Oppenheimer analyst Christopher Glynn maintained a Buy rating on Barnes Group Inc (B) today and set a price target of $78. The company’s shares closed yesterday at $54.65, close to its 52-week low of $52.42.
Glynn wrote:
“We discussed portfolio strategy and market positions, including the recent Gimatic acquisition. We remain impressed that B retains the management discipline and market segmentation/diligence and financial resources to establish a longer running track record as an elite cash compounder. With Gimatic, total amortization should approximate $50M, and we believe FCF/NI could perform at 115-120% in 2019 and 110-115% longer term. At 15x our ’19E EPS (and ’13x ’19E FCF/share), we think the portfolio and strategy runway undervalued. Near term, we believe the bridge to 4Q expectations looks solid, as Aero revenue usually crests and Industrial revenue should increase sequentially on Molding Solutions backlog/timing (plus 3Q EPS included $0.03 unadjusted deal costs and above normal “other expense”).”
According to TipRanks.com, Glynn is a 5-star analyst with an average return of 6.1% and a 54.8% success rate. Glynn covers the Industrial Goods sector, focusing on stocks such as Emerson Electric Company, Honeywell International, and Roper Technologies.
Currently, the analyst consensus on Barnes Group Inc is a Moderate Buy with an average price target of $69.20.
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Based on Barnes Group Inc’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $39.11 million. In comparison, last year the company had a net profit of $35.33 million.
Based on the recent corporate insider activity of 63 insiders, corporate insider sentiment is negative on the stock.
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Barnes Group, Inc. engages in the manufacture and services of engineered products. It operates through the Industrial and Aerospace segments. The Industrial segment includes molding solutions, nitrogen gas products, and engineered components business units.
