Corre Partners Management LLC Acquires New Shares in NN, Inc. $NNBR

Corre Partners Management LLC acquired a new position in shares of NN, Inc. (NASDAQ:NNBR) in the 2nd quarter, HoldingsChannel.com reports. The fund acquired 1,238,637 shares of the industrial products company’s stock, valued at approximately $4,446,707,000. NN accounts for about 1.2% of Corre Partners Management LLC’s portfolio, making the stock its 4th largest position.

A number of other institutional investors also recently bought and sold shares of NNBR. J.W. Cole Advisors Inc. grew its holdings in NN by 11.9% in the fourth quarter. J.W. Cole Advisors Inc. now owns 90,600 shares of the industrial products company’s stock valued at $116,000 after purchasing an additional 9,600 shares during the last quarter. Corient Private Wealth LLC raised its stake in shares of NN by 16.1% during the 2nd quarter. Corient Private Wealth LLC now owns 72,000 shares of the industrial products company’s stock worth $151,000 after buying an additional 10,000 shares during the last quarter. Addison Advisors LLC purchased a new stake in shares of NN in the 2nd quarter worth about $39,000. AIGH Capital Management LLC purchased a new stake in shares of NN in the 2nd quarter worth about $41,000. Finally, AssuredPartners Investment Advisors LLC purchased a new stake in shares of NN in the 2nd quarter worth about $44,000. 53.92% of the stock is currently owned by hedge funds and other institutional investors.

NN Stock Down 3.4%

NNBR opened at $3.65 on Tuesday. The company has a quick ratio of 1.08, a current ratio of 1.79 and a debt-to-equity ratio of 7.70. The firm has a market cap of $301.42 million, a P/E ratio of -3.80 and a beta of 2.57. NN, Inc. has a 52 week low of $1.10 and a 52 week high of $4.48. The business’s fifty day simple moving average is $3.43 and its 200 day simple moving average is $2.51.

NN (NASDAQ:NNBR) last announced its earnings results on Wednesday, August 5th. The industrial products company reported $0.11 earnings per share for the quarter. NN had a negative net margin of 6.21% and a positive return on equity of 20.38%. The firm had revenue of $128.74 million during the quarter, compared to the consensus estimate of $116.09 million. As a group, equities research analysts anticipate that NN, Inc. will post 0.13 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Lake Street Capital restated a “buy” rating and set a $7.00 target price on shares of NN in a report on Friday, August 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NN in a report on Friday, July 17th. B. Riley Financial lowered shares of NN from a “buy” rating to a “neutral” rating in a research report on Monday, May 11th. Zacks Research raised shares of NN from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 6th. Finally, Craig Hallum initiated coverage on NN in a research report on Monday, July 20th. They set a “buy” rating and a $7.00 price objective for the company. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $5.67.

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.