NN (NNBR) Price Target Cut to $20.00

NN (NASDAQ:NNBR) had its price target decreased by equities research analysts at KeyCorp from $28.00 to $20.00 in a research report issued to clients and investors on Friday, The Fly reports. The brokerage presently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s target price would indicate a potential upside of 156.90% from the stock’s previous close.

A number of other analysts have also recently weighed in on the company. ValuEngine cut NN from a “sell” rating to a “strong sell” rating in a research report on Wednesday, September 12th. William Blair restated a “market perform” rating on shares of NN in a report on Wednesday, September 19th. BidaskClub cut NN from a “sell” rating to a “strong sell” rating in a report on Thursday, August 16th. Zacks Investment Research cut NN from a “hold” rating to a “sell” rating in a report on Tuesday, August 14th. Finally, Robert W. Baird initiated coverage on NN in a report on Monday, October 8th. They set a “neutral” rating and a $17.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $22.80.

NASDAQ:NNBR traded down $0.29 during trading hours on Friday, reaching $7.79. The company had a trading volume of 1,625,005 shares, compared to its average volume of 449,500. NN has a one year low of $7.74 and a one year high of $29.50. The stock has a market capitalization of $341.07 million, a price-to-earnings ratio of 5.02 and a beta of 1.38. The company has a debt-to-equity ratio of 2.35, a current ratio of 2.62 and a quick ratio of 1.78.

NN (NASDAQ:NNBR) last announced its quarterly earnings results on Thursday, November 8th. The industrial products company reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.06). NN had a net margin of 1.38% and a return on equity of 7.66%. The company had revenue of $205.68 million during the quarter, compared to the consensus estimate of $210.30 million. During the same quarter last year, the company earned $0.23 earnings per share. The business’s revenue was up 38.8% on a year-over-year basis. Research analysts expect that NN will post 1.45 EPS for the current fiscal year.

In other NN news, VP Matthew S. Heiter bought 2,150 shares of the firm’s stock in a transaction dated Monday, September 17th. The shares were bought at an average price of $15.99 per share, for a total transaction of $34,378.50. Following the completion of the acquisition, the vice president now owns 18,184 shares of the company’s stock, valued at $290,762.16. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Richard D. Holder bought 3,100 shares of the firm’s stock in a transaction dated Friday, September 14th. The shares were acquired at an average price of $16.04 per share, for a total transaction of $49,724.00. Following the acquisition, the chief executive officer now directly owns 173,401 shares of the company’s stock, valued at approximately $2,781,352.04. The disclosure for this purchase can be found here. Insiders have bought 6,450 shares of company stock worth $103,387 in the last 90 days. Company insiders own 2.74% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Jennison Associates LLC lifted its stake in shares of NN by 57.1% during the third quarter. Jennison Associates LLC now owns 3,457,297 shares of the industrial products company’s stock valued at $53,934,000 after acquiring an additional 1,256,116 shares during the period. Wells Fargo & Company MN lifted its stake in shares of NN by 196.4% during the third quarter. Wells Fargo & Company MN now owns 1,499,160 shares of the industrial products company’s stock valued at $23,387,000 after acquiring an additional 993,387 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of NN by 8,796.4% during the third quarter. Russell Investments Group Ltd. now owns 470,174 shares of the industrial products company’s stock valued at $7,335,000 after acquiring an additional 464,889 shares during the period. Smith Graham & Co. Investment Advisors LP acquired a new position in shares of NN during the second quarter valued at $8,024,000. Finally, Elk Creek Partners LLC lifted its stake in shares of NN by 47.0% during the third quarter. Elk Creek Partners LLC now owns 1,059,076 shares of the industrial products company’s stock valued at $16,522,000 after acquiring an additional 338,669 shares during the period. Institutional investors own 96.89% of the company’s stock.

About NN

NN, Inc, a diversified industrial company, designs and manufactures high-precision components and assemblies in the United States, Europe, Asia, Canada, Mexico, South America, and internationally. It operates through Autocam Precision Components Group and Precision Engineered Products Group segments.

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