Zacks Investment Research cut shares of NN (NASDAQ:NNBR) from a buy rating to a hold rating in a report issued on Friday.
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. BidaskClub lowered NN from a sell rating to a strong sell rating in a research report on Tuesday, February 27th. ValuEngine lowered NN from a strong-buy rating to a buy rating in a research report on Friday, December 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. NN has a consensus rating of Hold and a consensus price target of $32.25.
NN (NASDAQ:NNBR) last posted its quarterly earnings results on Thursday, March 8th. The industrial products company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.01). The company had revenue of $156.14 million during the quarter, compared to analysts’ expectations of $154.67 million. NN had a return on equity of 11.94% and a net margin of 4.87%. NN’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.21 EPS. research analysts expect that NN will post 1.8 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 2nd. Investors of record on Friday, February 16th were issued a $0.07 dividend. The ex-dividend date was Thursday, February 15th. This represents a $0.28 annualized dividend and a yield of 1.15%. NN’s payout ratio is -23.14%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. increased its holdings in NN by 34.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 44,373 shares of the industrial products company’s stock worth $1,287,000 after buying an additional 11,398 shares in the last quarter. State Street Corp increased its holdings in NN by 4.8% in the 2nd quarter. State Street Corp now owns 490,158 shares of the industrial products company’s stock worth $13,454,000 after buying an additional 22,530 shares in the last quarter. Elk Creek Partners LLC increased its holdings in NN by 48.6% in the 3rd quarter. Elk Creek Partners LLC now owns 507,602 shares of the industrial products company’s stock worth $14,720,000 after buying an additional 166,092 shares in the last quarter. American Century Companies Inc. bought a new stake in NN in the 3rd quarter worth about $343,000. Finally, Goldman Sachs Group Inc. increased its holdings in NN by 108.9% in the 2nd quarter. Goldman Sachs Group Inc. now owns 25,226 shares of the industrial products company’s stock worth $692,000 after buying an additional 13,153 shares in the last quarter. Institutional investors own 95.81% of the company’s stock.
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NN, Inc is a diversified industrial company and a global manufacturer of high precision components and assemblies to a range of markets on a global basis. The Company’s operating segments include: the Precision Engineered Products Group and the Autocam Precision Components Group. Precision Engineered Products Group combines materials science capability with engineering and production solutions to design and manufacture a range of high-precision metal and plastic components, assemblies and finished devices for the medical, electrical, automotive and aerospace end markets.
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