Oppenheimer Sticks to Their Buy Rating for Barnes Group Inc (B)


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 $59.37.

Glynn said:

“Barnes hosted a conference call detailing the Gimatic business, recently closed; largest (purchase price) deal in the company’s history. We estimate B paid ~16x ’19E EBITDA, but note steady long-term cadence expected for organic growth; 2019 ~mid-teens growth plus potential boost from coordination with the Molding Solutions customer sets—good overlap, since Gimatic turns engineered EOAT (end-of-arm tooling) robotics solutions fairly quickly. Besides a seemingly tangible line of sight on enhancing Gimatic’s growth profile (both customer overlap and B’s broader global reach and presence), management emphasized (similar to Molding Solutions/six deals to date; 1/3 B sales) solid runway potential and expectations for further bolt-on consolidation in robotics enabling/performance critical technologies around EOAT.”

According to TipRanks.com, Glynn is a 5-star analyst with an average return of 8.1% and a 61.5% 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 $69.75.

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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.

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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.

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