Corre Partners Management, Llc Sells 79,757 Shares of NN (NASDAQ:NNBR) Stock

NN, Inc. (NASDAQ:NNBR) major shareholder Corre Partners Management, Llc sold 79,757 shares of the firm’s stock in a transaction on Monday, April 20th. The shares were sold at an average price of $2.24, for a total value of $178,655.68. Following the completion of the sale, the insider owned 601,037 shares in the company, valued at approximately $1,346,322.88. This represents a 11.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Corre Partners Management, Llc also recently made the following trade(s):

• On Wednesday, April 22nd, Corre Partners Management, Llc sold 94,380 shares of NN stock. The stock was sold at an average price of $2.30, for a total value of $217,074.00.
• On Tuesday, April 21st, Corre Partners Management, Llc sold 55,483 shares of NN stock. The stock was sold at an average price of $2.21, for a total value of $122,617.43.
• On Friday, April 17th, Corre Partners Management, Llc sold 348,161 shares of NN stock. The shares were sold at an average price of $2.29, for a total value of $797,288.69.
• On Thursday, April 16th, Corre Partners Management, Llc sold 40,030 shares of NN stock. The stock was sold at an average price of $2.04, for a total value of $81,661.20.
• On Wednesday, April 15th, Corre Partners Management, Llc sold 315,436 shares of NN stock. The stock was sold at an average price of $2.06, for a total value of $649,798.16.

NN Stock Performance

Shares of NNBR opened at $2.61 on Friday. The stock has a 50 day moving average price of $1.60 and a 200 day moving average price of $1.53. The company has a quick ratio of 1.09, a current ratio of 1.83 and a debt-to-equity ratio of 4.52. The company has a market capitalization of $131.00 million, a price-to-earnings ratio of -2.44, a price-to-earnings-growth ratio of 0.46 and a beta of 2.21. NN, Inc. has a 52-week low of $1.10 and a 52-week high of $2.88.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of NN in a report on Tuesday. B. Riley Financial reduced their price target on shares of NN from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Friday, March 6th. Finally, Zacks Research downgraded shares of NN from a “hold” rating to a “strong sell” rating in a research note on Wednesday, March 11th. One analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $3.00.

Institutional Investors Weigh In On NN

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Laurel Oak Wealth Management LLC acquired a new stake in shares of NN in the first quarter valued at approximately $72,000. Virtu Financial LLC purchased a new position in shares of NN during the fourth quarter worth approximately $30,000. XTX Topco Ltd increased its holdings in shares of NN by 29.3% in the 4th quarter. XTX Topco Ltd now owns 73,920 shares of the industrial products company’s stock valued at $95,000 after acquiring an additional 16,732 shares during the period. Quadrature Capital Ltd acquired a new position in shares of NN in the 4th quarter valued at $77,000. Finally, First Manhattan CO. LLC. raised its position in NN by 8.2% in the 4th quarter. First Manhattan CO. LLC. now owns 3,003,800 shares of the industrial products company’s stock valued at $3,845,000 after purchasing an additional 228,800 shares during the last quarter. Hedge funds and other institutional investors own 53.92% of the company’s stock.

NN Company Profile

NN, Inc (NASDAQ: NNBR) is a diversified industrial manufacturing company specializing in engineered metal components, powder metal parts and friction materials. Through its subsidiaries, the company develops and produces precision-rolled products for powertrain and chassis applications, engineered friction products for brake and transmission systems, and various metal powders used in automotive, industrial and energy markets. Its offerings span a wide range of component sizes and complexity, from thin‐gauge strips for hybrid and electric vehicle applications to high‐volume sintered parts for commercial and consumer products.

The company’s operations are organized into three business segments.