KeyCorp Comments on NN Inc.’s FY2016 Earnings (NNBR)
NN Inc. (NASDAQ:NNBR) – Analysts at KeyCorp boosted their FY2016 earnings per share (EPS) estimates for NN in a research note issued on Tuesday. KeyCorp analyst S. Barger now forecasts that the firm will post earnings of $1.65 per share for the year, up from their prior forecast of $1.62.
NN (NASDAQ:NNBR) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.46 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.46. The company had revenue of $214.30 million for the quarter, compared to the consensus estimate of $223.14 million. NN had a negative net margin of 2.85% and a positive return on equity of 10.72%. NN’s revenue for the quarter was up 30.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.37 EPS.
Other analysts also recently issued reports about the stock. Zacks Investment Research raised shares of NN from a “strong sell” rating to a “hold” rating and set a $23.00 price objective on the stock in a report on Wednesday. William Blair reaffirmed a “market perform” rating and issued a $15.00 price objective (down from $18.00) on shares of NN in a report on Friday, June 10th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $18.00.
Shares of NN (NASDAQ:NNBR) traded down 4.409% during mid-day trading on Friday, reaching $19.319. 73,239 shares of the company’s stock were exchanged. The stock’s market capitalization is $524.03 million. NN has a 1-year low of $10.34 and a 1-year high of $20.39. The company’s 50 day moving average is $18.04 and its 200 day moving average is $16.17.
A number of hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp increased its stake in shares of NN by 0.4% in the second quarter. Bank of New York Mellon Corp now owns 145,823 shares of the company’s stock worth $2,040,000 after buying an additional 625 shares during the period. Swiss National Bank increased its stake in shares of NN by 4.3% in the second quarter. Swiss National Bank now owns 43,280 shares of the company’s stock worth $605,000 after buying an additional 1,800 shares during the period. State Street Corp increased its stake in shares of NN by 0.4% in the second quarter. State Street Corp now owns 498,464 shares of the company’s stock worth $6,976,000 after buying an additional 1,907 shares during the period. Teachers Advisors Inc. increased its stake in shares of NN by 5.0% in the second quarter. Teachers Advisors Inc. now owns 41,607 shares of the company’s stock worth $582,000 after buying an additional 1,973 shares during the period. Finally, Alliancebernstein L.P. increased its stake in shares of NN by 17.3% in the second quarter. Alliancebernstein L.P. now owns 14,900 shares of the company’s stock worth $208,000 after buying an additional 2,200 shares during the period. 98.44% of the stock is currently owned by hedge funds and other institutional investors.
The company also recently declared a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Friday, September 2nd were issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date of this dividend was Wednesday, August 31st. NN’s dividend payout ratio (DPR) is presently -34.15%.
NN Company Profile
NN, Inc is a diversified industrial company. The Company operates through three segments: the Precision Bearing Components Group, the Precision Engineered Products Group and the Autocam Precision Components Group. Within its Precision Bearing Components Group, the Company manufactures and supplies high precision bearing components, consisting of balls, cylindrical rollers, tapered rollers, spherical rollers and metal retainers for bearing and constant velocity-joint manufacturers.
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