Snow Capital Management disclosed on December 6th for its 4.8% passive stake in Barnes Group Inc. (B). The amended 13G filing shows Snow Capital Management decreased its position and retained 2.65 million shares in the stock. Snow Capital Management reported 2.83 million shares in Barnes Group in its initial 13G filing on September 7th, and 2.78 million shares at the end of September. We believe Snow Capital Management sold the shares on November 30th at about $25 per share. Now B is trading at $24.43, and has returned 20% year to date.
According to Insider Monkey’s hedge fund database, several other hedge funds held Barnes Group in the third quarter. David Dreman’s Dreman Value Management decreased its position by 12% and reported 1.57 million shares in the stock. Chuck Royce’s Royce & Associates cut its position by 22% and remained 483 thousand shares.
According to Snow Capital Management’s profile on Linkedin, Snow Capital Management applies a contrarian, fundamental, relative value investment philosophy. The firm strives to earn attractive returns by “constructing diversified portfolios of well-managed, financially strong companies where the stock price is depressed because the company has experienced temporary difficulties of some sort.” The firm takes advantage of investors’ “overreaction to negative surprises which should result in avoiding overpaying for the crowd’s current favorites.”
According to Google Finance, Barnes Group Inc. “is an international logistical services company, and aerospace and industrial components manufacturer serving a range of end markets and customers. The products and services provided by Barnes Group are critical components for applications that provide transportation, communication, manufacturing and technology to the world. The Company operates in two business segments: Logistics and Manufacturing Services, and Precision Components. Logistics and Manufacturing Services provide logistical support and repair services. Logistical support services include inventory management, technical sales, and supply chain solutions for maintenance, repair, operating, and production supplies and services. Precision Components is a supplier of engineered components for applications focused on providing solutions for a diverse industrial, transportation and aerospace customer base.”