NN, Inc. (NNBR) Earns “Buy” Rating from KeyCorp
NN, Inc. (NASDAQ:NNBR)‘s stock had its “buy” rating reaffirmed by investment analysts at KeyCorp in a note issued to investors on Sunday. They currently have a $36.00 price target on the industrial products company’s stock. KeyCorp’s price target suggests a potential upside of 29.50% from the stock’s previous close.
NNBR has been the subject of several other research reports. Zacks Investment Research cut NN from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 9th. William Blair reiterated a “market perform” rating on shares of NN in a report on Thursday, August 17th. ValuEngine upgraded NN from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Stifel Nicolaus reiterated a “hold” rating and issued a $29.00 price objective on shares of NN in a report on Friday, August 4th. Finally, SunTrust Banks, Inc. initiated coverage on NN in a report on Thursday, June 15th. They issued a “buy” rating and a $37.00 price objective for the company. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $31.40.
Shares of NN (NASDAQ NNBR) traded up 3.35% during midday trading on Friday, reaching $27.80. The company’s stock had a trading volume of 252,597 shares. NN has a 12-month low of $13.43 and a 12-month high of $31.65. The company’s 50-day moving average price is $26.01 and its 200 day moving average price is $26.61. The company’s market capitalization is $765.61 million.
NN (NASDAQ:NNBR) last released its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.03. NN had a positive return on equity of 14.58% and a negative net margin of 0.77%. The business had revenue of $225.88 million during the quarter, compared to analysts’ expectations of $221.00 million. During the same quarter last year, the business posted $0.46 EPS. The business’s revenue was up 5.4% on a year-over-year basis. On average, equities research analysts forecast that NN will post $1.62 earnings per share for the current year.
In other news, Director Steven T. Warshaw sold 2,000 shares of the stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $26.82, for a total value of $53,640.00. Following the completion of the transaction, the director now owns 58,732 shares of the company’s stock, valued at approximately $1,575,192.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Steven T. Warshaw sold 5,000 shares of the stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $27.08, for a total value of $135,400.00. Following the completion of the transaction, the director now directly owns 58,732 shares of the company’s stock, valued at approximately $1,590,462.56. The disclosure for this sale can be found here. 2.80% of the stock is currently owned by corporate insiders.
Several large investors have recently made changes to their positions in NNBR. Teachers Advisors LLC raised its position in shares of NN by 13.5% in the 4th quarter. Teachers Advisors LLC now owns 47,211 shares of the industrial products company’s stock worth $899,000 after acquiring an additional 5,604 shares in the last quarter. Bank of Montreal Can bought a new position in shares of NN in the 1st quarter worth approximately $162,000. Wells Fargo & Company MN raised its position in shares of NN by 0.7% in the 1st quarter. Wells Fargo & Company MN now owns 25,214 shares of the industrial products company’s stock worth $635,000 after acquiring an additional 176 shares in the last quarter. US Bancorp DE raised its position in shares of NN by 4.5% in the 1st quarter. US Bancorp DE now owns 10,522 shares of the industrial products company’s stock worth $265,000 after acquiring an additional 457 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of NN by 7.6% in the 1st quarter. Bank of New York Mellon Corp now owns 187,462 shares of the industrial products company’s stock worth $4,724,000 after acquiring an additional 13,276 shares in the last quarter. 91.27% of the stock is owned by hedge funds and other institutional investors.
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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