NN, Inc. (NNBR) Shares Sold by Bank of New York Mellon Corp
Bank of New York Mellon Corp trimmed its holdings in NN, Inc. (NASDAQ:NNBR) by 6.6% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 175,106 shares of the industrial products company’s stock after selling 12,356 shares during the quarter. Bank of New York Mellon Corp owned about 0.64% of NN worth $4,806,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in NNBR. Envestnet Asset Management Inc. increased its holdings in NN by 10.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 5,667 shares of the industrial products company’s stock worth $143,000 after buying an additional 530 shares in the last quarter. US Bancorp DE increased its holdings in 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 buying an additional 457 shares in the last quarter. American International Group Inc. increased its holdings in NN by 7.1% in the 1st quarter. American International Group Inc. now owns 16,153 shares of the industrial products company’s stock worth $407,000 after buying an additional 1,064 shares in the last quarter. UBS Group AG increased its holdings in NN by 255.9% in the 1st quarter. UBS Group AG now owns 20,255 shares of the industrial products company’s stock worth $511,000 after buying an additional 14,564 shares in the last quarter. Finally, Wells Fargo & Company MN increased its holdings in 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 buying an additional 176 shares in the last quarter. Institutional investors own 91.27% of the company’s stock.
Several research firms recently commented on NNBR. Zacks Investment Research downgraded NN from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 9th. BidaskClub downgraded NN from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. William Blair reiterated a “market perform” rating on shares of NN in a report on Thursday, August 17th. KeyCorp reiterated a “buy” rating and issued a $36.00 price objective on shares of NN in a report on Sunday, September 17th. Finally, SunTrust Banks, Inc. began 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 analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $33.00.
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In other news, insider Thomas C. Jr. Burwell sold 6,000 shares of the firm’s stock in a transaction dated Monday, September 18th. The stock was 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 $1,037,181.78. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Steven T. Warshaw sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $27.78, for a total value of $83,340.00. Following the completion of the transaction, the director now owns 57,732 shares of the company’s stock, valued at $1,603,794.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 16,000 shares of company stock valued at $436,660. 2.80% of the stock is currently owned by company insiders.
Shares of NN, Inc. (NASDAQ:NNBR) opened at 29.50 on Friday. NN, Inc. has a 12-month low of $13.43 and a 12-month high of $31.65. The company has a 50-day moving average price of $26.90 and a 200 day moving average price of $27.25. The company’s market capitalization is $812.43 million.
NN (NASDAQ:NNBR) last released its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $0.51 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $225.88 million during the quarter, compared to analysts’ expectations of $221.00 million. During the same period last year, the business posted $0.46 earnings per share. The firm’s revenue was up 5.4% compared to the same quarter last year. On average, equities analysts anticipate that NN, Inc. will post $1.60 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date was Wednesday, August 30th. NN’s dividend payout ratio (DPR) is presently -116.67%.
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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