Posted by admin on May 14th, 2022
NN (NASDAQ:NNBR – Get Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued on Saturday, 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) “
Separately, StockNews.com began coverage on NN in a research note on Thursday, March 31st. They issued a “hold” rating for the company.
NASDAQ:NNBR opened at $2.37 on Friday. The firm has a market capitalization of $104.02 million, a price-to-earnings ratio of -5.04 and a beta of 2.85. NN has a 1 year low of $2.28 and a 1 year high of $9.62. The business has a 50 day simple moving average of $2.81 and a 200-day simple moving average of $3.70. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.37 and a quick ratio of 1.64.
NN (NASDAQ:NNBR – Get Rating) last posted its quarterly earnings data on Thursday, March 10th. The industrial products company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.05. The business had revenue of $110.38 million during the quarter, compared to analyst estimates of $110.90 million. NN had a negative return on equity of 0.30% and a negative net margin of 2.43%. During the same period last year, the company earned $0.17 EPS. As a group, analysts expect that NN will post 0.19 earnings per share for the current fiscal year.
In other NN news, major shareholder Corre Partners Management, Llc purchased 274,619 shares of the firm’s stock in a transaction that occurred on Tuesday, April 19th. The stock was purchased at an average cost of $2.60 per share, with a total value of $714,009.40. Following the purchase, the insider now owns 4,042,949 shares of the company’s stock, valued at $10,511,667.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas Hampton Jr. Wilson purchased 18,800 shares of the firm’s stock in a transaction that occurred on Tuesday, March 22nd. The shares were acquired at an average cost of $2.90 per share, with a total value of $54,520.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 362,914 shares of company stock valued at $959,641 over the last three months. 2.09% of the stock is owned by corporate insiders.
Several large investors have recently made changes to their positions in NNBR. Russell Investments Group Ltd. boosted its position in shares of NN by 103.5% in the 4th quarter. Russell Investments Group Ltd. now owns 342,017 shares of the industrial products company’s stock worth $1,400,000 after purchasing an additional 173,978 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of NN in the 3rd quarter worth $136,000. Renaissance Technologies LLC boosted its position in shares of NN by 49.4% in the 3rd quarter. Renaissance Technologies LLC now owns 131,930 shares of the industrial products company’s stock worth $693,000 after purchasing an additional 43,630 shares in the last quarter. Marshall Wace LLP boosted its position in shares of NN by 20.9% in the 3rd quarter. Marshall Wace LLP now owns 220,959 shares of the industrial products company’s stock worth $1,160,000 after purchasing an additional 38,257 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of NN in the 4th quarter worth $5,969,000. Institutional investors and hedge funds own 84.34% of the company’s stock.
NN Company Profile (Get Rating)
NN, Inc, a diversified industrial company, designs, manufactures, and sells high-precision components and assemblies. It operates through two segments, Mobile Solutions and Power Solutions. The Mobile Solutions segment manufactures and sells system critical components for general industrial and automotive end markets.
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