Barnes Group Inc. (NYSE:B) Sees Significant Drop in Short Interest

Barnes Group Inc. (NYSE:B - Get Free Report) was the recipient of a significant drop in short interest during the month of October. As of October 15th, there was short interest totalling 687,300 shares, a drop of 33.3% from the September 30th total of 1,030,000 shares. Currently, 1.4% of the company's shares are sold short. Based on an average trading volume of 619,000 shares, the days-to-cover ratio is presently 1.1 days.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC boosted its holdings in Barnes Group by 17.1% in the third quarter. GAMMA Investing LLC now owns 1,630 shares of the industrial products company's stock valued at $66,000 after purchasing an additional 238 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Barnes Group during the first quarter worth approximately $107,000. SG Americas Securities LLC bought a new stake in shares of Barnes Group in the third quarter worth $178,000. QRG Capital Management Inc. acquired a new stake in Barnes Group in the first quarter valued at $217,000. Finally, Janney Montgomery Scott LLC bought a new position in Barnes Group during the 1st quarter valued at $253,000. 90.82% of the stock is owned by institutional investors and hedge funds.

Barnes Group Stock Up 0.4 %

NYSE B traded up $0.20 during trading hours on Friday, hitting $46.90. The company had a trading volume of 995,647 shares, compared to its average volume of 413,075. The firm's 50 day moving average is $41.15 and its 200 day moving average is $39.70. The company has a market capitalization of $2.38 billion, a price-to-earnings ratio of 521.11, a P/E/G ratio of 2.87 and a beta of 1.38. Barnes Group has a fifty-two week low of $18.79 and a fifty-two week high of $47.03. 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 (NYSE:B - Get Free Report) last posted its earnings results on Friday, October 25th. The industrial products company reported $0.09 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.39 by ($0.30). The company had revenue of $387.79 million during the quarter, compared to analyst estimates of $372.66 million. Barnes Group had a negative net margin of 3.74% and a positive return on equity of 5.21%. Sell-side analysts anticipate that Barnes Group will post 1.62 earnings per share for the current fiscal year.

Analysts Set New Price Targets

B has been the topic of a number of recent analyst reports. Truist Financial increased 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. DA Davidson reissued a "neutral" rating and issued a $47.50 price target (down from $52.00) on shares of Barnes Group in a research note on Monday, October 7th. Finally, StockNews.com began coverage on shares of Barnes Group in a research note on Friday. They set a "sell" rating for the company.

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.