Barnes Group (NYSE:B) Updates FY 2024 Earnings Guidance

Barnes Group (NYSE:B) updated its FY 2024 earnings guidance on Friday. The company provided earnings per share guidance of 1.620-1.820 for the period, compared to the consensus earnings per share estimate of 1.700. The company issued revenue guidance of $1.6 billion-$1.7 billion, compared to the consensus revenue estimate of $1.6 billion. Barnes Group also updated its FY24 guidance to $1.62-1.82 EPS.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on B. Oppenheimer boosted their price target on Barnes Group from $36.00 to $43.00 and gave the stock an outperform rating in a report on Tuesday, February 20th. DA Davidson upgraded Barnes Group from a neutral rating to a buy rating and boosted their price target for the stock from $35.00 to $45.00 in a report on Thursday, April 18th. StockNews.com upgraded Barnes Group from a sell rating to a hold rating in a report on Monday, February 19th. Finally, Truist Financial boosted their price target on Barnes Group from $23.00 to $34.00 and gave the stock a hold rating in a report on Wednesday, January 10th.

Barnes Group Trading Down 4.0 %

B stock traded down $1.44 during trading on Friday, hitting $34.47. The company had a trading volume of 343,334 shares, compared to its average volume of 255,937. The business has a 50-day moving average of $36.06 and a 200-day moving average of $31.97. Barnes Group has a one year low of $18.79 and a one year high of $43.65. The stock has a market cap of $1.75 billion, a PE ratio of 383.00, a PEG ratio of 2.05 and a beta of 1.38. The company has a current ratio of 2.29, a quick ratio of 1.37 and a debt-to-equity ratio of 0.94.

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

Barnes Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Thursday, February 22nd were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date of this dividend was Wednesday, February 21st. Barnes Group’s payout ratio is 711.11%.

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.