 in the last 90 days. 8.35% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the business. Meeder Asset Management Inc. purchased a new position in Barnes Group in the 1st quarter worth approximately $36,000. Investors Research Corp purchased a new position in Barnes Group in the 1st quarter worth approximately $36,000. AdvisorNet Financial Inc increased its stake in shares of Barnes Group by 37.5% during the second quarter. AdvisorNet Financial Inc now owns 1,860 shares of the industrial products company’s stock valued at $105,000 after buying an additional 507 shares during the period. Pearl River Capital LLC increased its stake in shares of Barnes Group by 767.3% during the first quarter. Pearl River Capital LLC now owns 2,602 shares of the industrial products company’s stock valued at $134,000 after buying an additional 2,302 shares during the period. Finally, Quantamental Technologies LLC increased its stake in shares of Barnes Group by 575.0% during the first quarter. Quantamental Technologies LLC now owns 2,700 shares of the industrial products company’s stock valued at $139,000 after buying an additional 2,300 shares during the period. 85.30% of the stock is currently owned by institutional investors and hedge funds.
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, automation, personal care, packaging, electronics, and medical devices.
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