Zacks Investment Research Upgrades NN (NASDAQ:NNBR) to Hold

NN (NASDAQ:NNBR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Friday, January 12th.

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 research analysts also recently issued research reports about the stock. BidaskClub raised shares of NN from a “sell” rating to a “hold” rating in a research report on Wednesday, December 20th. ValuEngine downgraded shares of NN from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 1st. Finally, KeyCorp reaffirmed a “buy” rating and set a $36.00 target price on shares of NN in a report on Sunday, September 17th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $34.00.

Shares of NN (NNBR) opened at $27.55 on Friday. The company has a quick ratio of 2.72, a current ratio of 3.16 and a debt-to-equity ratio of 1.80. The firm has a market cap of $759.65, a price-to-earnings ratio of -54.02 and a beta of 0.65. NN has a twelve month low of $17.75 and a twelve month high of $32.90.

NN (NASDAQ:NNBR) last issued its quarterly earnings data on Wednesday, November 1st. The industrial products company reported $0.29 EPS for the quarter, hitting analysts’ consensus estimates of $0.29. NN had a negative net margin of 1.76% and a positive return on equity of 12.72%. The business had revenue of $148.16 million for the quarter, compared to analyst estimates of $150.50 million. During the same period last year, the business posted $0.38 earnings per share. The firm’s quarterly revenue was up 1.0% on a year-over-year basis. sell-side analysts anticipate that NN will post 1.58 EPS for the current year.

In other news, insider Thomas C. Jr. Burwell sold 2,000 shares of the company’s stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $32.00, for a total value of $64,000.00. Following the sale, the insider now directly owns 35,381 shares of the company’s stock, valued at approximately $1,132,192. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director David Floyd acquired 1,865 shares of NN stock in a transaction dated Friday, December 1st. The stock was purchased at an average cost of $26.98 per share, for a total transaction of $50,317.70. The disclosure for this purchase can be found here. 2.80% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Allianz Asset Management GmbH raised its holdings in NN by 5.0% during the third quarter. Allianz Asset Management GmbH now owns 165,743 shares of the industrial products company’s stock worth $4,807,000 after buying an additional 7,958 shares during the last quarter. Stifel Financial Corp raised its holdings in NN by 45.0% during the third quarter. Stifel Financial Corp now owns 14,500 shares of the industrial products company’s stock worth $421,000 after buying an additional 4,500 shares during the last quarter. Elk Creek Partners LLC raised its holdings in NN by 48.6% during the third quarter. Elk Creek Partners LLC now owns 507,602 shares of the industrial products company’s stock worth $14,720,000 after buying an additional 166,092 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of NN by 0.6% in the third quarter. Dimensional Fund Advisors LP now owns 2,319,809 shares of the industrial products company’s stock valued at $67,276,000 after purchasing an additional 12,964 shares during the last quarter. Finally, Wells Fargo & Company MN raised its holdings in shares of NN by 42.6% in the third quarter. Wells Fargo & Company MN now owns 35,850 shares of the industrial products company’s stock valued at $1,040,000 after purchasing an additional 10,718 shares during the last quarter. 93.59% of the stock is currently owned by institutional investors and hedge funds.

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NN Company Profile

NN, Inc is a diversified industrial company and a global manufacturer of high precision components and assemblies to a range of markets on a global basis. The Company’s operating segments include: the Precision Engineered Products Group and the Autocam Precision Components Group. Precision Engineered Products Group combines materials science capability with engineering and production solutions to design and manufacture a range of high-precision metal and plastic components, assemblies and finished devices for the medical, electrical, automotive and aerospace end markets.

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