NN (NNBR) Shares Down 5.2% After Analyst Downgrade

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Shares of NN, Inc. (NASDAQ:NNBR) were down 5.2% during mid-day trading on Friday after Zacks Investment Research downgraded the stock from a hold rating to a strong sell rating. The company traded as low as $12.55 and last traded at $12.67. Approximately 671,025 shares traded hands during trading, an increase of 205% from the average daily volume of 219,770 shares. The stock had previously closed at $13.36.

A number of other brokerages also recently issued reports on NNBR. ValuEngine raised shares of NN from a “strong sell” rating to a “sell” rating in a report on Thursday, September 6th. SunTrust Banks reaffirmed a “buy” rating and set a $33.00 price target on shares of NN in a report on Sunday, August 12th. KeyCorp dropped their price target on shares of NN from $36.00 to $28.00 and set an “overweight” rating on the stock in a report on Monday, July 16th. Robert W. Baird started coverage on shares of NN in a report on Monday, October 8th. They set a “neutral” rating and a $17.00 price target on the stock. Finally, Stifel Nicolaus dropped their price target on shares of NN from $23.00 to $18.00 and set a “hold” rating on the stock in a report on Thursday. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $24.40.

In other NN news, CEO Richard D. Holder acquired 3,100 shares of the company’s stock in a transaction that occurred on Friday, September 14th. The shares were bought at an average price of $16.04 per share, with a total value of $49,724.00. Following the completion of the acquisition, the chief executive officer now owns 173,401 shares in the company, valued at approximately $2,781,352.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Matthew S. Heiter acquired 2,150 shares of the company’s stock in a transaction that occurred on Monday, September 17th. The stock was acquired at an average cost of $15.99 per share, for a total transaction of $34,378.50. Following the acquisition, the vice president now owns 18,184 shares of the company’s stock, valued at approximately $290,762.16. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 6,450 shares of company stock worth $103,387. Insiders own 2.74% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Swiss National Bank boosted its holdings in shares of NN by 10.3% in the second quarter. Swiss National Bank now owns 50,280 shares of the industrial products company’s stock worth $950,000 after buying an additional 4,700 shares during the last quarter. Yorktown Management & Research Co Inc boosted its holdings in shares of NN by 20.4% in the second quarter. Yorktown Management & Research Co Inc now owns 46,729 shares of the industrial products company’s stock worth $883,000 after buying an additional 7,929 shares during the last quarter. Private Management Group Inc. boosted its holdings in shares of NN by 4.5% in the second 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 last quarter. Guyasuta Investment Advisors Inc. boosted its holdings in shares of NN by 9.3% in the second quarter. Guyasuta Investment Advisors Inc. now owns 58,635 shares of the industrial products company’s stock worth $1,108,000 after buying an additional 5,000 shares during the last quarter. Finally, GSA Capital Partners LLP boosted its holdings in shares of NN by 275.1% in the second quarter. GSA Capital Partners LLP now owns 53,803 shares of the industrial products company’s stock worth $1,017,000 after buying an additional 39,460 shares during the last quarter. 95.82% of the stock is currently owned by institutional investors.

The company has a current ratio of 2.62, a quick ratio of 1.78 and a debt-to-equity ratio of 2.35. The firm has a market capitalization of $432.58 million, a PE ratio of 8.17 and a beta of 1.10.

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

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 17th. Investors of record on Monday, September 3rd were issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend was Thursday, August 30th. NN’s payout ratio is 18.06%.

NN Company Profile (NASDAQ:NNBR)

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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