Barnes Group (NYSE:B) Hits New 52-Week High – Still a Buy?

Barnes Group Inc. (NYSE:B)’s share price hit a new 52-week high on Wednesday . The company traded as high as $47.28 and last traded at $47.12, with a volume of 2270 shares changing hands. The stock had previously closed at $46.70.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Truist Financial lifted their target price on Barnes Group from $38.00 to $47.50 and gave the stock a “hold” rating in a report on Tuesday, October 8th. DA Davidson reiterated a “neutral” rating and set a $47.50 target price (down from $52.00) on shares of Barnes Group in a research report on Monday, October 7th. Finally, StockNews.com started coverage on shares of Barnes Group in a research report on Saturday. They issued a “sell” rating on the stock.

Barnes Group Price Performance

The company has a market capitalization of $2.38 billion, a PE ratio of -60.65, a price-to-earnings-growth ratio of 3.21 and a beta of 1.35. The company has a quick ratio of 1.35, a current ratio of 2.28 and a debt-to-equity ratio of 0.87. The firm’s 50 day simple moving average is $42.28 and its 200 day simple moving average is $40.28.

Institutional Investors Weigh In On Barnes Group

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Barnes Group by 3.8% in the 1st quarter. Vanguard Group Inc. now owns 5,689,535 shares of the industrial products company’s stock worth $211,366,000 after acquiring an additional 206,351 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Barnes Group by 1.7% during the second quarter. Dimensional Fund Advisors LP now owns 3,587,611 shares of the industrial products company’s stock valued at $148,565,000 after buying an additional 60,152 shares during the last quarter. Mason Capital Management LLC lifted its position in shares of Barnes Group by 32.9% during the second quarter. Mason Capital Management LLC now owns 1,050,079 shares of the industrial products company’s stock valued at $43,484,000 after buying an additional 259,957 shares during the last quarter. Westwood Holdings Group Inc. bought a new stake in shares of Barnes Group in the 2nd quarter valued at about $32,576,000. Finally, Kennedy Capital Management LLC raised its stake in shares of Barnes Group by 10.7% during the 1st quarter. Kennedy Capital Management LLC now owns 753,625 shares of the industrial products company’s stock worth $27,997,000 after acquiring an additional 72,546 shares in the last quarter. 90.82% of the stock is owned by institutional investors.

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.