03-18-2017: Barnes Group, Inc. (B): Stable Aerospace Company

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Recommendation

Barnes Group, Inc.

Barnes Group, Inc. (B) is an old-line Connecticut-based largely aerospace company. A quick look at its stock chart shows that it got a boost with President Trump's election in anticipation of a greatly-increased defense budget.

This company got a somewhat marginal buy rating in our Decision Matrix for a number of reasons. The suggestion is, and verified by analyst "Tipranks" projections, that the stock may be on a stable but fast-track to nowhere. We liked the company's website. Barnes has been engaged in acquisitions since the late 1990's and building up its customer and product diversification base. The company's "management discusion" of what is going on struck us as sort of "rambly" and seeking to explain a number of issues such as pension liabilities, and perhaps a little too much goodwill and other intangibles on its balance sheet.

Its chart pattern would suggest B is a buy-and-hold stock, with low risk. But whether it is institutional buying and selling, or a divergence of opinions between say, Standard & Poor's versus Market Grader, we keep seeing a sort of "neutral" stance from everyone. It's not a bad stock or company, but it's not exactly going to the moon, either. That would suggest making a covered call option trade with high success probability, betting that the stock will remain within a certain current price range for extended periods of time.

The stock does pay a 1% dividend. It has been managed by family members of the founder almost since its inception in a previous century. War needs catapulted this company and stock into a large cap position. The "wild card" might be President Trump getting us into a war with North Korea, Syria, or God only knows where else having now eliminated so many experienced State Department career employees and replaced them with his own inexperienced lackeys. It would be most likely a war the U.S. could easily win, but it would be expensive and benefit companies like Barnes, possibly catapulting their stock higher.

Shareholder concern is also exhibited by executive compensation, and the company is making an effort to set up standards regarding its internal management.

Our net assessment is that this is a great company with a stable stock and a few accounting issues. The company actually gets more business from its "industrial" segment than its "aerospace" one, which gives it more stability in a fluctuating defense-related market. We think parts made in the "industrial" segment are likely the sort to be used in aerospace companies. The company is known more from its origins as identified with "aerospace." When it makes acquisitions they take on the Barnes trademark and integrate into a sort of "management overview" in how they present their products, but at the same time are largely able to retain their original identities, trade marks, and hopefully to some degree management. 



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Zenith Index

Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.

Barnes Group Inc. (B)                                     Exchange: NYSE
123 Main Street
Bristol, CT 06010                Sector: Industrial Goods
United States                    Industry:Industrial Equipment & Component

Barnes Group Inc. operates as an industrial and aerospace manufacturer
and service provider, serving a range of end markets and customers. The
company operates in two segments, Industrial and Aerospace. The
Industrial segment offers precision parts, products, and systems for
applications serving various customers in end-markets, such as
transportation, industrial equipment, consumer products, packaging,
electronics, medical devices, and energy. This segment also manufactures
and supplies precision mechanical products, including mechanical
springs, high-precision punched and fine-blanked components, and
retention rings; fine hairsprings for electronics and instruments and
heavy-duty springs for machinery; nitrogen gas springs and manifold
systems used to control stamping presses; and hot runner systems, mold
cavity sensors and process control systems, and precision high
cavitation mold and cube mold assemblies. The Aerospace segment produces
fabricated and precision-machined components and assemblies for original
equipment manufacturer turbine engine, airframe, and industrial gas
turbine builders, as well as for the military. It also offers
maintenance, repair, and overhaul services for jet engine components to
turbine engine manufacturers, commercial airlines, and the military. In
addition, this segment manufactures aerospace aftermarket spare parts.
The company sells its products primarily through its direct sales force
and distribution channels worldwide. Barnes Group Inc. was founded in
1857 and is headquartered in Bristol, Connecticut.

Last Trade:  50.82                           52-Week Range:  51.97 -  31.13
Employees: 5,036                             Avg.Volume:     171,248 Shares

Corporate Governance:
Pillar scores are Audit: 2; Board: 4; Shareholder Rights: 2; Compensation: 1.
         (A lower number means less governance risk.)

EPS:  2.48    Dividend Amount: $ 0.52          Yield:  1.02%
             Ex-Dividend Date: Feb 22, 2017    Payout Ratio:  20.56

Key Statistics:

    Trailing P/E:  20.36              Forward P/E (est.):  17.78
                                           Target Price:  52.63

Qrtly Stock Price Growth (yoy):  43.60%               Beta:   1.39
Qrtly S&P Index   Growth (yoy):  12.90%        Short Ratio:   3.32%
    Qrtly Revenue Growth (yoy):  16.70%         Shares Out:  53720000
   Qrtly Earnings Growth (yoy):   0.00%

          Book Value:  21.72                    Debt/Equity:  42.88%
    Price/Book Value:   2.33        Operating Profit Margin:  15.79%
         Price/Sales:   2.20                  Profit Margin:  11.02%
         Market Cap:   2,710,000,000       Return on Equity:  11.81%
    Enterprise Value:   3,170,000,000      Return on Assets:   5.79%

    Operating Cash Flow:    217,650,000
         Free Cash Flow:    180,280,000



Annual Income Statement:                          (All numbers in thousands)
  Period Ending                             12/31/2016  12/31/2015  12/31/2014

  Total Revenue                              1,230,754   1,193,975   1,262,006
  Cost of Revenue                              790,299     782,817     829,648
  Gross Profit                                 440,455     411,158     432,358

Operating Expenses:
  Research & Development                             0           0           0
  Selling, General & Administrative            248,277     242,762     252,384
  Non-Recurring Expenses                             0           0           0
  Other Operating Expenses                           0           0           0
  Total Operating Expenses                           0           0           0

Operating Income or Loss                       192,178     168,396     179,974

Income from Continuing Operations:
  Total Other Income/Expenses Net                2,326         248      -2,082
  Earnings Before Interest & Taxes             194,504     168,644     177,892
  Interest Expense                              11,883      10,698      11,392
  Income Before Taxes                          182,621     157,946     166,500
  Income Tax Expense                            47,020      36,566      45,959
  Minority Interest                                  0           0           0

Net Income from Continuing Op.s                135,601     121,380     120,541

Non-recurring Events:
  Discontinued Operations                            0           0      -2,171
  Extraordinary Items                                0           0           0
  Effect of Accounting Changes                       0           0           0
  Other Items                                        0           0           0
  Net Income                                   135,601     121,380     118,370
  Preferred Stock & Other Adjustments                0           0           0

Net Income Avail to Common Shares              135,601     121,380     118,370




Annual Cash Flow Statement:                   (All numbers in thousands)
  Period Ending                         12/31/2016    12/31/2015    12/31/2014

  Net Income                               135,601       121,380       120,541

Operating Activities:
  Depreciation                              80,154        78,242        82,126
  Adjustments to Net Income                 11,144        17,986         9,332
  Changes in Accounts Recv'bls             -23,057        14,027       -21,367
  Changes in Liabilities                    12,111       -16,021        29,829
  Changes in Investories                     1,989        -1,190       -10,092
  Changes in other Oper'g Acts                -296         3,051       -12,045

Total Cash Flow f Operations               217,646       217,475       196,153

Investing Activities:
  Capital Exenditures                      -47,577       -45,982       -57,365
  Investments                                    0             0             0
  Other Cash Flows fr Investing           -131,933       -69,512       -66,884

Total Cash Flows from Investing           -179,510      -115,494      -124,249

Financing Activities:
  Dividends Paid                           -27,435       -26,176       -24,464
  Sale of Purchase of Stock                -15,909       -40,678         3,071
  Net Borrowings                           -18,229       -11,934       -73,709
  Other Cash Flows fr Financing               -114         4,937       -66,884

Total Cash Flows from Financing            -53,312       -59,171       -92,798

  Effect of Exchange Rate Chg               -2,303        -4,923        -3,923

Change in Cash & Cash Equiv.               -17,479        37,887       -24,817




Annual Balance Sheets:                              (All Numbers in Thousands)
  Period Ending                          12/31/2016    12/31/2015    12/31/2014
Current Assets:
  Cash & Cash Equivalents                    66,447        83,926        46,039
  Short Term Investments                          0             0             0
  Net Receivables                           287,123       286,582       307,739
  Inventory                                 227,759       208,611       212,044
  Other Current Assets                       27,163        32,469        22,574
  Total Current Assets                      608,492       611,588       588,396

  Long-Term Investments                           0             0             0
  Property, Plant & Equipt                  334,489       308,856       299,435
  Goodwill                                  633,436       587,992       594,949
  Intangible Assets                         522,258       528,322       554,694
  Accumulated Amortization                        0             0             0
  Other Assets                               13,431        23,969        26,350
  Deferred LT Asset Charges                  25,433         1,139        10,061

Total Assets                              2,137,539     2,061,866     2,073,885

Current Liabilities:
  Accounts Payable                          268,991       228,355       256,200
  Current Portion LT Debt                    32,892        24,195         8,890
  Other Current Liabilities                       0             0             0
  Total Current Liabilities                 301,883       252,550        265,090

  Long Term Debt                            268,991       228,355       256,200
  Other Liabilities                          32,892        24,195         8,890
  Deferred LT Liab. Charges                       0             0             0
  Minority Interest                               0             0             0
  Negative Goodwill                               0             0             0

Total Liabilities                           965,099       871,749       962,092

Stockholder Equity:
  Misc. Options, Warrants                         0             0             0
  Redeemable Preferred Stock                      0             0             0
  Preferred Stock                                 0             0             0
  Common Stock                                  627           621           612
  Retained Earnings                       1,177,151     1,069,247       974,514
  Treasury Stock                           -251,827      -226,421      -169,405
  Capital Surplus                           443,235       427,558       405,525
  Other Stockhohlder Equity                -200,828      -143,252       -99,453
  Total Stockholder Equity                1,168,358     1,127,753     1,111,793

Net Tangible Assets                          12,664        11,439       -37,850



Barnes Group Inc. (B)                       [Indices near +3.0, near zero,
                                            or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28?            1.3752          P/E Ratio > 5?             1.0000
P/E Ratio Vs Growth Rate:  0.0000          Forward P/E Ratio < 28?    1.5748
Price/Sales Ratio < 2.3?   1.0455          Inventory/Sales < 5%?      0.2702
Sales < $1 Billion?        0.8125          Operating Margin < 7.5%?   0.4750

Balance Sheet Tests:
Debt/Equity < 0.40?        0.9328          Long-Term Debt Service:    2.5049
LTD Being Reduced?         3.0000          Short-Term Debt Service:   3.0000
Current Ratio > 2?         1.0078          Working Capital >= 1.5?    0.7541
Leverage Ratio < 20%?      0.2600          Debt/Assets < 1?           3.0000
Quick Ratio > 1?           3.0000          Inventory Turnover > 1?    0.9174
Share Equity Increase:     2.0504          Market Cap.< 1.5 Billion?  0.5535
                                           Intangibles < 3% Assets?   0.0555
Income Tests:
Profit Margin < 7.5%?      1.4693          EPS Annual Growth > 10%?   0.0895
Dividend Yield > 2.0%?     1.9608          EPS 3-yr Growth > 15?      0.1309
Enterprise Value/Revenue   2.2022          EPS Growth Consistent?     2.0000
Enterprise Value/EBITDA:   3.0000          Collection < 45 days?      0.5285
EPS Qrtly Growth > 10%?    0.0000          Gross Pft/Cur. LTD > 1?    3.0000
                                           Borrowing Int. Rate < 6%?  2.3634
Stock Performance Tests:
Volatility > 25%?          1.6040          % Held by Insiders < 5%?   0.6188
Beta > 1.25?               1.1120          % Held by Institut. < 50?  0.5417
50 Da MA > 200 Da MA?      0.2645          % Held by Institut. > 30?  3.0000
52-Wk Change vs. S&P 500:  2.6108          Short Ratio > 5?           0.6640
Price/Book Value < 3?      1.2822          Short % of Float > 20?     0.0630
Return on Assets > 17%?    0.3406          Average Volume > 100,000?  1.7125

Cash Flow Tests:
Oper. C.F. > Lever'd C.F:  1.2073          Positive Free Cash Flow?   3.0000
Positive Oper. Cash Flow?  3.0000          Price to C.F.Ratio < 14?:  2.3271
                                           Cash Flow / Assets > 10%?  2.1074

B      Barnes Group Inc.                   Overall Zenith Index:      1.4245


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Financial Statements

BARNES GROUP INC  (B)                       INCOME STATEMENT

Fiscal year ends in December.                        2012-12         2013-12         2014-12         2015-12         2016-12             TTM           

Revenue                                        1,229,959,040   1,091,565,952   1,262,006,016   1,193,975,040   1,230,754,048   1,230,754,048
Cost of revenue                                  812,192,000     738,169,984     829,648,000     782,817,024     790,299,008     790,299,008
Gross profit                                     417,767,008     353,396,000     432,358,016     411,158,016     440,455,008     440,455,008


Operating expenses
Sales, General and administrative                281,211,008     230,195,008     252,384,000     242,762,000     248,276,992     248,276,992
Total operating expenses                         281,211,008     230,195,008     252,384,000     242,762,000     248,276,992     248,276,992

Operating income                                 136,556,000     123,201,000     179,974,000     168,396,000     192,178,000     192,178,000
Interest Expense                                  12,238,000      13,090,000      11,392,000      10,698,000      11,883,000      11,883,000
Other income (expense)                            -2,671,000      -2,537,000      -2,082,000         248,000       2,326,000       2,326,000
Income before taxes                              121,647,000     107,574,000     166,500,000     157,946,000     182,620,992     182,620,992
Provision for income taxes                        23,350,000      35,253,000      45,959,000      36,566,000      47,020,000      47,020,000
Net income from continuing operations             98,297,000      72,321,000     120,541,000     121,380,000     135,600,992     135,600,992
Net income from discontinuing ops                 -3,048,000     198,206,000      -2,171,000               0               0               0
Net income                                        95,249,000     270,527,008     118,370,000     121,380,000     135,600,992     135,600,992
Net income available to common shareholders       95,249,000     270,527,008     118,370,000     121,380,000     135,600,992     135,600,992

Earnings per share
Basic                                                   1.74            5.02            2.16            2.21            2.50            2.50 
Diluted                                                 1.72            4.92            2.12            2.19            2.48            2.48 

Weighted average shares outstanding
Basic                                             54,626,452      53,860,308      54,791,032      55,028,064      54,191,012      54,191,012
Diluted                                           55,224,456      54,973,344      55,723,268      55,513,220      54,631,312      54,631,312

____________________________________________________________________________________________________________________________________________


BARNES GROUP INC  (B)                       BALANCE SHEET

Fiscal year ends in December.                        2012-12         2013-12         2014-12         2015-12         2016-12             

Assets

Current assets

Cash

Total cash                                        86,356,000      70,856,000      46,039,000      83,926,000      66,447,000

Receivables                                      253,202,000     258,664,000     275,889,984     261,756,992     287,123,008
Inventories                                      226,220,000     211,246,000     212,044,000     208,611,008     227,759,008
Deferred income taxes                             33,906,000      18,226,000      31,849,000      24,825,000               0
Prepaid expenses                                  18,856,000      18,204,000      22,574,000      32,469,000      27,163,000
Total current assets                             618,540,032     577,196,032     588,396,032     611,587,968     608,492,032

Non-current assets

Property, plant and equipment
Gross property, plant and equipment              634,464,000     686,537,024     672,225,024     714,806,976     762,187,008
Accumulated Depreciation                        -401,367,008    -383,979,008    -372,790,016    -405,951,008    -427,697,984
Net property, plant and equipment                233,096,992     302,558,016     299,435,008     308,856,000     334,488,992

Goodwill                                         579,905,024     649,697,024     594,948,992     587,992,000     633,436,032
Intangible assets                                383,972,000     534,292,992     554,694,016     528,321,984     522,257,984
Deferred income taxes                             29,961,000       2,314,000      10,061,000       1,139,000      25,433,000
Other long-term assets                            23,121,000      57,615,000      26,350,000      23,969,000      13,431,000
Total non-current assets                       1,250,055,936   1,546,477,056   1,485,489,024   1,450,278,016   1,529,047,040

Total assets                                   1,868,595,968   2,123,672,960   2,073,885,056   2,061,865,984   2,137,538,944 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Short-term debt                                    4,494,000      57,083,000       8,890,000      24,195,000      32,892,000
Accounts payable                                  99,037,000      88,721,000      94,803,000      97,035,000     112,024,000
Taxes payable                                              0               0      21,755,000      25,682,000      26,477,000
Accrued liabilities                               96,364,000     154,514,000     114,298,000      89,185,000      95,678,000
Deferred revenues                                          0               0      25,344,000      16,453,000      34,812,000
Total current liabilities                        199,895,008     300,318,016     265,090,000     252,550,000     301,883,008

Non-current liabilities
Long-term debt                                   642,118,976     490,340,992     495,844,000     485,711,008     468,062,016
Deferred taxes liabilities                        48,707,000      94,506,000      70,147,000      62,364,000      66,446,000
Pensions and other benefits                      159,103,008      80,884,000     115,057,000     112,888,000     109,350,000
Other long-term liabilities                       18,654,000      16,210,000      15,954,000      20,600,000      23,440,000
Total non-current liabilities                    868,582,976     681,940,992     697,001,984     681,563,008     667,297,984

Total liabilities                              1,068,478,016     982,259,008     962,092,032     934,113,024     969,180,992 

Stockholders' equity

Common stock                                         592,000         603,000         612,000         621,000         627,000
Additional paid-in capital                       332,588,000     390,347,008     405,524,992     427,558,016     443,235,008
Retained earnings                                633,446,016     881,169,024     974,513,984   1,069,246,976   1,177,150,976
Treasury stock                                   -99,756,000    -156,648,992    -169,404,992    -226,420,992    -251,827,008
Accumulated other comprehensive income           -66,752,000      25,944,000     -99,453,000    -143,252,000    -200,828,000
Total stockholders' equity                       800,118,016   1,141,414,016   1,111,793,024   1,127,752,960   1,168,358,016
Total liabilities and stockholders' equity     1,868,595,968   2,123,672,960   2,073,885,056   2,061,865,984   2,137,538,944

____________________________________________________________________________________________________________________________________________


BARNES GROUP INC  (B)                       Statement of CASH FLOW

Fiscal year ends in December. USD.                   2012-12         2013-12         2014-12         2015-12         2016-12             TTM           

Cash Flows From Operating Activities
Net income                                        95,249,000     270,527,008     118,370,000     121,380,000     135,600,992     135,600,992
Depreciation & amortization                       57,360,000      65,052,000      81,395,000      78,242,000      80,154,000      80,154,000
Amortization of debt discount/premium and is       2,211,000       2,391,000         731,000               0               0               0
Stock based compensation                           8,819,000      18,128,000       7,603,000       9,258,000      11,493,000      11,493,000
Accounts receivable                               -4,160,000     -23,764,000     -21,367,000      14,027,000     -23,057,000     -23,057,000
Inventory                                          5,404,000       2,079,000     -10,092,000      -1,190,000       1,989,000       1,989,000
Prepaid expenses                                  -4,341,000      -2,172,000      -7,137,000      -2,645,000         569,000         569,000
Accounts payable                                  -5,493,000       2,384,000       8,123,000      -2,936,000      11,778,000      11,778,000
Accrued liabilities                               -9,659,000     -10,533,000      24,402,000     -16,833,000      15,825,000      15,825,000
Income taxes payable                               9,446,000               0               0               0               0               0
Other working capital                            -17,930,000       2,683,000     -12,492,000       6,777,000     -16,357,000     -16,357,000
Other non-cash items                                -529,000    -316,684,992      -2,638,000       3,815,000        -349,000        -349,000
Net cash provided by operating activities        136,376,992      10,090,000     186,898,000     209,895,008     217,646,000     217,646,000

Cash Flows From Investing Activities
Investments in property, plant, and equipmen     -37,787,000     -57,304,000     -57,365,000     -45,982,000     -47,577,000     -47,577,000
Property, plant, and equipment reductions            854,000       1,767,000         849,000       3,442,000         780,000         780,000
Acquisitions, net                               -296,998,016     231,678,000      -1,181,000     -51,954,000    -128,613,000    -128,613,000
Other investing activities                         1,124,000     -18,697,000     -66,552,000     -21,000,000      -4,100,000      -4,100,000
Net cash used for investing activities          -332,807,008     157,444,000    -124,249,000    -115,494,000    -179,510,000    -179,510,000

Cash Flows From Financing Activities
Debt issued                                      376,000,000     450,252,992     293,291,008     159,264,000     303,276,992     303,276,992
Debt repayment                                  -114,411,000    -555,195,008    -332,336,000    -171,198,000    -321,505,984    -321,505,984
Common stock issued                                7,061,000      13,491,000      11,460,000      11,425,000       4,611,000       4,611,000
Common stock repurchased                         -19,037,000     -68,608,000      -8,389,000     -52,103,000     -20,520,000     -20,520,000
Dividend paid                                    -21,662,000     -22,422,000     -24,464,000     -26,176,000     -27,435,000     -27,435,000
Other financing activities                        -8,675,000        -326,000     -23,105,000      27,197,000       8,261,000       8,261,000
Net cash provided by (used for) financing        219,276,000    -182,807,008     -83,543,000     -51,591,000     -53,312,000     -53,312,000

Effect of exchange rate changes                    1,005,000        -227,000      -3,923,000      -4,923,000      -2,303,000      -2,303,000
Net change in cash                                23,851,000     -15,500,000     -24,817,000      37,887,000     -17,479,000     -17,479,000
Cash at beginning of period                       62,505,000      86,356,000      70,856,000      46,039,000      83,926,000      83,926,000
Cash at end of period                             86,356,000      70,856,000      46,039,000      83,926,000      66,447,000      66,447,000

Free Cash Flow
Operating cash flow                              136,376,992      10,090,000     186,898,000     209,895,008     217,646,000     217,646,000
Capital expenditure                              -37,787,000     -57,304,000     -57,365,000     -45,982,000     -47,577,000     -47,577,000
Free cash flow                                    98,590,000     -47,214,000     129,533,000     163,912,992     170,068,992     170,068,992
____________________________________________________________________________________________________________________________________________



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Average to Current P/E Ratios
              (B)     Barnes Group Inc.

                               2012    2013    2014    2015    2016

          Annual Earnings:     1.74    1.37    2.16    2.19    2.48
Average Price During Year:    24.59   30.16   36.90   38.64   36.43

                P/E Ratio:    14.13   22.01   17.09   17.64   14.69

 Average 5-Year P/E Ratio  =  17.11
             Current Price =  50.82

Previous 5 Quarter Earnings:   0.44    0.53    0.61    0.67    0.67

           Current Annualized (Last Four Quarters) Earnings =  1.95
                                                           ________
                                 Average PE / Current PE =     0.66
                                                           --------

                                      ...a number above 1.00 is good
                                                1.00 or below is bad


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Financial Ratios

. . . . . . . . . . . . 1 = Highest , 10 = Lowest



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Market Grader

900
901 902 903 904 905 906 907 908 909 910



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Intrinsic Value (DCF)

Intrinsic Value by Discounted Cash Flow Method:

Intrinsic Value



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Book Value

Book Value:

Book Value



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Projected Earnings

Earnings Estimates
Earnings Estimates



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Research Reports

Click Here for Research Reports



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Analysts' Opinions

Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 2
Analysts' Opinion 2



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Insider Activity

Insiders Chart Insider Trades
Insider Trades
Executive Compensation Executive Compensation



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Institutional Activity

Institutional Orders to Buy or Sell:

institutions 1
Ownership:

institutions 2


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Sentiment

sentiment

Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.

sentiment sentiment sentiment



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Short Interest Ratio

As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.

short interest short interest


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Standard & Poor's

S&P Stock Report (Requires Adobe Acrobat Reader)



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Management's Discussion of Results of Operations Excerpts

Click Here for Management's Discussion Excerpts



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Moving Average Chart



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Right Time Study



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Channeling Potential

 
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility.  Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.

Results for BARNES GROUP INC.:
Symbol? B
Total Months Available:  51
       Months in Cycle?   4

Months Covered by Periods:  12

Period 1           Period 2          Period 3
   H1      L1        H2      L2        H3      L3
  37.75   31.13     41.86   35.96     51.97   41.44

RANGE   =  51.97  TO   31.13            Close =  51.01
CHANNEL =  41.44  TO   37.75           Degree =   2
Volatility =   7.23%                    Index =   1
Channel Chart



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MACD Histogram Divergence

The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.



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Intraday Chart

2 Days:



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Val Idea

4 out of 8 favorable, (neutral opinion.)

Val Idea


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Stock Consultant

Stock Consultant Stock Consultant



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Point & Figure Chart

P & F Chart


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Wall Street Analyzer




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Marketspace Chart

Marketspace Chart



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Time Series Forecast

Time Series 1 Time Series 2


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Neural Network Prediction

"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."

Neural Chart
Heading
Neural Trades Neural Prediction



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Ultimate Trading Systems

3 out of 3 of the ultimate systems favor an upmove.


System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.




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Recommendation

Decision Weighting Factors
FactorsWeighted Points
News + 1
Comparison - 1
Industry + 1
Bond Issue + 1
Zenith Index + 1
Non-GAAP vs. GAAP Earnings - 1
Cash Flow - 1
Average to Current P/E - 1
Ratios + 1
Market Grader - 1
Intrinsic Value DCF + 1
Book Value - 1
Projected Earnings + 1
Research Reports + 1
Analysts + 1
Executive Perquisites + 1
Insider Activity - 1
Institutional Activity - 1
Management Reporting + 1
Short Interest - 1
Sentiment + 1
Standard & Poor's + 1
Moving Average - 1
Right Time Study - 1
MACD Histogram Divergence - 1
Val Idea - 1
Stock Consultant - 1
Point & Figure + 1
Wall Street Analyzer - 1
Marketspace Chart + 1
Time Series Chart + 1
Neural Network - 1
Stock Options + 1
Ultimate Trading Systems + 1
Total + 2
Place 590 shares of Barnes Group, Inc. (B) on the Active List.