Texas Permanent School Fund boosted its stake in shares of Barnes Group Inc. (NYSE:B) by 0.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 32,387 shares of the industrial products company’s stock after acquiring an additional 304 shares during the period. Texas Permanent School Fund owned 0.06% of Barnes Group worth $1,669,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of B. Nuveen Asset Management LLC purchased a new stake in shares of Barnes Group during the second quarter worth $20,308,000. Invesco Ltd. increased its holdings in shares of Barnes Group by 328.6% in the second quarter. Invesco Ltd. now owns 333,945 shares of the industrial products company’s stock worth $18,814,000 after purchasing an additional 256,029 shares during the period. D. E. Shaw & Co. Inc. increased its holdings in shares of Barnes Group by 108.0% in the second quarter. D. E. Shaw & Co. Inc. now owns 228,520 shares of the industrial products company’s stock worth $12,874,000 after purchasing an additional 118,657 shares during the period. BlackRock Inc. increased its holdings in shares of Barnes Group by 1.7% in the second quarter. BlackRock Inc. now owns 7,047,330 shares of the industrial products company’s stock worth $397,045,000 after purchasing an additional 114,410 shares during the period. Finally, Morgan Stanley increased its holdings in shares of Barnes Group by 43.8% in the second quarter. Morgan Stanley now owns 310,484 shares of the industrial products company’s stock worth $17,492,000 after purchasing an additional 94,620 shares during the period. Hedge funds and other institutional investors own 85.74% of the company’s stock.
In related news, CEO Patrick Dempsey sold 57,389 shares of the stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $61.28, for a total value of $3,516,797.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Thomas O. Barnes sold 2,500 shares of the stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $61.05, for a total value of $152,625.00. The disclosure for this sale can be found here. In the last three months, insiders sold 91,965 shares of company stock worth $5,477,510. 8.35% of the stock is owned by insiders.
Several research analysts have recently weighed in on the stock. ValuEngine raised shares of Barnes Group from a “sell” rating to a “hold” rating in a report on Saturday, September 14th. Zacks Investment Research cut shares of Barnes Group from a “hold” rating to a “sell” rating and set a $55.00 price target on the stock. in a report on Thursday, August 1st. UBS Group upped their price target on shares of Barnes Group from $56.00 to $60.00 and gave the stock a “neutral” rating in a report on Monday, October 28th. Oppenheimer set a $65.00 price target on shares of Barnes Group and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, SunTrust Banks reaffirmed a “sell” rating and issued a $49.00 price target on shares of Barnes Group in a report on Monday, October 28th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $58.67.
Shares of Barnes Group stock remained flat at $$60.45 during trading on Monday. 154,378 shares of the stock traded hands, compared to its average volume of 217,530. The stock has a market capitalization of $3.09 billion, a price-to-earnings ratio of 18.77, a price-to-earnings-growth ratio of 1.92 and a beta of 1.43. Barnes Group Inc. has a 52-week low of $42.39 and a 52-week high of $62.19. The company’s 50 day moving average price is $54.11 and its 200-day moving average price is $52.53. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.49 and a current ratio of 2.23.
Barnes Group (NYSE:B) last released its quarterly earnings results on Friday, October 25th. The industrial products company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.11. The firm had revenue of $372.60 million for the quarter, compared to analysts’ expectations of $377.42 million. Barnes Group had a net margin of 10.38% and a return on equity of 13.61%. The business’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.78 earnings per share. On average, sell-side analysts expect that Barnes Group Inc. will post 3.18 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Tuesday, November 26th will be paid a $0.16 dividend. The ex-dividend date is Monday, November 25th. This represents a $0.64 dividend on an annualized basis and a yield of 1.06%. Barnes Group’s dividend payout ratio is presently 19.88%.
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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