Barnes Group (NYSE:B – Get Free Report) 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.
Analyst Upgrades and Downgrades
A number of equities analysts recently issued reports on B shares. DA Davidson raised shares of Barnes Group from a neutral rating to a buy rating and increased their price target for the stock from $35.00 to $45.00 in a research note on Thursday, April 18th. Oppenheimer raised their target price on Barnes Group from $36.00 to $43.00 and gave the company an outperform rating in a research note on Tuesday, February 20th. Truist Financial upped their price target on Barnes Group from $23.00 to $34.00 and gave the stock a hold rating in a research note on Wednesday, January 10th. Finally, StockNews.com raised Barnes Group from a sell rating to a hold rating in a research report on Monday, February 19th.
Check Out Our Latest Report on B
Barnes Group Price Performance
Barnes Group (NYSE:B – Get Free Report) last posted its quarterly earnings data on Friday, February 16th. The industrial products company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.06. Barnes Group had a return on equity of 6.20% and a net margin of 1.10%. The company had revenue of $415.50 million during the quarter, compared to analyst estimates of $420.47 million. During the same quarter last year, the company earned $0.52 EPS. The firm’s revenue for the quarter was up 32.5% on a year-over-year basis. Analysts expect that Barnes Group will post 1.69 EPS for the current fiscal year.
Barnes Group Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Thursday, February 22nd were issued a $0.16 dividend. The ex-dividend date was Wednesday, February 21st. This represents a $0.64 annualized dividend and a yield of 1.85%. Barnes Group’s dividend payout ratio (DPR) is presently 206.45%.
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.
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