NN (NASDAQ:NNBR) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of NN (NASDAQ:NNBR) from a hold rating to a buy rating in a research note published on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $9.50 target price on the industrial products company’s stock.

According to Zacks, “NN, Inc. is an independent manufacturer and supplier of high quality, precision steel balls and rollers to both domestic and international anti-friction bearing manufacturers. Precision steel balls and rollers are critical moving parts of anti-friction bearings used in a wide variety of automotive, industrial and other applications. NN also manufacturers a full line of precision injection molded components serving the bearing, automotive, instrumentation, fiber optic and consumer hardware markets. (PRESS RELEASE) “

Several other research analysts have also issued reports on NNBR. BidaskClub lowered Xperi from a sell rating to a strong sell rating in a research report on Wednesday, June 19th. ValuEngine lowered Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $17.42.

Shares of NNBR opened at $8.03 on Wednesday. The company has a market cap of $340.21 million, a price-to-earnings ratio of 7.30 and a beta of 1.56. The company has a debt-to-equity ratio of 2.26, a current ratio of 1.90 and a quick ratio of 1.12. The company has a fifty day moving average price of $8.60. NN has a 52 week low of $5.55 and a 52 week high of $22.15.

NN (NASDAQ:NNBR) last posted its quarterly earnings results on Thursday, May 9th. The industrial products company reported $0.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.04. NN had a positive return on equity of 7.79% and a negative net margin of 34.01%. The business had revenue of $213.26 million for the quarter, compared to analyst estimates of $209.86 million. On average, equities analysts forecast that NN will post 1.16 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 21st were paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 3.49%. The ex-dividend date was Thursday, June 20th. NN’s payout ratio is presently 23.93%.

In other NN news, EVP James Robert Atkinson acquired 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 19th. The shares were acquired at an average price of $8.65 per share, with a total value of $25,950.00. Following the purchase, the executive vice president now owns 21,550 shares of the company’s stock, valued at approximately $186,407.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David Floyd acquired 9,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were acquired at an average cost of $8.05 per share, for a total transaction of $72,450.00. Following the purchase, the director now directly owns 23,660 shares in the company, valued at approximately $190,463. The disclosure for this purchase can be found here. Company insiders own 2.48% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC acquired a new stake in shares of NN in the 2nd quarter valued at about $68,000. Quantamental Technologies LLC acquired a new stake in shares of NN in the 1st quarter valued at about $55,000. Legal & General Group Plc raised its stake in shares of NN by 69.0% in the 4th quarter. Legal & General Group Plc now owns 7,303 shares of the industrial products company’s stock valued at $49,000 after purchasing an additional 2,981 shares during the period. BNP Paribas Arbitrage SA raised its stake in shares of NN by 343.0% in the 1st quarter. BNP Paribas Arbitrage SA now owns 8,763 shares of the industrial products company’s stock valued at $66,000 after purchasing an additional 6,785 shares during the period. Finally, Citigroup Inc. raised its stake in shares of NN by 35.0% in the 4th quarter. Citigroup Inc. now owns 9,947 shares of the industrial products company’s stock valued at $67,000 after purchasing an additional 2,577 shares during the period. 99.36% of the stock is currently owned by hedge funds and other institutional investors.

NN Company Profile

NN, Inc, a diversified industrial company, designs and manufactures high-precision components and assemblies in the United States, Europe, Asia, Canada, Mexico, South America, and internationally. It operates through Autocam Precision Components Group and Precision Engineered Products Group segments.

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