Barnes Group (NYSE:B) Releases 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 Trading Down 3.9 %

Shares of B opened at $34.51 on Friday. The firm’s fifty day moving average is $36.06 and its two-hundred day moving average is $31.98. 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 cap of $1.75 billion, a PE ratio of 111.32, a price-to-earnings-growth ratio of 2.15 and a beta of 1.38. Barnes Group has a 52-week low of $18.79 and a 52-week high of $43.65.

Barnes Group (NYSE:B) last announced its quarterly earnings results on Friday, February 16th. The industrial products company reported $0.41 earnings per share for the quarter, beating the consensus estimate 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 net margin of 1.10% and a return on equity of 6.20%. The company’s revenue was up 32.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.52 EPS. Research 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. Stockholders of record on Thursday, February 22nd were given a dividend of $0.16 per share. The ex-dividend date was Wednesday, February 21st. This represents a $0.64 annualized dividend and a dividend yield of 1.85%. Barnes Group’s payout ratio is 206.45%.

Wall Street Analyst Weigh In

B has been the topic of several recent research reports. StockNews.com raised shares of Barnes Group from a sell rating to a hold rating in a research report on Monday, February 19th. DA Davidson upgraded shares of Barnes Group from a neutral rating to a buy rating and boosted their price objective for the company from $35.00 to $45.00 in a report on Thursday, April 18th. Truist Financial boosted their price objective on shares of Barnes Group from $23.00 to $34.00 and gave the company a hold rating in a report on Wednesday, January 10th. Finally, Oppenheimer boosted their price objective on shares of Barnes Group from $36.00 to $43.00 and gave the company an outperform rating in a report on Tuesday, February 20th.

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.