Barnes Group (NYSE:B) Sees Large Volume Increase – Should You Buy?

Barnes Group Inc. (NYSE:B) saw unusually-high trading volume on Wednesday . Approximately 498,868 shares traded hands during mid-day trading, a decline of 38% from the previous session’s volume of 809,840 shares.The stock last traded at $47.47 and had previously closed at $47.39.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on B. Truist Financial raised their price target on Barnes Group from $38.00 to $47.50 and gave the stock a “hold” rating in a research note on Tuesday, October 8th. StockNews.com started coverage on shares of Barnes Group in a research note on Tuesday. They issued a “sell” rating for the company. Finally, DA Davidson restated a “neutral” rating and set a $47.50 price target (down previously from $52.00) on shares of Barnes Group in a research note on Monday, October 7th.

Barnes Group Stock Performance

The stock has a fifty day moving average price of $47.10 and a 200 day moving average price of $43.55. The company has a current ratio of 2.28, a quick ratio of 1.35 and a debt-to-equity ratio of 0.87. The firm has a market cap of $2.42 billion, a price-to-earnings ratio of -61.64 and a beta of 1.32.

Institutional Trading of Barnes Group

Several large investors have recently modified their holdings of B. Renaissance Technologies LLC boosted its stake in Barnes Group by 158.2% during the 2nd quarter. Renaissance Technologies LLC now owns 50,600 shares of the industrial products company’s stock valued at $2,095,000 after purchasing an additional 31,000 shares during the period. Intech Investment Management LLC bought a new position in Barnes Group during the second quarter worth $277,000. Sei Investments Co. raised its stake in Barnes Group by 3.0% during the 2nd quarter. Sei Investments Co. now owns 327,984 shares of the industrial products company’s stock valued at $13,582,000 after purchasing an additional 9,609 shares during the last quarter. Gabelli Funds LLC bought a new stake in Barnes Group in the 2nd quarter valued at $538,000. Finally, Public Sector Pension Investment Board grew its position in Barnes Group by 7.4% in the 2nd quarter. Public Sector Pension Investment Board now owns 111,541 shares of the industrial products company’s stock worth $4,619,000 after purchasing an additional 7,671 shares during the last quarter. 90.82% of the stock is owned by institutional investors.

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.