KeyCorp Reaffirms “Buy” Rating for NN, Inc. (NNBR)
KeyCorp reaffirmed their buy rating on shares of NN, Inc. (NASDAQ:NNBR) in a research report released on Friday morning. They currently have a $36.00 price target on the industrial products company’s stock.
Several other equities research analysts have also issued reports on the stock. William Blair restated a market perform rating on shares of NN in a research note on Thursday, August 31st. Zacks Investment Research lowered shares of NN from a hold rating to a strong sell rating in a research note on Wednesday, August 9th. Stifel Nicolaus reiterated a hold rating and issued a $29.00 price objective on shares of NN in a research note on Friday, August 4th. Finally, BidaskClub lowered shares of NN from a sell rating to a strong sell rating in a research note on Wednesday, August 2nd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $33.00.
Shares of NN (NNBR) opened at 30.70 on Friday. The company’s market cap is $845.48 million. The stock’s 50 day moving average price is $28.35 and its 200-day moving average price is $27.69. NN has a one year low of $13.43 and a one year high of $31.65.
NN (NASDAQ:NNBR) last issued its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $0.51 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.03. NN had a negative net margin of 0.77% and a positive return on equity of 14.58%. The company had revenue of $225.88 million during the quarter, compared to analyst estimates of $221.00 million. During the same quarter last year, the business posted $0.46 EPS. NN’s quarterly revenue was up 5.4% compared to the same quarter last year. On average, analysts expect that NN will post $1.60 EPS for the current year.
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In related news, insider Thomas C. Jr. Burwell sold 6,000 shares of NN stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $27.38, for a total value of $164,280.00. Following the completion of the transaction, the insider now directly owns 37,881 shares in the company, valued at approximately $1,037,181.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven T. Warshaw sold 2,000 shares of NN stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $26.82, for a total transaction of $53,640.00. Following the completion of the transaction, the director now owns 58,732 shares of the company’s stock, valued at $1,575,192.24. The disclosure for this sale can be found here. Insiders sold a total of 16,000 shares of company stock valued at $436,660 over the last quarter. 2.80% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its stake in NN by 0.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,306,845 shares of the industrial products company’s stock valued at $63,323,000 after buying an additional 18,750 shares in the last quarter. Royal Bank of Canada grew its stake in NN by 3.2% in the 2nd quarter. Royal Bank of Canada now owns 2,211,167 shares of the industrial products company’s stock valued at $60,698,000 after buying an additional 69,123 shares in the last quarter. Nuveen Asset Management LLC grew its stake in NN by 31.2% in the 1st quarter. Nuveen Asset Management LLC now owns 1,176,352 shares of the industrial products company’s stock valued at $29,644,000 after buying an additional 279,795 shares in the last quarter. Vanguard Group Inc. grew its stake in NN by 5.0% in the 2nd quarter. Vanguard Group Inc. now owns 1,135,524 shares of the industrial products company’s stock valued at $31,171,000 after buying an additional 53,688 shares in the last quarter. Finally, State Street Corp grew its stake in NN by 4.8% in the 2nd quarter. State Street Corp now owns 490,158 shares of the industrial products company’s stock valued at $13,454,000 after buying an additional 22,530 shares in the last quarter. Institutional investors and hedge funds own 91.27% of the company’s stock.
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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