Barnes Group (NYSE:B) Issues FY24 Earnings Guidance

Barnes Group (NYSE:B) issued an update on its FY24 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of $1.62-1.82 for the period, compared to the consensus estimate of $1.70. The company issued revenue guidance of +13-16% yr/yr to ~$1.64-1.68 billion, compared to the consensus revenue estimate of $1.63 billion. Barnes Group also updated its FY 2024 guidance to 1.620-1.820 EPS.

Barnes Group Stock Performance

Shares of NYSE B opened at $34.47 on Friday. The company has a quick ratio of 1.37, a current ratio of 2.29 and a debt-to-equity ratio of 0.94. The stock has a market capitalization of $1.75 billion, a price-to-earnings ratio of 111.20, a PEG ratio of 2.13 and a beta of 1.38. The stock’s fifty day simple moving average is $36.06 and its 200 day simple moving average is $31.97. Barnes Group has a 52-week low of $18.79 and a 52-week high of $43.65.

Barnes Group (NYSE:B) last issued its 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 business 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 quarterly revenue was up 32.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.52 EPS. As a group, sell-side analysts forecast that Barnes Group will post 1.69 earnings per share for the current fiscal year.

Barnes Group Dividend Announcement

The company 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. The ex-dividend date of this dividend was Wednesday, February 21st. This represents a $0.64 annualized dividend and a dividend yield of 1.86%. Barnes Group’s dividend payout ratio (DPR) is presently 206.46%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on B. Truist Financial boosted their target price on shares of Barnes Group from $23.00 to $34.00 and gave the company a hold rating in a research note on Wednesday, January 10th. Oppenheimer increased their price objective on Barnes Group from $36.00 to $43.00 and gave the stock an outperform rating in a research note on Tuesday, February 20th. DA Davidson raised Barnes Group from a neutral rating to a buy rating and increased their price objective for the stock from $35.00 to $45.00 in a research note on Thursday, April 18th. Finally, StockNews.com raised Barnes Group from a sell rating to a hold rating in a research note on Monday, February 19th.

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.