Barnes Group (NYSE:B) Issues FY24 Earnings Guidance

Barnes Group (NYSE:B - Get Free Report) issued an update on its FY24 earnings guidance on Friday morning. The company provided EPS guidance of $1.62-1.82 for the period, compared to the consensus EPS 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.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. StockNews.com raised Barnes Group from a sell rating to a hold rating in a report on Monday, February 19th. DA Davidson upgraded Barnes Group from a neutral rating to a buy rating and increased their price target for the company from $35.00 to $45.00 in a research note on Thursday, April 18th. Oppenheimer increased their price target on Barnes Group from $36.00 to $43.00 and gave the company an outperform rating in a research note on Tuesday, February 20th. Finally, Truist Financial increased their price target on Barnes Group from $23.00 to $34.00 and gave the company a hold rating in a research note on Wednesday, January 10th.

Barnes Group Price Performance

Shares of NYSE B traded down $1.40 during mid-day trading on Friday, reaching $34.51. The company had a trading volume of 343,318 shares, compared to its average volume of 327,380. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.37 and a current ratio of 2.29. Barnes Group has a one year low of $18.79 and a one year high of $43.65. The firm has a market cap of $1.75 billion, a price-to-earnings ratio of 111.32, a PEG ratio of 2.15 and a beta of 1.38. The business's 50-day simple moving average is $36.06 and its 200 day simple moving average is $31.98.

Barnes Group (NYSE:B - Get Free Report) last issued its quarterly earnings results on Friday, February 16th. The industrial products company reported $0.41 EPS for the quarter, topping analysts' consensus estimates of $0.35 by $0.06. The company 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%. Barnes Group's revenue was up 32.5% on a year-over-year basis. During the same quarter last year, the business earned $0.52 earnings per share. On average, research analysts predict that Barnes Group will post 1.69 earnings per share for the current fiscal year.

Barnes Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Thursday, February 22nd were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date of this dividend was Wednesday, February 21st. Barnes Group's payout ratio is 206.45%.

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.