American International Group Inc. lowered its stake in shares of Barnes Group, Inc. (NYSE:B) by 17.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 30,423 shares of the industrial products company’s stock after selling 6,382 shares during the period. American International Group Inc.’s holdings in Barnes Group were worth $1,562,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the stock. Jennison Associates LLC raised its position in Barnes Group by 0.5% in the first quarter. Jennison Associates LLC now owns 19,338 shares of the industrial products company’s stock valued at $993,000 after buying an additional 99 shares during the last quarter. State of Alaska Department of Revenue raised its position in Barnes Group by 2.4% in the first quarter. State of Alaska Department of Revenue now owns 5,550 shares of the industrial products company’s stock valued at $284,000 after buying an additional 130 shares during the last quarter. Glen Harbor Capital Management LLC raised its position in Barnes Group by 0.7% in the first quarter. Glen Harbor Capital Management LLC now owns 24,048 shares of the industrial products company’s stock valued at $1,235,000 after buying an additional 160 shares during the last quarter. BNP Paribas Arbitrage SA raised its position in Barnes Group by 1.5% in the first quarter. BNP Paribas Arbitrage SA now owns 11,794 shares of the industrial products company’s stock valued at $606,000 after buying an additional 171 shares during the last quarter. Finally, Tyers Asset Management LLC raised its position in Barnes Group by 0.7% in the first quarter. Tyers Asset Management LLC now owns 33,066 shares of the industrial products company’s stock valued at $1,697,000 after buying an additional 220 shares during the last quarter. Hedge funds and other institutional investors own 85.71% of the company’s stock.
Barnes Group, Inc. (NYSE B) opened at 57.94 on Friday. Barnes Group, Inc. has a one year low of $31.13 and a one year high of $60.74. The company has a 50-day moving average of $56.71 and a 200-day moving average of $51.21. The stock has a market capitalization of $3.11 billion, a price-to-earnings ratio of 21.86 and a beta of 1.42.
Barnes Group (NYSE:B) last announced its earnings results on Friday, April 28th. The industrial products company reported $0.71 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.11. The company had revenue of $341.80 million during the quarter, compared to the consensus estimate of $314.81 million. Barnes Group had a net margin of 11.30% and a return on equity of 12.49%. Barnes Group’s revenue was up 18.6% compared to the same quarter last year. During the same period last year, the firm earned $0.54 earnings per share. On average, equities analysts forecast that Barnes Group, Inc. will post $2.78 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, June 9th. Shareholders of record on Thursday, May 25th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 0.97%. This is an increase from Barnes Group’s previous quarterly dividend of $0.13. The ex-dividend date was Tuesday, May 23rd. Barnes Group’s dividend payout ratio (DPR) is 21.13%.
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A number of equities analysts recently weighed in on the stock. Jefferies Group LLC restated a “buy” rating and issued a $66.00 price objective on shares of Barnes Group in a report on Thursday, June 8th. Zacks Investment Research upgraded shares of Barnes Group from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a report on Monday, May 22nd. Sidoti lowered shares of Barnes Group from a “buy” rating to a “neutral” rating in a report on Monday, April 24th. Finally, ValuEngine upgraded shares of Barnes Group from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $56.00.
In other Barnes Group news, Director Mylle H. Mangum sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $53.91, for a total value of $161,730.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas O. Barnes sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 4th. The shares were sold at an average price of $54.56, for a total transaction of $136,400.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,250 shares of company stock valued at $1,552,653. 8.50% of the stock is owned by insiders.
About Barnes Group
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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