Barnes Group Inc. (NYSE:B – Get Free Report) was the target of a large decrease in short interest in the month of October. As of October 15th, there was short interest totalling 687,300 shares, a decrease of 33.3% from the September 30th total of 1,030,000 shares. Based on an average daily volume of 619,000 shares, the days-to-cover ratio is currently 1.1 days. Currently, 1.4% of the shares of the company are sold short.
Wall Street Analyst Weigh In
A number of brokerages have issued reports on B. DA Davidson reaffirmed a “neutral” rating and set a $47.50 price target (down from $52.00) on shares of Barnes Group in a research note on Monday, October 7th. Truist Financial increased their price target on Barnes Group from $38.00 to $47.50 and gave the company a “hold” rating in a research note on Tuesday, October 8th. Finally, StockNews.com started coverage on Barnes Group in a research note on Friday. They set a “sell” rating for the company.
Barnes Group Price Performance
Shares of B traded up $0.20 during trading hours on Friday, hitting $46.90. 995,647 shares of the company were exchanged, compared to its average volume of 413,075. The company has a market capitalization of $2.38 billion, a PE ratio of 521.11, a PEG ratio of 2.87 and a beta of 1.38. The firm has a fifty day simple moving average of $41.15 and a 200-day simple moving average of $39.67. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.24 and a quick ratio of 1.33. Barnes Group has a one year low of $18.79 and a one year high of $47.03.
Barnes Group (NYSE:B – Get Free Report) last issued its earnings results on Friday, October 25th. The industrial products company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.30). The business had revenue of $387.79 million during the quarter, compared to analyst estimates of $372.66 million. Barnes Group had a positive return on equity of 5.21% and a negative net margin of 3.74%. As a group, sell-side analysts predict that Barnes Group will post 1.62 earnings per share for the current year.
Institutional Trading of Barnes Group
Several hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC raised its holdings in shares of Barnes Group by 17.1% during the third quarter. GAMMA Investing LLC now owns 1,630 shares of the industrial products company’s stock worth $66,000 after acquiring an additional 238 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in shares of Barnes Group during the first quarter worth $107,000. SG Americas Securities LLC purchased a new stake in shares of Barnes Group during the third quarter worth $178,000. QRG Capital Management Inc. bought a new position in Barnes Group during the first quarter valued at about $217,000. Finally, Janney Montgomery Scott LLC bought a new position in Barnes Group during the first quarter valued at about $253,000. Institutional investors and hedge funds own 90.82% of the company’s stock.
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.