| Over a week ago | ||||
DA Davidson analyst Matt… DA Davidson analyst Matt Summerville lowered the firm's price target on Barnes Group to $32 from $38, saying the current business conditions in some of the company's key end markets require a "meaningful adjustment lower". The analyst also keeps a Neutral rating on the shares, warning that Barnes Group's gross leverage may tick above the current covenant limits and require amendments and waivers to its credit agreements. | ||||
| Over a month ago | ||||
Sees Q2 revenue down 30%… Sees Q2 revenue down 30% y-o-y, consensus $281.71M. The company believes that a recovery will commence in Q3, though the pace of the recovery is not readily determinable. The company continues to suspend its 2020 full year outlook. | ||||
Reports Q1 revenue $331M,… Reports Q1 revenue $331M, consensus $316.73M. "Q1 business performance unfolded ahead of our expectation, as record aerospace aftermarket sales and operating profit drove the results. However, during March, as the COVID-19 pandemic spread globally, we began to experience pressure in several of our end markets," said CEO Patrick Dempsey. "Proactive management actions in the current environment, with the safety and well-being of our employees as the highest priority, successfully kept our manufacturing locations operational to support our customers with the essential products and services we provide," added Dempsey. | ||||
Barnes Group announced… Barnes Group announced that given the unprecedented end market environment and the significant macroeconomic disruption brought on by the global COVID-19 pandemic, the company is withdrawing its full year 2020 sales, earnings, and other outlook provided on February 24, 2020. Barnes Group is in a solid financial position with sufficient liquidity to navigate through today's challenging business. environment. The company has liquidity of approximately $400M consisting of cash of approximately $120M and undrawn revolving credit facility of approximately $280M. The company is in full compliance with all covenants under the revolving credit facility which matures in February 2022. Management continues to monitor developments on a continuing basis and has taken proactive measures to reduce costs and manage working capital. The company will provide an update of its business operations and environment on its first quarter 2020 earnings call scheduled for April 24, 2020. | ||||
| Over a quarter ago | ||||
Notable gainers among… Notable gainers among liquid option names this morning include Deere (DE) $180.09 +14.26, L Brands (LB) $24.30 +0.88, Pinnacle West (PNW) $104.21 +3.12, Barnes Group (B) $67.76 +1.36, and Mosaic (MOS) $18.80 +0.33. | ||||
Sees FY20 organic sales… Sees FY20 organic sales growth 1%-3%, consensus $1.51B. | |
Reports Q4 revenue $370M,… Reports Q4 revenue $370M, consensus $376.23M. | |
Barnes Group announced… Barnes Group announced the appointment of James Pelletier to the position of Senior Vice President, General Counsel and Secretary, Barnes Group Inc. effective April 1. Pelletier will succeed Peter Gutermann, the company's current Senior Vice President, General Counsel and Secretary, who will retire from Barnes Group at the end of March. Pelletier joined Barnes Group in 2015. | |
Notable gainers among… Notable gainers among liquid option names this morning include PG&E (PCG) $12.63 +0.73, Barnes Group (B) $66.70 +3.10, UnitedHealth (UNH) $295.39 +7.39, Nielsen (NLSN) $20.83 +0.41, and Regeneron (REGN) $395.42 +7.77. | |
UBS analyst Myles Walton… UBS analyst Myles Walton upgraded Barnes Group to Buy from Neutral with a price target of $72, up from $60. The company's Industrial issues, which weighed heavily on 2019 performance, is now mostly behind it, Walton tells investors in a research note. The analyst sees Barnes Group's earnings rebounding to 8% growth in 2020 following an estimate of a slight decline in 2019. Further, the company's current valuation "should hold" as its free cash flow yield has become more attractive, Walton tells investors in a research note. |