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 (EPS) guidance of 1.620-1.820 for the period, compared to the consensus 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.

Analysts Set New Price Targets

B has been the subject of several research reports. Truist Financial lifted their target price on Barnes Group from $23.00 to $34.00 and gave the stock a hold rating in a research report on Wednesday, January 10th. StockNews.com raised Barnes Group from a sell rating to a hold rating in a report on Monday, February 19th. Oppenheimer increased their target price on shares of Barnes Group from $36.00 to $43.00 and gave the company an outperform rating in a research report on Tuesday, February 20th. Finally, DA Davidson upgraded shares of 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 research report on Thursday, April 18th.

Barnes Group Trading Down 4.0 %

Shares of NYSE B opened at $34.47 on Monday. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of 383.00, a PEG ratio of 2.05 and a beta of 1.38. The business has a 50 day simple moving average of $36.06 and a 200 day simple moving average of $31.96. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.37 and a current ratio of 2.29. Barnes Group has a 52 week low of $18.79 and a 52 week high of $43.65.

Barnes Group (NYSE:B) last released its quarterly earnings results on Friday, February 16th. The industrial products company reported $0.41 earnings per share (EPS) for the quarter, topping 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 company had revenue of $415.50 million during the quarter, compared to the consensus estimate of $420.47 million. During the same quarter in the prior year, the company posted $0.52 EPS. The firm’s revenue was up 32.5% on a year-over-year basis. On average, research analysts predict that Barnes Group will post 1.69 earnings per share for the current fiscal year.

Barnes Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Thursday, February 22nd were given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 1.86%. The ex-dividend date of this dividend was Wednesday, February 21st. Barnes Group’s dividend payout ratio (DPR) is presently 711.11%.

About Barnes Group

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.