Meeder Asset Management Inc. reduced its position in shares of Barnes Group, Inc. (NYSE:B) by 17.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,581 shares of the industrial products company’s stock after selling 551 shares during the period. Meeder Asset Management Inc.’s holdings in Barnes Group were worth $152,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Fruth Investment Management purchased a new position in Barnes Group during the first quarter valued at approximately $205,000. Teacher Retirement System of Texas purchased a new position in Barnes Group during the first quarter valued at approximately $209,000. Verity Asset Management Inc. purchased a new position in Barnes Group during the first quarter valued at approximately $215,000. Dubuque Bank & Trust Co. purchased a new position in Barnes Group during the first quarter valued at approximately $216,000. Finally, Kempner Capital Management Inc. purchased a new position in Barnes Group during the second quarter valued at approximately $222,000. 83.53% of the stock is owned by hedge funds and other institutional investors.
Shares of Barnes Group, Inc. (B) traded up 0.69% during mid-day trading on Friday, hitting $59.97. 311,500 shares of the stock were exchanged. The stock has a market cap of $3.23 billion, a price-to-earnings ratio of 20.97 and a beta of 1.43. Barnes Group, Inc. has a 12 month low of $37.88 and a 12 month high of $62.37. The company has a 50-day moving average price of $59.90 and a 200-day moving average price of $54.66.
Barnes Group (NYSE:B) last released its quarterly earnings results on Friday, July 28th. The industrial products company reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.12. The business had revenue of $364.49 million during the quarter, compared to analysts’ expectations of $337.69 million. Barnes Group had a return on equity of 13.02% and a net margin of 11.69%. The company’s revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.63 EPS. Equities analysts expect that Barnes Group, Inc. will post $2.89 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Thursday, August 24th 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 0.93%. The ex-dividend date is Tuesday, August 22nd. Barnes Group’s dividend payout ratio is presently 19.58%.
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Several research analysts have commented on B shares. Sidoti lowered shares of Barnes Group from a “buy” rating to a “neutral” rating in a research note on Monday, April 24th. Zacks Investment Research raised shares of Barnes Group from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a research note on Monday, May 22nd. ValuEngine raised shares of Barnes Group from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Jefferies Group LLC reaffirmed a “buy” rating and set a $63.00 price objective on shares of Barnes Group in a research note on Tuesday, May 2nd. Finally, Oppenheimer Holdings, Inc. lifted their price objective on shares of Barnes Group from $58.00 to $67.00 and gave the stock an “outperform” rating in a research note on Monday, July 31st. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $58.20.
In other news, VP Marian Acker sold 6,000 shares of the stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $60.38, for a total transaction of $362,280.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas O. Barnes sold 2,000 shares of the firm’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $59.93, for a total value of $119,860.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,000 shares of company stock valued at $650,200. Company insiders own 8.50% of the company’s stock.
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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