NN Inc. (NASDAQ:NNBR) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report issued on Wednesday. The brokerage currently has a $23.00 target price on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 13.81% from the stock’s current price.
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, William Blair reissued a “market perform” rating and issued a $15.00 price target (down previously from $18.00) on shares of NN in a research report on Friday, June 10th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. NN presently has a consensus rating of “Hold” and a consensus price target of $18.00.
Shares of NN (NASDAQ:NNBR) traded down 3.66% during trading on Wednesday, hitting $19.47. 23,265 shares of the stock were exchanged. The stock’s 50 day moving average price is $18.03 and its 200 day moving average price is $16.17. NN has a 52 week low of $10.34 and a 52 week high of $20.39. The firm’s market capitalization is $528.12 million.
NN (NASDAQ:NNBR) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported $0.46 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.46. NN had a negative net margin of 2.85% and a positive return on equity of 10.72%. The company had revenue of $214.30 million for the quarter, compared to analyst estimates of $223.14 million. During the same quarter in the previous year, the firm posted $0.37 earnings per share. The company’s quarterly revenue was up 30.0% compared to the same quarter last year. On average, equities analysts predict that NN will post $1.61 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Friday, September 2nd were issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date was Wednesday, August 31st. NN’s dividend payout ratio (DPR) is presently -34.15%.
A number of hedge funds have recently bought and sold shares of NNBR. Nuveen Asset Management LLC raised its stake in NN by 36.0% in the first quarter. Nuveen Asset Management LLC now owns 490,774 shares of the company’s stock worth $6,713,000 after buying an additional 129,922 shares during the period. Wellington Management Group LLP raised its stake in NN by 21.0% in the first quarter. Wellington Management Group LLP now owns 1,557,773 shares of the company’s stock worth $21,310,000 after buying an additional 270,391 shares during the period. Jacobs Levy Equity Management Inc. purchased a new stake in NN during the first quarter worth $1,008,000. Bank of New York Mellon Corp raised its stake in NN by 0.4% in the second quarter. Bank of New York Mellon Corp now owns 145,823 shares of the company’s stock worth $2,040,000 after buying an additional 625 shares during the period. Finally, Pax World Management LLC raised its stake in NN by 10.5% in the second quarter. Pax World Management LLC now owns 360,000 shares of the company’s stock worth $5,036,000 after buying an additional 34,123 shares during the period. 98.44% of the stock is currently 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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