NN (NNBR) Lowered to “Strong Sell” at Zacks Investment Research

NN (NASDAQ:NNBR) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Saturday.

According to Zacks, “NN, Inc. is an independent manufacturer and supplier of high quality, precision steel balls and rollers to both domestic and international anti-friction bearing manufacturers. Precision steel balls and rollers are critical moving parts of anti-friction bearings used in a wide variety of automotive, industrial and other applications. NN also manufacturers a full line of precision injection molded components serving the bearing, automotive, instrumentation, fiber optic and consumer hardware markets. (PRESS RELEASE) “

Other equities analysts also recently issued reports about the stock. ValuEngine downgraded shares of NN from a “sell” rating to a “strong sell” rating in a report on Monday, August 13th. BidaskClub downgraded shares of NN from a “hold” rating to a “sell” rating in a report on Wednesday, June 20th. Robert W. Baird assumed coverage on shares of NN in a report on Monday, October 8th. They set a “neutral” rating and a $17.00 price target for the company. SunTrust Banks reissued a “buy” rating and set a $33.00 price target on shares of NN in a report on Sunday, August 12th. Finally, William Blair restated a “market perform” rating on shares of NN in a research report on Wednesday, September 19th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $24.40.

Shares of NNBR stock opened at $12.67 on Friday. NN has a 12-month low of $12.55 and a 12-month high of $32.90. The stock has a market cap of $432.58 million, a P/E ratio of 8.17 and a beta of 1.10. The company has a quick ratio of 1.78, a current ratio of 2.62 and a debt-to-equity ratio of 2.35.

NN (NASDAQ:NNBR) last announced its quarterly earnings results on Thursday, August 9th. The industrial products company reported $0.38 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.38. NN had a net margin of 3.05% and a return on equity of 7.64%. The firm had revenue of $196.30 million during the quarter, compared to the consensus estimate of $197.21 million. During the same period last year, the firm posted $0.51 EPS. The firm’s quarterly revenue was up 24.3% on a year-over-year basis. On average, equities research analysts expect that NN will post 1.47 EPS for the current fiscal year.

In related news, VP Matthew S. Heiter acquired 2,150 shares of the stock in a transaction on Monday, September 17th. The stock was purchased at an average price of $15.99 per share, for a total transaction of $34,378.50. Following the transaction, the vice president now owns 18,184 shares of the company’s stock, valued at approximately $290,762.16. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, CEO Richard D. Holder acquired 3,100 shares of the stock in a transaction on Friday, September 14th. The stock was bought at an average price of $16.04 per share, with a total value of $49,724.00. Following the transaction, the chief executive officer now directly owns 173,401 shares in the company, valued at approximately $2,781,352.04. The disclosure for this purchase can be found here. Insiders acquired a total of 6,450 shares of company stock valued at $103,387 in the last 90 days. Corporate insiders own 2.74% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp increased its position in NN by 8.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 153,308 shares of the industrial products company’s stock valued at $2,898,000 after acquiring an additional 12,119 shares in the last quarter. Putnam Investments LLC grew its position in shares of NN by 319.5% during the 2nd quarter. Putnam Investments LLC now owns 131,955 shares of the industrial products company’s stock worth $2,494,000 after buying an additional 100,500 shares during the period. Millennium Management LLC acquired a new stake in shares of NN during the 2nd quarter worth approximately $1,274,000. Citadel Advisors LLC acquired a new stake in shares of NN during the 2nd quarter worth approximately $2,696,000. Finally, Private Management Group Inc. grew its position in shares of NN by 4.5% during the 2nd quarter. Private Management Group Inc. now owns 740,300 shares of the industrial products company’s stock worth $13,992,000 after buying an additional 32,161 shares during the period. Hedge funds and other institutional investors own 95.82% of the company’s stock.

NN Company Profile

NN, Inc, a diversified industrial company, designs and manufactures high-precision components and assemblies in the United States, Europe, Asia, Canada, Mexico, South America, and internationally. It operates through Autocam Precision Components Group and Precision Engineered Products Group segments.

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