NN (NASDAQ:NNBR) Announces Quarterly Earnings Results

NN (NASDAQ:NNBR) posted its quarterly earnings results on Wednesday. The industrial products company reported $0.11 earnings per share for the quarter, FiscalAI reports. The company had revenue of $128.74 million during the quarter, compared to the consensus estimate of $116.09 million. NN had a positive return on equity of 4.54% and a negative net margin of 7.85%.

NN Price Performance

Shares of NASDAQ NNBR opened at $4.31 on Thursday. NN has a twelve month low of $1.10 and a twelve month high of $4.44. The company has a quick ratio of 1.16, a current ratio of 1.87 and a debt-to-equity ratio of 6.39. The company has a 50 day moving average of $3.22 and a 200 day moving average of $2.31. The firm has a market cap of $227.16 million, a P/E ratio of -4.06 and a beta of 2.57.

Wall Street Analysts Forecast Growth

A number of research firms have commented on NNBR. Craig Hallum began coverage on shares of NN in a research note on Monday, July 20th. They issued a “buy” rating and a $7.00 price target for the company. B. Riley Financial lowered shares of NN from a “buy” rating to a “neutral” rating in a report on Monday, May 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of NN in a report on Friday, July 17th. Finally, Zacks Research upgraded shares of NN from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $5.00.

Insider Buying and Selling

In other news, Director Raymond T. White sold 18,782 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $2.41, for a total transaction of $45,264.62. Following the completion of the sale, the director owned 858,283 shares of the company’s stock, valued at $2,068,462.03. This represents a 2.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 19.60% of the company’s stock.

Hedge Funds Weigh In On NN

Several hedge funds have recently modified their holdings of NNBR. Captrust Financial Advisors bought a new stake in NN in the fourth quarter worth $90,000. J.W. Cole Advisors Inc. grew its stake 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 worth $116,000 after purchasing an additional 9,600 shares in the last quarter. Squarepoint Ops LLC bought a new stake in NN during the 3rd quarter valued at $88,000. Corient Private Wealth LLC grew its position in shares of NN by 16.1% in 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. Finally, Bank of America Corp DE lifted its holdings in shares of NN by 103.1% during the 2nd quarter. Bank of America Corp DE now owns 64,159 shares of the industrial products company’s stock valued at $135,000 after purchasing an additional 32,573 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.