NN, Inc. (NNBR) Receives Buy Rating from KeyCorp
NN, Inc. (NASDAQ:NNBR)‘s stock had its “buy” rating reaffirmed by research analysts at KeyCorp in a report issued on Sunday. They presently have a $36.00 price target on the industrial products company’s stock. KeyCorp’s target price indicates a potential upside of 29.50% from the company’s current price.
NNBR has been the subject of a number of other research reports. Zacks Investment Research downgraded shares of NN from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 9th. BidaskClub downgraded shares of NN from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. TheStreet raised shares of NN from a “c+” rating to a “b” rating in a research report on Monday, June 5th. William Blair reaffirmed a “market perform” rating on shares of NN in a research report on Thursday, August 17th. Finally, SunTrust Banks, Inc. assumed coverage on shares of NN in a research report on Thursday, June 15th. They issued a “buy” rating and a $37.00 target price for the company. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $31.40.
NN (NNBR) traded up 3.35% during midday trading on Friday, hitting $27.80. 252,597 shares of the company traded hands. The firm’s market capitalization is $765.61 million. The stock’s 50-day moving average is $26.01 and its 200-day moving average is $26.61. NN has a 12-month low of $13.43 and a 12-month high of $31.65.
NN (NASDAQ:NNBR) last released its earnings results on Wednesday, August 2nd. The industrial products company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. The business had revenue of $225.88 million during the quarter, compared to the consensus estimate of $221.00 million. NN had a negative net margin of 0.77% and a positive return on equity of 14.58%. The firm’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.46 earnings per share. Analysts anticipate that NN will post $1.62 EPS for the current fiscal year.
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In other NN news, Director Steven T. Warshaw sold 2,000 shares of the stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $26.82, for a total value of $53,640.00. Following the completion of the sale, the director now owns 58,732 shares in the company, valued at $1,575,192.24. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Steven T. Warshaw sold 5,000 shares of the stock in a transaction on Friday, September 15th. The shares were sold at an average price of $27.08, for a total transaction of $135,400.00. Following the completion of the sale, the director now owns 58,732 shares of the company’s stock, valued at approximately $1,590,462.56. The disclosure for this sale can be found here. Company insiders own 2.80% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the business. Jennison Associates LLC lifted its stake in NN by 3.8% in the fourth quarter. Jennison Associates LLC now owns 2,940,727 shares of the industrial products company’s stock valued at $46,875,000 after acquiring an additional 106,796 shares during the last quarter. Jennison Associates lifted its stake in NN by 15.6% in the third quarter. Jennison Associates now owns 2,833,931 shares of the industrial products company’s stock valued at $52,428,000 after acquiring an additional 382,222 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in NN by 0.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,306,845 shares of the industrial products company’s stock valued at $63,323,000 after acquiring an additional 18,750 shares during the last quarter. Royal Bank of Canada lifted its stake in NN by 1.7% in the second quarter. Royal Bank of Canada now owns 2,301,019 shares of the industrial products company’s stock valued at $32,191,000 after acquiring an additional 38,017 shares during the last quarter. Finally, Primecap Management Co. CA lifted its stake in NN by 8.7% in the first quarter. Primecap Management Co. CA now owns 1,705,000 shares of the industrial products company’s stock valued at $42,966,000 after acquiring an additional 136,500 shares during the last quarter. Hedge funds and other institutional investors own 91.27% of the company’s stock.
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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