KeyCorp Comments on NN Inc.’s FY2016 Earnings (NNBR)
NN Inc. (NASDAQ:NNBR) – Research analysts at KeyCorp upped their FY2016 earnings estimates for NN in a report released on Tuesday. KeyCorp analyst S. Barger now forecasts that the firm will earn $1.65 per share for the year, up from their prior estimate of $1.62.
Several other analysts have also commented on NNBR. Zacks Investment Research raised NN from a “strong sell” rating to a “hold” rating and set a $23.00 price target on the stock in a research note on Wednesday. William Blair reiterated a “market perform” rating and issued a $15.00 price objective (down previously from $18.00) on shares of NN in a research report on Friday, June 10th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $18.00.
NN (NASDAQ:NNBR) traded down 4.409% during trading on Friday, hitting $19.319. The company had a trading volume of 73,239 shares. The firm has a 50-day moving average of $18.04 and a 200 day moving average of $16.17. The company’s market capitalization is $524.03 million. NN has a 12-month low of $10.34 and a 12-month high of $20.39.
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NN (NASDAQ:NNBR) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $0.46 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.46. NN had a positive return on equity of 10.72% and a negative net margin of 2.85%. The business earned $214.30 million during the quarter, compared to analyst estimates of $223.14 million. During the same quarter last year, the company posted $0.37 EPS. NN’s revenue for the quarter was up 30.0% on a year-over-year basis.
A number of institutional investors have recently modified their holdings of the stock. Royal Bank of Canada increased its stake in NN by 1.7% in the second quarter. Royal Bank of Canada now owns 2,301,019 shares of the company’s stock worth $32,191,000 after buying an additional 38,017 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in NN by 4.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,823,633 shares of the company’s stock worth $25,512,000 after buying an additional 85,920 shares during the last quarter. Wellington Management Group LLP increased its stake in NN by 21.0% in the first quarter. Wellington Management Group LLP now owns 1,557,773 shares of the company’s stock worth $21,310,000 after buying an additional 270,391 shares during the last quarter. Royce & Associates LP increased its stake in NN by 2.0% in the first quarter. Royce & Associates LP now owns 1,416,666 shares of the company’s stock worth $19,380,000 after buying an additional 28,400 shares during the last quarter. Finally, Private Management Group Inc. increased its stake in NN by 16.7% in the second quarter. Private Management Group Inc. now owns 1,162,556 shares of the company’s stock worth $16,264,000 after buying an additional 166,472 shares during the last quarter. Hedge funds and other institutional investors own 98.44% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 16th. Shareholders of record on Friday, September 2nd were given a $0.07 dividend. The ex-dividend date was Wednesday, August 31st. This represents a $0.28 annualized dividend and a yield of 1.39%. NN’s payout ratio is -34.15%.
NN, Inc is a diversified industrial company. The Company operates through three segments: the Precision Bearing Components Group, the Precision Engineered Products Group and the Autocam Precision Components Group. Within its Precision Bearing Components Group, the Company manufactures and supplies high precision bearing components, consisting of balls, cylindrical rollers, tapered rollers, spherical rollers and metal retainers for bearing and constant velocity-joint manufacturers.
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