NN (NNBR) Stock Price Down 5.2% Following Analyst Downgrade
NN, Inc. (NASDAQ:NNBR) shares were down 5.2% during trading on Friday after Zacks Investment Research downgraded the stock from a hold rating to a strong sell rating. The stock traded as low as $12.55 and last traded at $12.67. Approximately 671,025 shares changed hands during mid-day trading, an increase of 205% from the average daily volume of 219,770 shares. The stock had previously closed at $13.36.
Several other research analysts have also commented on NNBR. BidaskClub lowered shares of NN from a “hold” rating to a “sell” rating in a report on Wednesday, June 20th. ValuEngine lowered shares of NN from a “sell” rating to a “strong sell” rating in a report on Wednesday, June 27th. KeyCorp decreased their price objective on shares of NN from $36.00 to $28.00 and set an “overweight” rating for the company in a report on Monday, July 16th. SunTrust Banks restated a “buy” rating and issued a $33.00 price objective on shares of NN in a report on Sunday, August 12th. Finally, Stifel Nicolaus restated a “hold” rating and issued a $23.00 price objective (down from $26.00) on shares of NN in a report on Monday, August 13th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. NN has a consensus rating of “Hold” and an average target price of $24.40.
In other NN news, VP Matthew S. Heiter purchased 2,150 shares of the firm’s stock in a transaction that occurred on Monday, September 17th. The stock was bought at an average cost of $15.99 per share, for a total transaction of $34,378.50. Following the purchase, the vice president now directly owns 18,184 shares in the company, valued at $290,762.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Richard D. Holder purchased 3,100 shares of the firm’s stock in a transaction that occurred on Friday, September 14th. The stock was acquired at an average price of $16.04 per share, with a total value of $49,724.00. Following the completion of the purchase, the chief executive officer now owns 173,401 shares in the company, valued at $2,781,352.04. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 6,450 shares of company stock valued at $103,387. 2.74% of the stock is owned by company insiders.
The company has a current ratio of 2.62, a quick ratio of 1.78 and a debt-to-equity ratio of 2.35. The company has a market capitalization of $432.58 million, a PE ratio of 8.17 and a beta of 1.10.
NN (NASDAQ:NNBR) last issued its quarterly earnings results on Thursday, August 9th. The industrial products company reported $0.38 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.38. The company had revenue of $196.30 million during the quarter, compared to analyst estimates of $197.21 million. NN had a net margin of 3.05% and a return on equity of 7.64%. NN’s quarterly revenue was up 24.3% compared to the same quarter last year. During the same period last year, the business earned $0.51 EPS. On average, equities analysts expect that NN, Inc. will post 1.47 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 17th. Shareholders of record on Monday, September 3rd were paid a dividend of $0.07 per share. The ex-dividend date was Thursday, August 30th. This represents a $0.28 dividend on an annualized basis and a yield of 2.21%. NN’s dividend payout ratio is currently 18.06%.
About NN (NASDAQ:NNBR)
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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