Eagle Asset Management Inc. cut its stake in shares of Barnes Group Inc. (NYSE:B) by 43.9% in the 1st quarter, HoldingsChannel reports. The fund owned 175,578 shares of the industrial products company’s stock after selling 137,513 shares during the period. Eagle Asset Management Inc.’s holdings in Barnes Group were worth $9,026,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of the company. BlackRock Inc. lifted its position in shares of Barnes Group by 0.8% during the 4th quarter. BlackRock Inc. now owns 6,913,977 shares of the industrial products company’s stock valued at $370,728,000 after buying an additional 55,465 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Barnes Group by 1.0% during the 4th quarter. Bank of America Corp DE now owns 4,881,072 shares of the industrial products company’s stock valued at $261,724,000 after buying an additional 50,717 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Barnes Group by 1.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 674,853 shares of the industrial products company’s stock valued at $47,935,000 after buying an additional 7,152 shares in the last quarter. Norges Bank purchased a new position in shares of Barnes Group during the 4th quarter valued at about $30,187,000. Finally, Janus Henderson Group PLC lifted its position in shares of Barnes Group by 0.4% during the 1st quarter. Janus Henderson Group PLC now owns 536,730 shares of the industrial products company’s stock valued at $27,593,000 after buying an additional 2,145 shares in the last quarter. Hedge funds and other institutional investors own 86.02% of the company’s stock.
NYSE B opened at $56.51 on Friday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.46 and a current ratio of 2.16. Barnes Group Inc. has a 12 month low of $49.06 and a 12 month high of $72.70. The company has a market capitalization of $2.85 billion, a P/E ratio of 17.55, a price-to-earnings-growth ratio of 2.56 and a beta of 1.46.
Barnes Group (NYSE:B) last posted its quarterly earnings results on Friday, April 26th. The industrial products company reported $0.71 EPS for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.02. Barnes Group had a return on equity of 14.01% and a net margin of 10.72%. The company had revenue of $376.69 million for the quarter, compared to analysts’ expectations of $374.04 million. During the same period in the previous year, the firm earned $0.72 EPS. The firm’s revenue was up 2.7% compared to the same quarter last year. As a group, equities analysts forecast that Barnes Group Inc. will post 3.23 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 24th will be issued a $0.16 dividend. The ex-dividend date is Thursday, May 23rd. This represents a $0.64 dividend on an annualized basis and a yield of 1.13%. Barnes Group’s dividend payout ratio is presently 19.88%.
In related news, CFO Christopher J. Stephens sold 13,200 shares of the business’s stock in a transaction that occurred on Tuesday, February 26th. The stock was sold at an average price of $58.94, for a total value of $778,008.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Dawn N. Edwards sold 1,750 shares of Barnes Group stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $55.44, for a total value of $97,020.00. The disclosure for this sale can be found here. 8.35% of the stock is currently owned by insiders.
A number of research analysts have recently weighed in on the company. Zacks Investment Research raised Barnes Group from a “sell” rating to a “hold” rating in a research report on Wednesday, February 20th. SunTrust Banks reaffirmed a “hold” rating and set a $57.00 price objective on shares of Barnes Group in a research report on Friday, February 22nd. UBS Group cut Barnes Group from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $72.00 to $65.00 in a research report on Friday, February 15th. Finally, DA Davidson lowered their price objective on Barnes Group to $56.00 and set a “neutral” rating on the stock in a research report on Thursday, April 11th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $64.50.
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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