FMR LLC lowered its stake in NN, Inc. (NASDAQ:NNBR) by 23.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 885,130 shares of the industrial products company’s stock after selling 277,006 shares during the period. FMR LLC owned approximately 3.24% of NN worth $22,306,000 as of its most recent filing with the SEC.
Several other hedge funds also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. raised its stake in NN by 10.3% in the first quarter. Envestnet Asset Management Inc. now owns 5,667 shares of the industrial products company’s stock valued at $143,000 after buying an additional 530 shares during the period. Bank of Montreal Can bought a new stake in NN during the first quarter valued at about $162,000. Highbridge Capital Management LLC bought a new stake in NN during the fourth quarter valued at about $220,000. US Bancorp DE raised its stake in NN by 4.5% in the first quarter. US Bancorp DE now owns 10,522 shares of the industrial products company’s stock valued at $265,000 after buying an additional 457 shares during the period. Finally, Metropolitan Life Insurance Co. NY raised its stake in NN by 6.4% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 18,698 shares of the industrial products company’s stock valued at $356,000 after buying an additional 1,127 shares during the period. 96.04% of the stock is currently owned by institutional investors.
Shares of NN, Inc. (NASDAQ:NNBR) opened at 28.05 on Thursday. NN, Inc. has a 1-year low of $13.43 and a 1-year high of $31.65. The company has a 50-day moving average price of $28.38 and a 200 day moving average price of $24.99. The firm has a market capitalization of $770.39 million, a price-to-earnings ratio of 45.98 and a beta of 0.63.
NN (NASDAQ:NNBR) last announced its earnings results on Thursday, May 4th. The industrial products company reported $0.47 EPS for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.05. NN had a return on equity of 14.04% and a net margin of 2.00%. The company had revenue of $226.31 million for the quarter, compared to analysts’ expectations of $215.86 million. On average, equities research analysts predict that NN, Inc. will post $1.61 EPS for the current year.
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Several analysts recently weighed in on the company. William Blair reaffirmed a “market perform” rating on shares of NN in a research note on Tuesday, July 11th. Zacks Investment Research lowered NN from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. TheStreet raised NN from a “c+” rating to a “b” rating in a research note on Monday, June 5th. ValuEngine raised NN from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, SunTrust Banks, Inc. assumed coverage on NN in a research note on Thursday, June 15th. They issued a “buy” rating and a $37.00 price objective on the stock. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. NN currently has a consensus rating of “Hold” and an average target price of $30.67.
NN, Inc is a diversified industrial company and a manufacturer of high precision bearing components, industrial plastic products and precision metal components to a range of markets on a global basis. The Company operates through three segments: the Precision Bearing Components Group, the Precision Engineered Products Group and the Autocam Precision Components Group.
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