Barnes Group (NYSE:B) Releases FY24 Earnings Guidance

Barnes Group (NYSE:B) updated its FY24 earnings guidance on Friday. The company provided earnings per share (EPS) guidance of $1.55-1.75 for the period, compared to the consensus estimate of $1.73. The company issued revenue guidance of +10-12% yr/yr to ~$1.60-1.63 billion, compared to the consensus revenue estimate of $1.65 billion. Barnes Group also updated its FY 2024 guidance to 1.550-1.750 EPS.

Barnes Group Stock Performance

Barnes Group stock traded down $1.01 during trading hours on Friday, reaching $41.10. 1,215,012 shares of the stock were exchanged, compared to its average volume of 329,397. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.53 and a current ratio of 2.41. Barnes Group has a 52-week low of $18.79 and a 52-week high of $45.24. The stock has a market cap of $2.08 billion, a P/E ratio of 456.67, a P/E/G ratio of 2.45 and a beta of 1.41. The firm’s 50 day moving average is $40.30 and its 200 day moving average is $37.15.

Barnes Group (NYSE:B) last posted its quarterly earnings results on Friday, July 26th. The industrial products company reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.02). The company had revenue of $382.23 million for the quarter, compared to analyst estimates of $398.80 million. Barnes Group had a net margin of 0.31% and a return on equity of 5.92%. Analysts predict that Barnes Group will post 1.72 EPS for the current fiscal year.

Barnes Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Thursday, August 22nd will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date is Thursday, August 22nd. Barnes Group’s payout ratio is currently 711.11%.

Analyst Upgrades and Downgrades

Several research analysts have commented on B shares. DA Davidson raised their price objective on Barnes Group from $45.00 to $48.00 and gave the company a buy rating in a research report on Thursday, June 13th. Oppenheimer boosted their price objective on shares of Barnes Group from $43.00 to $48.00 and gave the stock an outperform rating in a report on Friday, June 14th.

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.