NN (NNBR) Given New $20.00 Price Target at KeyCorp

NN (NASDAQ:NNBR) had its target price reduced by KeyCorp from $28.00 to $20.00 in a report issued on Friday, The Fly reports. They currently have an overweight rating on the industrial products company’s stock.

NNBR has been the subject of a number of other research reports. ValuEngine lowered shares of NN from a sell rating to a strong sell rating in a research note on Monday, August 13th. William Blair reaffirmed a market perform rating on shares of NN in a research note on Friday, September 28th. Zacks Investment Research lowered shares of NN from a hold rating to a sell rating in a research note on Tuesday, August 14th. BidaskClub raised shares of NN from a strong sell rating to a sell rating in a research note on Tuesday, July 31st. Finally, Stifel Nicolaus reaffirmed a hold rating and issued a $23.00 price objective (down previously from $26.00) on shares of NN in a research note on Monday, August 13th. Three analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. NN presently has a consensus rating of Hold and a consensus target price of $22.80.

NN stock traded down $0.29 during mid-day trading on Friday, hitting $7.79. The company’s stock had a trading volume of 1,625,005 shares, compared to its average volume of 449,500. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.78 and a current ratio of 2.62. The firm has a market cap of $341.07 million, a price-to-earnings ratio of 5.02 and a beta of 1.38. NN has a twelve month low of $7.74 and a twelve month high of $29.50.

NN (NASDAQ:NNBR) last posted its quarterly earnings results on Thursday, November 8th. The industrial products company reported $0.30 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.06). The business had revenue of $205.68 million during the quarter, compared to analyst estimates of $210.30 million. NN had a return on equity of 7.66% and a net margin of 1.38%. The company’s quarterly revenue was up 38.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.23 EPS. As a group, equities analysts predict that NN will post 1.45 EPS for the current fiscal year.

In related news, VP Matthew S. Heiter bought 2,150 shares of the firm’s stock in a transaction on Monday, September 17th. The stock was bought at an average price of $15.99 per share, with a total value of $34,378.50. Following the purchase, the vice president now directly owns 18,184 shares of the company’s stock, valued at approximately $290,762.16. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Richard D. Holder bought 3,100 shares of the firm’s stock in a transaction on Friday, September 14th. The shares were bought at an average cost of $16.04 per share, with a total value of $49,724.00. Following the purchase, the chief executive officer now directly owns 173,401 shares in the company, valued at $2,781,352.04. The disclosure for this purchase can be found here. Insiders purchased a total of 6,450 shares of company stock valued at $103,387 in the last ninety days. Company insiders own 2.74% of the company’s stock.

Several large investors have recently modified their holdings of NNBR. Jennison Associates LLC boosted its stake in shares of NN by 57.1% during the 3rd quarter. Jennison Associates LLC now owns 3,457,297 shares of the industrial products company’s stock valued at $53,934,000 after buying an additional 1,256,116 shares during the period. Wells Fargo & Company MN boosted its stake in shares of NN by 196.4% during the 3rd quarter. Wells Fargo & Company MN now owns 1,499,160 shares of the industrial products company’s stock valued at $23,387,000 after buying an additional 993,387 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of NN by 8,796.4% during the 3rd quarter. Russell Investments Group Ltd. now owns 470,174 shares of the industrial products company’s stock valued at $7,335,000 after buying an additional 464,889 shares during the period. Smith Graham & Co. Investment Advisors LP acquired a new stake in shares of NN during the 2nd quarter valued at $8,024,000. Finally, Elk Creek Partners LLC boosted its stake in shares of NN by 47.0% during the 3rd quarter. Elk Creek Partners LLC now owns 1,059,076 shares of the industrial products company’s stock valued at $16,522,000 after buying an additional 338,669 shares during the period. 96.89% of the stock is owned by institutional investors.

About NN

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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