NN (NNBR) Lifted to Hold at Zacks Investment Research
NN (NASDAQ:NNBR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Friday.
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) “
Several other research firms also recently commented on NNBR. BidaskClub upgraded NN from a “sell” rating to a “hold” rating in a report on Wednesday, December 20th. KeyCorp restated a “buy” rating and set a $36.00 price objective on shares of NN in a report on Friday, October 20th. Finally, ValuEngine downgraded NN from a “strong-buy” rating to a “buy” rating in a report on Friday, December 1st. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $34.00.
NN (NASDAQ:NNBR) last released its quarterly earnings data on Wednesday, November 1st. The industrial products company reported $0.29 EPS for the quarter, hitting the consensus estimate of $0.29. The company had revenue of $148.16 million for the quarter, compared to the consensus estimate of $150.50 million. NN had a positive return on equity of 12.72% and a negative net margin of 1.76%. NN’s quarterly revenue was up 1.0% on a year-over-year basis. During the same period last year, the business posted $0.38 EPS. equities analysts anticipate that NN will post 1.58 EPS for the current year.
In related news, Director David Floyd purchased 1,865 shares of the business’s stock in a transaction dated Friday, December 1st. The shares were acquired at an average cost of $26.98 per share, for a total transaction of $50,317.70. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Thomas C. Jr. Burwell sold 2,000 shares of NN 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 completion of the transaction, the insider now owns 35,381 shares in the company, valued at $1,132,192. The disclosure for this sale can be found here. Company insiders own 2.80% of the company’s stock.
Several large investors have recently made changes to their positions in NNBR. Daruma Capital Management LLC increased its holdings in shares of NN by 144.6% in the 2nd quarter. Daruma Capital Management LLC now owns 455,904 shares of the industrial products company’s stock valued at $12,515,000 after acquiring an additional 269,507 shares during the period. Jennison Associates LLC increased its holdings in shares of NN by 8.8% in the 3rd quarter. Jennison Associates LLC now owns 2,222,746 shares of the industrial products company’s stock valued at $64,460,000 after acquiring an additional 179,578 shares during the period. Elk Creek Partners LLC grew its stake in NN by 48.6% during the 3rd 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. Ameriprise Financial Inc. purchased a new position in NN during the 2nd quarter worth $3,548,000. Finally, JPMorgan Chase & Co. grew its stake in NN by 130.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 143,094 shares of the industrial products company’s stock worth $3,928,000 after buying an additional 81,070 shares during the last quarter. Institutional investors and hedge funds own 93.59% of the company’s stock.
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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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