Poplar Forest Capital LLC Cuts Position in NN, Inc. (NNBR)
Poplar Forest Capital LLC reduced its stake in NN, Inc. (NASDAQ:NNBR) by 2.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,929 shares of the industrial products company’s stock after selling 1,000 shares during the quarter. Poplar Forest Capital LLC owned 0.12% of NN worth $931,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Envestnet Asset Management Inc. lifted its position in NN by 10.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 5,667 shares of the industrial products company’s stock valued at $143,000 after acquiring an additional 530 shares in the last quarter. Bank of Montreal Can bought a new stake in NN in the 1st quarter valued at $162,000. US Bancorp DE lifted its position in NN by 4.5% in the 1st quarter. US Bancorp DE now owns 10,522 shares of the industrial products company’s stock valued at $265,000 after acquiring an additional 457 shares in the last quarter. American International Group Inc. lifted its position in NN by 7.1% in the 1st quarter. American International Group Inc. now owns 16,153 shares of the industrial products company’s stock valued at $407,000 after acquiring an additional 1,064 shares in the last quarter. Finally, UBS Group AG lifted its position in NN by 255.9% in the 1st quarter. UBS Group AG now owns 20,255 shares of the industrial products company’s stock valued at $511,000 after acquiring an additional 14,564 shares in the last quarter. 91.27% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Steven T. Warshaw sold 2,000 shares of NN stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $26.82, for a total transaction of $53,640.00. Following the completion of the transaction, the director now directly owns 58,732 shares in the company, valued at $1,575,192.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven T. Warshaw sold 5,000 shares of NN stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $27.08, for a total transaction of $135,400.00. Following the transaction, the director now owns 58,732 shares of the company’s stock, valued at $1,590,462.56. The disclosure for this sale can be found here. 2.80% of the stock is owned by company insiders.
NN, Inc. (NNBR) traded up 3.35% during midday trading on Friday, reaching $27.80. 252,597 shares of the company traded hands. NN, Inc. has a 12-month low of $13.43 and a 12-month high of $31.65. The stock’s market capitalization is $765.61 million. The company has a 50 day moving average of $26.01 and a 200-day moving average of $26.61.
NN (NASDAQ:NNBR) last issued its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. The firm had revenue of $225.88 million during the quarter, compared to analysts’ expectations of $221.00 million. NN had a negative net margin of 0.77% and a positive return on equity of 14.58%. The business’s revenue was up 5.4% on a year-over-year basis. During the same period last year, the company earned $0.46 earnings per share. Equities analysts anticipate that NN, Inc. will post $1.62 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date of this dividend was Wednesday, August 30th. NN’s dividend payout ratio is currently -116.67%.
Several equities research analysts recently commented on NNBR shares. TheStreet raised shares of NN from a “c+” rating to a “b” rating in a research report on Monday, June 5th. ValuEngine raised shares of NN from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. SunTrust Banks, Inc. started coverage on shares of NN in a research report on Thursday, June 15th. They issued a “buy” rating and a $37.00 price objective on the stock. They noted that the move was a valuation call. Zacks Investment Research cut shares of NN from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 5th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $29.00 price objective on shares of NN in a research report on Friday, August 4th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $30.25.
NN, Inc is a diversified industrial company and a global manufacturer of high precision components and assemblies to a range of markets on a global basis. The Company’s operating segments include: the Precision Engineered Products Group and the Autocam Precision Components Group. Precision Engineered Products Group combines materials science capability with engineering and production solutions to design and manufacture a range of high-precision metal and plastic components, assemblies and finished devices for the medical, electrical, automotive and aerospace end markets.
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