NN (NASDAQ:NNBR) Announces Quarterly Earnings Results

NN (NASDAQ:NNBR) released its quarterly earnings data on Wednesday. The industrial products company reported $0.11 earnings per share for the quarter, FiscalAI reports. The firm had revenue of $128.74 million for the quarter, compared to analyst estimates of $116.09 million. NN had a negative net margin of 6.21% and a positive return on equity of 18.24%.

NN Price Performance

Shares of NASDAQ:NNBR traded down $0.08 on Friday, reaching $3.79. 3,842,183 shares of the company traded hands, compared to its average volume of 1,786,185. The company’s 50 day moving average is $3.24 and its 200-day moving average is $2.32. The stock has a market capitalization of $199.88 million, a PE ratio of -3.94 and a beta of 2.57. NN has a fifty-two week low of $1.10 and a fifty-two week high of $4.48. The company has a debt-to-equity ratio of 6.39, a current ratio of 1.87 and a quick ratio of 1.16.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on NNBR shares. Zacks Research upgraded shares of NN from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 6th. B. Riley Financial cut NN from a “buy” rating to a “neutral” rating in a research report on Monday, May 11th. Weiss Ratings restated a “sell (d-)” rating on shares of NN in a research report on Friday, July 17th. Craig Hallum initiated coverage on shares of NN in a research report on Monday, July 20th. They set a “buy” rating and a $7.00 price objective for the company. Finally, Lake Street Capital reaffirmed a “buy” rating and issued a $7.00 price objective on shares of NN in a research note on Friday. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, NN presently has a consensus rating of “Hold” and an average target price of $5.67.

Insider Buying and Selling

In other news, Director Raymond T. White sold 18,782 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $2.41, for a total transaction of $45,264.62. Following the completion of the sale, the director directly owned 858,283 shares of the company’s stock, valued at $2,068,462.03. This trade represents a 2.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 19.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Nantahala Capital Management LLC boosted its holdings in NN by 69.4% during the second quarter. Nantahala Capital Management LLC now owns 2,441,416 shares of the industrial products company’s stock worth $5,127,000 after purchasing an additional 1,000,000 shares during the last quarter. Paradigm Capital Management Inc. NY lifted its position in NN by 21.3% during the second quarter. Paradigm Capital Management Inc. NY now owns 2,758,252 shares of the industrial products company’s stock worth $5,792,000 after acquiring an additional 483,952 shares during the last quarter. UBS Group AG increased its position in NN by 15,147.1% during the 3rd quarter. UBS Group AG now owns 279,632 shares of the industrial products company’s stock worth $576,000 after buying an additional 277,798 shares during the period. Renaissance Technologies LLC raised its stake in NN by 291.0% in the 4th quarter. Renaissance Technologies LLC now owns 367,500 shares of the industrial products company’s stock worth $470,000 after purchasing an additional 273,500 shares in the last quarter. Finally, First Manhattan CO. LLC. grew its position in NN by 8.2% during the fourth quarter. First Manhattan CO. LLC. now owns 3,003,800 shares of the industrial products company’s stock worth $3,845,000 after buying an additional 228,800 shares in the last quarter. Institutional investors own 53.92% of the company’s stock.

NN Company Profile

NN, Inc (NASDAQ: NNBR) is a diversified industrial manufacturing company specializing in engineered metal components, powder metal parts and friction materials. Through its subsidiaries, the company develops and produces precision-rolled products for powertrain and chassis applications, engineered friction products for brake and transmission systems, and various metal powders used in automotive, industrial and energy markets. Its offerings span a wide range of component sizes and complexity, from thin?gauge strips for hybrid and electric vehicle applications to high?volume sintered parts for commercial and consumer products.

The company’s operations are organized into three business segments.