Barnes Group (NYSE:B) Issues FY 2024 Earnings Guidance

Barnes Group (NYSE:B) updated its FY 2024 earnings guidance on Friday. The company provided earnings per share guidance of 1.550-1.750 for the period, compared to the consensus earnings per share estimate of 1.720. The company issued revenue guidance of $1.6 billion-$1.6 billion, compared to the consensus revenue estimate of $1.7 billion. Barnes Group also updated its FY24 guidance to $1.55-1.75 EPS.

Wall Street Analyst Weigh In

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

Barnes Group Trading Down 2.4 %

Shares of NYSE B traded down $1.01 during mid-day trading on Friday, reaching $41.10. 1,215,012 shares of the company’s stock were exchanged, compared to its average volume of 329,397. The company’s 50-day moving average is $40.30 and its 200-day moving average is $37.10. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.53 and a current ratio of 2.41. The firm has a market capitalization of $2.08 billion, a price-to-earnings ratio of 456.67, a PEG ratio of 2.45 and a beta of 1.41. Barnes Group has a 52-week low of $18.79 and a 52-week high of $45.24.

Barnes Group (NYSE:B) last released 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 during the quarter, compared to analysts’ expectations of $398.80 million. Barnes Group had a net margin of 0.31% and a return on equity of 5.92%. Analysts expect that Barnes Group will post 1.72 EPS for the current fiscal year.

Barnes Group Dividend Announcement

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

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.