Nuveen Asset Management LLC increased its position in shares of NN, Inc. (NASDAQ:NNBR) by 31.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,176,352 shares of the industrial products company’s stock after buying an additional 279,795 shares during the period. Nuveen Asset Management LLC owned 4.28% of NN worth $29,644,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of NNBR. Granahan Investment Management Inc. MA bought a new stake in shares of NN during the first quarter worth $3,248,000. Bank of America Corp DE raised its position in shares of NN by 52.6% in the first quarter. Bank of America Corp DE now owns 126,455 shares of the industrial products company’s stock worth $3,187,000 after buying an additional 43,605 shares during the period. Schwab Charles Investment Management Inc. raised its position in shares of NN by 23.1% in the first quarter. Schwab Charles Investment Management Inc. now owns 133,392 shares of the industrial products company’s stock worth $3,362,000 after buying an additional 25,011 shares during the period. Citadel Advisors LLC acquired a new position in shares of NN during the first quarter worth approximately $650,000. Finally, UBS Group AG raised its position in shares of NN by 255.9% in the first quarter. UBS Group AG now owns 20,255 shares of the industrial products company’s stock worth $511,000 after buying an additional 14,564 shares during the period. Hedge funds and other institutional investors own 95.85% of the company’s stock.
Shares of NN, Inc. (NNBR) opened at 29.70 on Tuesday. The company has a market capitalization of $815.71 million, a P/E ratio of 48.69 and a beta of 0.63. NN, Inc. has a 1-year low of $13.43 and a 1-year high of $31.65. The firm has a 50-day moving average of $28.30 and a 200 day moving average of $23.72.
NN (NASDAQ:NNBR) last released its quarterly earnings data on Thursday, May 4th. The industrial products company reported $0.47 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.05. NN had a return on equity of 14.04% and a net margin of 2.00%. The business had revenue of $226.31 million for the quarter, compared to analyst estimates of $215.86 million. On average, equities research analysts expect that NN, Inc. will post $1.61 earnings per share for the current year.
NNBR has been the topic of a number of recent research reports. SunTrust Banks, Inc. initiated coverage on shares of NN in a report on Thursday, June 15th. They set a “buy” rating and a $37.00 price target on the stock. They noted that the move was a valuation call. ValuEngine upgraded shares of NN from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. TheStreet raised shares of NN from a “c+” rating to a “b” rating in a research note on Monday, June 5th. Zacks Investment Research downgraded shares of NN from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 5th. Finally, William Blair reissued a “market perform” rating on shares of NN in a research note on Tuesday, July 11th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. NN has an average rating of “Hold” and an average target price of $30.67.
NN, Inc is a diversified industrial company and a manufacturer of high precision bearing components, industrial plastic products and precision metal components to a range of markets on a global basis. The Company operates through three segments: the Precision Bearing Components Group, the Precision Engineered Products Group and the Autocam Precision Components Group.
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