Zacks Investment Research upgraded shares of NN (NASDAQ:NNBR) from a hold rating to a buy rating in a report released on Wednesday morning, Zacks.com reports. They currently have $9.50 target price on the industrial products company’s stock.
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 research analysts have also recently issued reports on NNBR. ValuEngine cut shares of Zumiez from a hold rating to a sell rating in a report on Tuesday, July 2nd. BidaskClub cut shares of Xperi from a sell rating to a strong sell rating in a report on Wednesday, June 19th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. NN has an average rating of Hold and a consensus target price of $17.42.
Shares of NASDAQ NNBR opened at $8.03 on Wednesday. The firm has a market capitalization of $332.16 million, a PE ratio of 7.13 and a beta of 1.56. The firm’s 50 day moving average price is $8.60. The company has a debt-to-equity ratio of 2.26, a quick ratio of 1.12 and a current ratio of 1.90. NN has a 52-week low of $5.55 and a 52-week high of $22.15.
NN (NASDAQ:NNBR) last issued its quarterly earnings data on Thursday, May 9th. The industrial products company reported $0.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.04. The firm had revenue of $213.26 million during the quarter, compared to analysts’ expectations of $209.86 million. NN had a negative net margin of 34.01% and a positive return on equity of 7.79%. On average, analysts forecast that NN will post 1.16 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 21st were issued a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 3.49%. The ex-dividend date of this dividend was Thursday, June 20th. NN’s dividend payout ratio (DPR) is presently 23.93%.
In related news, Director David Floyd purchased 9,000 shares of NN stock in a transaction dated Tuesday, May 28th. The stock was bought at an average price of $8.05 per share, for a total transaction of $72,450.00. Following the completion of the acquisition, the director now directly owns 23,660 shares of the company’s stock, valued at $190,463. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP James Robert Atkinson purchased 3,000 shares of NN stock in a transaction dated Wednesday, June 19th. The stock was bought at an average price of $8.65 per share, with a total value of $25,950.00. Following the acquisition, 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 corporate insiders.
Several institutional investors have recently added to or reduced their stakes in the company. Metropolitan Life Insurance Co NY boosted its holdings in shares of NN by 18.2% in the first quarter. Metropolitan Life Insurance Co NY now owns 12,637 shares of the industrial products company’s stock valued at $94,000 after buying an additional 1,950 shares during the period. Citigroup Inc. lifted its position in shares of NN by 35.0% in the fourth quarter. Citigroup Inc. now owns 9,947 shares of the industrial products company’s stock worth $67,000 after purchasing an additional 2,577 shares in the last quarter. Legal & General Group Plc lifted its position in shares of NN by 69.0% in the fourth quarter. Legal & General Group Plc now owns 7,303 shares of the industrial products company’s stock worth $49,000 after purchasing an additional 2,981 shares in the last quarter. Sound View Wealth Advisors LLC lifted its position in shares of NN by 4.6% in the first quarter. Sound View Wealth Advisors LLC now owns 113,184 shares of the industrial products company’s stock worth $848,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Wilen Investment Management CORP. lifted its position in shares of NN by 1.9% in the first quarter. Wilen Investment Management CORP. now owns 269,166 shares of the industrial products company’s stock worth $1,978,000 after purchasing an additional 5,100 shares in the last quarter. Institutional investors own 99.36% of the company’s stock.
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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