Barnes Group Inc. (NYSE:B) saw a large growth in short interest in June. As of June 30th, there was short interest totalling 684,300 shares, a growth of 38.3% from the May 30th total of 494,700 shares. Based on an average daily volume of 222,800 shares, the short-interest ratio is currently 3.1 days. Currently, 1.5% of the shares of the stock are short sold.
Several analysts recently issued reports on the stock. DA Davidson reduced their price objective on shares of Barnes Group to $56.00 and set a “neutral” rating on the stock in a report on Thursday, April 11th. SunTrust Banks reduced their price objective on shares of Broadcom to $307.00 and set a “buy” rating on the stock in a report on Friday, June 14th. Zacks Investment Research lowered shares of Hancock Jaffe Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, June 26th. Finally, Alembic Global Advisors assumed 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. Two analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. Barnes Group presently has an average rating of “Hold” and an average target price of $63.14.
Shares of Barnes Group stock opened at $54.58 on Friday. Barnes Group has a one year low of $49.06 and a one year high of $72.70. The firm has a market capitalization of $2.80 billion, a P/E ratio of 16.90, a PEG ratio of 2.42 and a beta of 1.44. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.46 and a current ratio of 2.16. The stock’s 50-day moving average is $54.25.
Barnes Group (NYSE:B) last announced its quarterly earnings results on Friday, April 26th. The industrial products company reported $0.71 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.02. The firm had revenue of $376.69 million during the quarter, compared to the consensus estimate of $374.04 million. Barnes Group had a return on equity of 14.01% and a net margin of 10.72%. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.72 earnings per share. On average, analysts forecast that Barnes Group will post 3.22 EPS for the current year.
In other news, Director Thomas O. Barnes sold 2,000 shares of Barnes Group stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $55.48, for a total transaction of $110,960.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Dawn N. Edwards sold 1,750 shares of Barnes Group stock in a transaction 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. Insiders sold a total of 16,250 shares of company stock worth $906,230 in the last 90 days. 8.35% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Arizona State Retirement System lifted its stake in Barnes Group by 0.3% in the first quarter. Arizona State Retirement System now owns 72,884 shares of the industrial products company’s stock valued at $3,747,000 after buying an additional 193 shares during the last quarter. Oregon Public Employees Retirement Fund raised its stake in shares of Barnes Group by 1.8% during the first quarter. Oregon Public Employees Retirement Fund now owns 18,281 shares of the industrial products company’s stock worth $940,000 after purchasing an additional 330 shares during the last quarter. Creative Planning raised its stake in shares of Barnes Group by 4.8% during the first quarter. Creative Planning now owns 8,047 shares of the industrial products company’s stock worth $414,000 after purchasing an additional 366 shares during the last quarter. Amalgamated Bank raised its stake in shares of Barnes Group by 6.5% during the fourth quarter. Amalgamated Bank now owns 6,990 shares of the industrial products company’s stock worth $375,000 after purchasing an additional 428 shares during the last quarter. Finally, Bbva Compass Bancshares Inc. raised its stake in shares of Barnes Group by 4.0% during the first quarter. Bbva Compass Bancshares Inc. now owns 11,519 shares of the industrial products company’s stock worth $592,000 after purchasing an additional 446 shares during the last quarter. Institutional investors own 85.30% of the company’s stock.
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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