NN (NASDAQ:NNBR) Downgraded by Zacks Investment Research

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Zacks Investment Research lowered shares of NN (NASDAQ:NNBR) from a hold rating to a sell rating in a report issued on Thursday morning, Zacks.com reports.

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) “

A number of other brokerages have also weighed in on NNBR. ValuEngine lowered shares of NN from a hold rating to a sell rating in a report on Tuesday, July 30th. BidaskClub lowered shares of NN from a sell rating to a strong sell rating in a report on Thursday. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $14.35.

Shares of NNBR opened at $6.06 on Thursday. The firm has a market capitalization of $252.08 million, a PE ratio of 5.18 and a beta of 1.61. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.13 and a quick ratio of 1.12. NN has a 1-year low of $5.55 and a 1-year high of $20.50. The company’s fifty day moving average price is $8.14 and its 200-day moving average price is $8.70.

NN (NASDAQ:NNBR) last announced its quarterly earnings data on Thursday, August 8th. The industrial products company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.02). The company had revenue of $221.70 million for the quarter, compared to analysts’ expectations of $217.95 million. NN had a negative net margin of 30.86% and a positive return on equity of 8.04%. NN’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period last year, the firm earned $0.38 earnings per share. As a group, research analysts anticipate that NN will post 1.08 EPS for the current fiscal year.

In other NN news, Director David Floyd bought 9,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The stock was bought at an average cost of $8.05 per share, for a total transaction of $72,450.00. Following the completion of the transaction, the director now directly owns 23,660 shares of the company’s stock, valued at approximately $190,463. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP James Robert Atkinson bought 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 19th. The shares were acquired at an average price of $8.65 per share, with a total value of $25,950.00. Following the completion of the transaction, the executive vice president now directly owns 21,550 shares of the company’s stock, valued at $186,407.50. The disclosure for this purchase can be found here. 2.48% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of NNBR. Legal & General Group Plc lifted its position in NN by 69.0% during the fourth quarter. Legal & General Group Plc now owns 7,303 shares of the industrial products company’s stock valued at $49,000 after purchasing an additional 2,981 shares during the period. Quantamental Technologies LLC acquired a new position in NN during the first quarter valued at $55,000. Bank of Montreal Can lifted its position in NN by 150.4% during the second quarter. Bank of Montreal Can now owns 5,939 shares of the industrial products company’s stock valued at $58,000 after purchasing an additional 3,567 shares during the period. BNP Paribas Arbitrage SA lifted its position in NN by 343.0% during the first quarter. BNP Paribas Arbitrage SA now owns 8,763 shares of the industrial products company’s stock valued at $66,000 after purchasing an additional 6,785 shares during the period. Finally, Nisa Investment Advisors LLC acquired a new position in shares of NN in the second quarter worth about $68,000. Institutional investors own 98.88% 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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