Rhumbline Advisers Sells 1,350 Shares of NN, Inc. (NNBR)
Rhumbline Advisers lessened its holdings in shares of NN, Inc. (NASDAQ:NNBR) by 4.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,673 shares of the industrial products company’s stock after selling 1,350 shares during the period. Rhumbline Advisers owned approximately 0.11% of NN worth $815,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also modified their holdings of the company. Envestnet Asset Management Inc. raised its holdings in shares of NN by 10.3% during the first quarter. Envestnet Asset Management Inc. now owns 5,667 shares of the industrial products company’s stock worth $143,000 after purchasing an additional 530 shares during the last quarter. Bank of Montreal Can purchased a new position in shares of NN during the first quarter worth $162,000. US Bancorp DE raised its holdings in shares of NN by 4.5% during the first quarter. US Bancorp DE now owns 10,522 shares of the industrial products company’s stock worth $265,000 after purchasing an additional 457 shares during the last quarter. American International Group Inc. raised its holdings in shares of NN by 7.1% during the first quarter. American International Group Inc. now owns 16,153 shares of the industrial products company’s stock worth $407,000 after purchasing an additional 1,064 shares during the last quarter. Finally, UBS Group AG raised its holdings in shares of NN by 255.9% during the first quarter. UBS Group AG now owns 20,255 shares of the industrial products company’s stock worth $511,000 after purchasing an additional 14,564 shares during the last quarter. 91.27% of the stock is owned by hedge funds and other institutional investors.
In other NN news, Director Steven T. Warshaw sold 2,000 shares of the company’s stock in a transaction on 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 owns 58,732 shares in the company, valued at approximately $1,575,192.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Steven T. Warshaw sold 3,000 shares of the company’s stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $27.78, for a total transaction of $83,340.00. Following the transaction, the director now owns 57,732 shares of the company’s stock, valued at approximately $1,603,794.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,000 shares of company stock valued at $436,660. 2.80% of the stock is owned by insiders.
Several brokerages recently issued reports on NNBR. Zacks Investment Research cut shares of NN from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 9th. BidaskClub cut shares of NN from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. TheStreet raised shares of NN from a “c+” rating to a “b” rating in a report on Monday, June 5th. William Blair reissued a “market perform” rating on shares of NN in a report on Thursday, August 17th. Finally, KeyCorp reissued a “buy” rating and set a $36.00 target price on shares of NN in a report on Sunday, September 17th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $31.40.
Shares of NN, Inc. (NASDAQ NNBR) opened at 28.90 on Thursday. The company’s 50-day moving average is $26.01 and its 200 day moving average is $26.78. NN, Inc. has a 52-week low of $13.43 and a 52-week high of $31.65. The firm’s market cap is $795.91 million.
NN (NASDAQ:NNBR) last announced its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.51 EPS for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.03. The company had revenue of $225.88 million during the quarter, compared to the consensus estimate of $221.00 million. NN had a negative net margin of 0.77% and a positive return on equity of 14.58%. NN’s quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.46 EPS. On average, analysts expect that NN, Inc. will post $1.62 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were given a dividend of $0.07 per share. The ex-dividend date was Wednesday, August 30th. This represents a $0.28 dividend on an annualized basis and a yield of 0.97%. NN’s payout ratio is currently -116.67%.
NN Company Profile
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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