Barnes Group (NYSE:B) Upgraded to “Buy” by DA Davidson

Barnes Group (NYSE:B) was upgraded by equities researchers at DA Davidson from a “neutral” rating to a “buy” rating in a research note issued to investors on Thursday, Briefing.com reports. The firm presently has a $45.00 price target on the industrial products company’s stock, up from their prior price target of $35.00. DA Davidson’s price objective would suggest a potential upside of 34.73% from the stock’s current price.

Several other brokerages also recently weighed in on B. Oppenheimer increased their price target on Barnes Group from $36.00 to $43.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. Truist Financial increased their price target on Barnes Group from $23.00 to $34.00 and gave the stock a “hold” rating in a research report on Wednesday, January 10th. Finally, StockNews.com raised Barnes Group from a “sell” rating to a “hold” rating in a research report on Monday, February 19th.

Barnes Group Stock Performance

Shares of B opened at $33.40 on Thursday. Barnes Group has a 12 month low of $18.79 and a 12 month high of $43.65. The stock has a fifty day moving average price of $36.01 and a 200-day moving average price of $31.84. The company has a current ratio of 2.29, a quick ratio of 1.37 and a debt-to-equity ratio of 0.94. The firm has a market cap of $1.69 billion, a PE ratio of 107.74, a P/E/G ratio of 2.03 and a beta of 1.38.

Barnes Group (NYSE:B) last issued its quarterly earnings data on Friday, February 16th. The industrial products company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.35 by $0.06. Barnes Group had a return on equity of 6.20% and a net margin of 1.10%. The firm had revenue of $415.50 million during the quarter, compared to analyst estimates of $420.47 million. During the same quarter in the prior year, the business posted $0.52 EPS. The business’s revenue for the quarter was up 32.5% compared to the same quarter last year. Equities research analysts predict that Barnes Group will post 1.69 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Barnes Group

Hedge funds have recently modified their holdings of the company. First Eagle Investment Management LLC lifted its stake in Barnes Group by 49.6% in the 3rd quarter. First Eagle Investment Management LLC now owns 314,344 shares of the industrial products company’s stock valued at $10,678,000 after buying an additional 104,198 shares in the last quarter. State of Alaska Department of Revenue lifted its stake in Barnes Group by 316.2% in the 4th quarter. State of Alaska Department of Revenue now owns 131,176 shares of the industrial products company’s stock worth $4,280,000 after purchasing an additional 99,655 shares in the last quarter. Illinois Municipal Retirement Fund purchased a new position in Barnes Group in the 3rd quarter worth approximately $1,040,000. Trust Point Inc. purchased a new position in Barnes Group in the 4th quarter worth approximately $414,000. Finally, State Board of Administration of Florida Retirement System lifted its stake in Barnes Group by 40.1% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 49,149 shares of the industrial products company’s stock worth $1,670,000 after purchasing an additional 14,067 shares in the last quarter. 90.82% of the stock is owned by hedge funds and other institutional investors.

Barnes Group Company Profile

Barnes Group Inc provides engineered products, industrial technologies, and solutions in the United States and internationally. The company operates through two segments: Industrial and Aerospace. The Industrial segment offers precision components, products, and systems used by various customers in end-markets, such as mobility, industrial equipment, automation, personal care, packaging, electronics, and medical devices.