NN (NASDAQ:NNBR) Announces Earnings Results, Beats Expectations By $0.07 EPS

NN (NASDAQ:NNBR) announced its earnings results on Wednesday. The industrial products company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.07, FiscalAI reports. The business had revenue of $118.45 million during the quarter, compared to analyst estimates of $106.59 million. NN had a negative return on equity of 0.98% and a negative net margin of 8.05%.

NN Trading Up 2.0%

NASDAQ NNBR traded up $0.05 during mid-day trading on Wednesday, reaching $2.52. 1,767,951 shares of the stock were exchanged, compared to its average volume of 1,521,767. The stock has a market cap of $126.48 million, a P/E ratio of -2.36, a P/E/G ratio of 0.48 and a beta of 2.54. The company has a debt-to-equity ratio of 4.52, a current ratio of 1.83 and a quick ratio of 1.09. NN has a one year low of $1.10 and a one year high of $2.88. The stock has a 50 day simple moving average of $1.72 and a 200-day simple moving average of $1.56.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on NNBR shares. B. Riley Financial reduced their price target on NN from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Friday, March 6th. Zacks Research lowered NN from a “hold” rating to a “strong sell” rating in a research note on Wednesday, March 11th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of NN in a report on Tuesday, April 21st. One analyst has rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $3.00.

Insiders Place Their Bets

In other news, major shareholder Corre Partners Management, Llc sold 136,165 shares of the business’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $2.63, for a total value of $358,113.95. Following the transaction, the insider directly owned 372,744 shares of the company’s stock, valued at $980,316.72. The trade was a 26.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder John Frederick Barrett sold 136,165 shares of the company’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $2.63, for a total value of $358,113.95. Following the sale, the insider owned 4,568,715 shares in the company, valued at approximately $12,015,720.45. The trade was a 2.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 3,273,832 shares of company stock worth $7,859,198 in the last ninety days. Insiders own 19.60% of the company’s stock.

Institutional Investors Weigh In On NN

A number of hedge funds have recently added to or reduced their stakes in NNBR. Two Sigma Investments LP bought a new position in shares of NN during the 3rd quarter worth approximately $27,000. Hudson Bay Capital Management LP acquired a new stake in shares of NN during the 2nd quarter worth approximately $29,000. Virtu Financial LLC bought a new stake in shares of NN in the 4th quarter valued at $30,000. Quinn Opportunity Partners LLC bought a new stake in shares of NN in the 4th quarter valued at $32,000. Finally, Quadrature Capital Ltd acquired a new position in shares of NN during the 4th quarter valued at $77,000. 53.92% of the stock is currently owned by institutional investors.

About NN

NN, Inc (NASDAQ: NNBR) is a diversified industrial manufacturing company specializing in engineered metal components, powder metal parts and friction materials. Through its subsidiaries, the company develops and produces precision-rolled products for powertrain and chassis applications, engineered friction products for brake and transmission systems, and various metal powders used in automotive, industrial and energy markets. Its offerings span a wide range of component sizes and complexity, from thin‐gauge strips for hybrid and electric vehicle applications to high‐volume sintered parts for commercial and consumer products.

The company’s operations are organized into three business segments.