NN Inc. (NASDAQ:NNBR) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Wednesday. The firm currently has a $23.00 price objective on the stock. Zacks Investment Research’s price objective indicates a potential upside of 17.95% from the company’s current price.

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) “

Separately, William Blair reaffirmed a “market perform” rating and issued a $15.00 price target (down from $18.00) on shares of NN in a research note on Friday, June 10th. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. NN currently has a consensus rating of “Hold” and an average price target of $18.00.

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NN (NASDAQ:NNBR) traded down 3.51% on Wednesday, hitting $19.50. The stock had a trading volume of 159,399 shares. NN has a 12 month low of $10.34 and a 12 month high of $20.39. The stock’s market cap is $528.94 million. The firm’s 50 day moving average price is $18.11 and its 200-day moving average price is $16.22.

NN (NASDAQ:NNBR) last posted its earnings results on Wednesday, August 3rd. The company reported $0.46 EPS 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 firm had revenue of $214.30 million for the quarter, compared to analysts’ expectations of $223.14 million. During the same period last year, the firm earned $0.37 EPS. The company’s quarterly revenue was up 30.0% on a year-over-year basis. On average, analysts forecast that NN will post $1.61 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Friday, September 2nd were paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date of this dividend was Wednesday, August 31st. NN’s dividend payout ratio is presently -34.15%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Emerald Mutual Fund Advisers Trust acquired a new position in NN during the second quarter worth $220,000. Nordea Investment Management AB acquired a new position in NN during the second quarter worth $481,000. First Manhattan Co. acquired a new position in NN during the second quarter worth $2,937,000. Royal Bank of Canada raised its position in NN by 7.8% in the first quarter. Royal Bank of Canada now owns 2,263,002 shares of the company’s stock worth $30,957,000 after buying an additional 164,535 shares during the period. Finally, Skyline Asset Management LP raised its position in NN by 26.2% in the first quarter. Skyline Asset Management LP now owns 791,600 shares of the company’s stock worth $10,829,000 after buying an additional 164,500 shares during the period. 98.44% of the stock is currently owned by institutional investors and hedge funds.

NN Company Profile

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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