NN, Inc. (NASDAQ:NNBR) Downgraded to “Strong Sell” at Zacks Investment Research

Zacks Investment Research cut shares of NN, Inc. (NASDAQ:NNBR) from a hold rating to a strong sell rating in a research note released on Wednesday morning.

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 firms have also weighed in on NNBR. William Blair restated a market perform rating on shares of NN in a research note on Tuesday, July 11th. ValuEngine upgraded shares of NN from a hold rating to a buy rating in a research note on Friday, June 2nd. TheStreet upgraded shares of NN from a c+ rating to a b rating in a research note on Monday, June 5th. BidaskClub lowered shares of NN from a hold rating to a sell rating in a research note on Thursday, July 27th. Finally, SunTrust Banks, Inc. assumed coverage on shares of NN in a research note on Thursday, June 15th. They set a buy rating and a $37.00 price objective on the stock. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. NN has an average rating of Hold and an average target price of $30.25.

NN (NASDAQ NNBR) traded down 1.55% during midday trading on Wednesday, reaching $25.40. 179,722 shares of the company’s stock were exchanged. The firm has a 50-day moving average price of $27.93 and a 200 day moving average price of $25.53. The company’s market cap is $697.61 million. NN has a 52 week low of $13.43 and a 52 week high of $31.65.

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. The company had revenue of $225.88 million for the quarter, compared to analyst estimates of $221 million. NN had a negative net margin of 0.77% and a positive return on equity of 14.45%. NN’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.46 EPS. Analysts anticipate that NN will post $1.62 EPS for the current year.

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A number of hedge funds and other institutional investors have recently made changes to their positions in NNBR. Wells Fargo & Company MN raised its position in shares of NN by 0.7% in the first 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 during the period. US Bancorp DE raised its position in shares of NN by 4.5% in the first 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 during the period. Envestnet Asset Management Inc. raised its position in shares of NN by 10.3% in the first 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 during the period. First Manhattan Co. raised its position in shares of NN by 0.5% in the first quarter. First Manhattan Co. now owns 209,600 shares of the industrial products company’s stock worth $3,825,000 after buying an additional 950 shares during the period. Finally, American International Group Inc. raised its position in shares of NN by 7.1% in the first 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 during the period. Institutional investors and hedge funds own 96.40% of the company’s stock.

NN Company Profile

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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