Zacks Investment Research downgraded shares of NN, Inc. (NASDAQ:NNBR) from a hold rating to a sell rating in a research report released on Tuesday.
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, Lake Street Capital assumed coverage on NN in a report on Wednesday, December 21st. They set a buy rating and a $30.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $21.00.
Shares of NN (NASDAQ:NNBR) traded up 3.64% on Tuesday, hitting $19.95. The stock had a trading volume of 25,827 shares. The stock’s market capitalization is $543.42 million. NN has a 52 week low of $10.34 and a 52 week high of $20.70. The firm has a 50-day moving average price of $18.77 and a 200-day moving average price of $17.57.
NN (NASDAQ:NNBR) last posted its quarterly earnings data on Wednesday, November 2nd. The company reported $0.38 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.45 by $0.07. NN had a negative net margin of 2.73% and a positive return on equity of 11.50%. The business had revenue of $205 million for the quarter, compared to analysts’ expectations of $219.13 million. During the same quarter in the previous year, the firm earned $0.31 EPS. NN’s revenue was up 32.4% compared to the same quarter last year. Equities analysts expect that NN will post $1.45 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 3rd. Shareholders of record on Friday, February 17th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date is Wednesday, February 15th. NN’s dividend payout ratio (DPR) is presently -33.33%.
A number of large investors have recently modified their holdings of NNBR. Boston Partners purchased a new stake in shares of NN during the third quarter worth $3,938,000. Private Management Group Inc. raised its stake in shares of NN by 16.7% in the second quarter. Private Management Group Inc. now owns 1,162,556 shares of the company’s stock worth $16,264,000 after buying an additional 166,472 shares during the period. Emerald Acquisition Ltd. purchased a new stake in shares of NN during the second quarter worth $1,394,000. Elk Creek Partners LLC raised its stake in shares of NN by 27.6% in the second quarter. Elk Creek Partners LLC now owns 441,346 shares of the company’s stock worth $3,131,000 after buying an additional 95,544 shares during the period. Finally, ACK Asset Management LLC raised its stake in shares of NN by 14.4% in the third quarter. ACK Asset Management LLC now owns 725,000 shares of the company’s stock worth $13,231,000 after buying an additional 91,000 shares during the period. 96.97% of the stock is owned by institutional investors and hedge funds.
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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