Wooster Corthell Wealth Management Inc. cut its position in Barnes Group, Inc. (NYSE:B) by 10.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 73,942 shares of the industrial products company’s stock after selling 8,242 shares during the period. Barnes Group comprises 2.9% of Wooster Corthell Wealth Management Inc.’s portfolio, making the stock its 10th largest holding. Wooster Corthell Wealth Management Inc. owned approximately 0.14% of Barnes Group worth $5,208,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in B. BlackRock Inc. grew its stake in Barnes Group by 40,783.4% during the first quarter. BlackRock Inc. now owns 6,069,547 shares of the industrial products company’s stock valued at $311,610,000 after acquiring an additional 6,054,701 shares in the last quarter. Wasatch Advisors Inc. purchased a new position in Barnes Group during the second quarter valued at $35,388,000. Koch Industries Inc. purchased a new position in Barnes Group during the second quarter valued at $350,000. Vanguard Group Inc. grew its stake in Barnes Group by 5.5% during the first quarter. Vanguard Group Inc. now owns 4,532,470 shares of the industrial products company’s stock valued at $232,698,000 after acquiring an additional 235,065 shares in the last quarter. Finally, Northern Trust Corp grew its stake in Barnes Group by 6.3% during the second quarter. Northern Trust Corp now owns 1,664,281 shares of the industrial products company’s stock valued at $97,410,000 after acquiring an additional 98,189 shares in the last quarter. 87.57% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts recently weighed in on the stock. ValuEngine cut shares of Barnes Group from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. BidaskClub cut shares of Barnes Group from a “strong-buy” rating to a “buy” rating in a research note on Thursday, July 27th. Robert W. Baird reaffirmed a “hold” rating and set a $65.00 target price on shares of Barnes Group in a research note on Sunday. SunTrust Banks, Inc. reaffirmed a “hold” rating and set a $60.00 target price on shares of Barnes Group in a research note on Thursday, October 12th. Finally, Deutsche Bank AG raised their target price on shares of Barnes Group from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, September 8th. Four analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $65.60.
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Barnes Group, Inc. (NYSE:B) traded down 1.38% during trading on Wednesday, reaching $64.19. 23,328 shares of the company traded hands. The company has a market capitalization of $3.46 billion, a P/E ratio of 22.44 and a beta of 1.45. The firm has a 50-day moving average price of $69.53 and a 200-day moving average price of $61.10. Barnes Group, Inc. has a 52 week low of $37.95 and a 52 week high of $72.87.
Barnes Group (NYSE:B) last issued its quarterly earnings results on Friday, October 27th. The industrial products company reported $0.66 EPS for the quarter, missing the consensus estimate of $0.69 by ($0.03). The company had revenue of $357.16 million during the quarter, compared to analysts’ expectations of $351.01 million. Barnes Group had a return on equity of 12.44% and a net margin of 11.20%. Barnes Group’s revenue was up 14.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.71 EPS. Analysts forecast that Barnes Group, Inc. will post $2.87 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Wednesday, November 22nd will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date of this dividend is Tuesday, November 21st. Barnes Group’s payout ratio is 19.72%.
In other news, Director Thomas O. Barnes sold 755 shares of the company’s stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $61.22, for a total transaction of $46,221.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.50% of the stock is owned by corporate insiders.
Barnes Group Company Profile
Barnes Group Inc is an industrial and aerospace manufacturer and service provider, serving a range of end markets and customers. The Company’s engineered products, industrial technologies, and solutions are used in applications that provide transportation, manufacturing, healthcare products and technology to the world.
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