NN (NASDAQ:NNBR) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of NN (NASDAQ:NNBR) from a hold rating to a sell rating in a research report released on Thursday, 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) “

NNBR has been the subject of several other research reports. ValuEngine cut shares of NN from a hold rating to a sell rating in a research note on Tuesday, July 30th. BidaskClub cut shares of NN from a sell rating to a strong sell rating in a research note on Thursday. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $14.35.



Shares of NASDAQ NNBR opened at $6.06 on Thursday. NN has a 12-month low of $5.55 and a 12-month high of $20.50. The stock has a market cap of $252.08 million, a PE ratio of 5.18 and a beta of 1.61. The company has a current ratio of 2.13, a quick ratio of 1.12 and a debt-to-equity ratio of 2.42. The company has a 50-day moving average of $8.14 and a 200 day moving average of $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 (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.02). NN had a negative net margin of 30.86% and a positive return on equity of 8.04%. The business had revenue of $221.70 million for the quarter, compared to analysts’ expectations of $217.95 million. During the same period in the prior year, the company posted $0.38 EPS. The firm’s revenue was up 12.9% on a year-over-year basis. On average, sell-side analysts forecast that NN will post 1.08 EPS for the current fiscal year.

In other news, EVP James Robert Atkinson purchased 3,000 shares of the company’s stock in a transaction dated Wednesday, June 19th. The stock was acquired at an average price of $8.65 per share, with a total value of $25,950.00. Following the purchase, the executive vice president now directly owns 21,550 shares in the company, valued at approximately $186,407.50. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director David Floyd purchased 9,000 shares of the company’s stock in a transaction dated Tuesday, May 28th. The stock was purchased at an average cost of $8.05 per share, with a total value of $72,450.00. Following the purchase, the director now owns 23,660 shares in the company, valued at $190,463. The disclosure for this purchase can be found here. Corporate insiders own 2.48% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. Norges Bank purchased a new position in shares of NN during the 4th quarter worth approximately $3,108,000. Morgan Stanley boosted its position in shares of NN by 1,223.1% during the 2nd quarter. Morgan Stanley now owns 424,495 shares of the industrial products company’s stock worth $4,143,000 after purchasing an additional 392,411 shares during the period. Paradigm Capital Management Inc. NY boosted its position in shares of NN by 19.5% during the 1st quarter. Paradigm Capital Management Inc. NY now owns 2,141,000 shares of the industrial products company’s stock worth $16,036,000 after purchasing an additional 349,729 shares during the period. Bank of New York Mellon Corp boosted its position in shares of NN by 195.2% during the 4th quarter. Bank of New York Mellon Corp now owns 464,152 shares of the industrial products company’s stock worth $3,114,000 after purchasing an additional 306,934 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of NN by 11.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,593,354 shares of the industrial products company’s stock worth $17,401,000 after purchasing an additional 261,457 shares during the period. 98.88% of the stock is owned by institutional investors and hedge funds.

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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