NN (NASDAQ:NNBR) Share Price Passes Above 200 Day Moving Average – Here’s Why

NN, Inc. (NASDAQ:NNBR) crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $2.08 and traded as high as $3.49. NN shares last traded at $3.35, with a volume of 1,098,756 shares changing hands.

Analyst Ratings Changes

A number of analysts have commented on NNBR shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NN in a report on Tuesday, April 21st. Zacks Research raised shares of NN from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 6th. Finally, B. Riley Financial downgraded shares of NN from a “buy” rating to a “neutral” rating in a research report on Monday, May 11th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $3.00.

NN Trading Down 2.0%

The stock has a 50 day moving average of $2.94 and a 200-day moving average of $2.08. The company has a market capitalization of $176.79 million, a P/E ratio of -3.07 and a beta of 2.56. The company has a current ratio of 1.87, a quick ratio of 1.16 and a debt-to-equity ratio of 6.39.

NN (NASDAQ:NNBR) last released its earnings results on Wednesday, May 6th. The industrial products company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.07. NN had a negative net margin of 7.85% and a positive return on equity of 4.54%. The company had revenue of $118.45 million for the quarter, compared to analysts’ expectations of $106.59 million. On average, research analysts predict that NN, Inc. will post 0.16 EPS for the current year.

Insider Activity

In other news, Director Raymond T. White sold 18,782 shares of the firm’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $2.41, for a total transaction of $45,264.62. Following the sale, the director directly owned 858,283 shares in the company, valued at $2,068,462.03. This trade represents a 2.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder John Frederick Barrett sold 136,165 shares of NN stock in a transaction on Monday, April 27th. The shares were sold at an average price of $2.63, for a total transaction of $358,113.95. Following the transaction, the insider owned 4,568,715 shares in the company, valued at approximately $12,015,720.45. This trade represents a 2.89% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 2,581,682 shares of company stock worth $6,441,544 in the last three months. Company insiders own 19.60% of the company’s stock.

Hedge Funds Weigh In On NN

Large investors have recently made changes to their positions in the business. RBF Capital LLC boosted its stake in shares of NN by 71.8% in the first quarter. RBF Capital LLC now owns 834,929 shares of the industrial products company’s stock worth $1,211,000 after acquiring an additional 348,945 shares during the period. Renaissance Technologies LLC raised its stake in NN by 49.4% during the 1st quarter. Renaissance Technologies LLC now owns 549,040 shares of the industrial products company’s stock valued at $796,000 after purchasing an additional 181,540 shares during the period. Laurel Oak Wealth Management LLC purchased a new position in NN in the 1st quarter worth approximately $72,000. Virtu Financial LLC purchased a new position in NN in the 4th quarter worth approximately $30,000. Finally, XTX Topco Ltd boosted its stake in NN by 29.3% in the 4th quarter. XTX Topco Ltd now owns 73,920 shares of the industrial products company’s stock worth $95,000 after purchasing an additional 16,732 shares during the period. 53.92% of the stock is currently owned by hedge funds and other institutional investors.

About NN

NN, Inc (NASDAQ: NNBR) is a diversified industrial manufacturing company specializing in engineered metal components, powder metal parts and friction materials. Through its subsidiaries, the company develops and produces precision-rolled products for powertrain and chassis applications, engineered friction products for brake and transmission systems, and various metal powders used in automotive, industrial and energy markets. Its offerings span a wide range of component sizes and complexity, from thin‐gauge strips for hybrid and electric vehicle applications to high‐volume sintered parts for commercial and consumer products.

The company’s operations are organized into three business segments.