Royal Bank of Canada Has $60.70 Million Stake in NN, Inc. (NNBR)
Royal Bank of Canada increased its stake in NN, Inc. (NASDAQ:NNBR) by 3.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,211,167 shares of the industrial products company’s stock after acquiring an additional 69,123 shares during the period. Royal Bank of Canada owned approximately 8.05% of NN worth $60,698,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Goldman Sachs Group Inc. raised its stake in shares of NN by 108.9% in the second quarter. Goldman Sachs Group Inc. now owns 25,226 shares of the industrial products company’s stock valued at $692,000 after acquiring an additional 13,153 shares in the last quarter. Tudor Investment Corp ET AL acquired a new stake in shares of NN in the second quarter valued at $298,000. Voya Investment Management LLC raised its stake in shares of NN by 20.0% in the second quarter. Voya Investment Management LLC now owns 12,222 shares of the industrial products company’s stock valued at $335,000 after acquiring an additional 2,037 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of NN by 0.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,306,845 shares of the industrial products company’s stock valued at $63,323,000 after acquiring an additional 18,750 shares in the last quarter. Finally, Virtu KCG Holdings LLC acquired a new stake in shares of NN in the second quarter valued at $323,000. Institutional investors and hedge funds own 91.27% of the company’s stock.
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NN, Inc. (NASDAQ:NNBR) traded up 0.4030% during trading on Thursday, reaching $29.7193. The company had a trading volume of 1,265 shares. The stock has a 50 day moving average price of $26.80 and a 200-day moving average price of $27.23. The company’s market capitalization is $818.47 million. NN, Inc. has a 52-week low of $13.43 and a 52-week high of $31.65.
NN (NASDAQ:NNBR) last issued its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.03. NN had a negative net margin of 0.77% and a positive return on equity of 14.58%. The firm had revenue of $225.88 million for the quarter, compared to analyst estimates of $221.00 million. During the same quarter in the previous year, the business posted $0.46 EPS. The firm’s revenue was up 5.4% compared to the same quarter last year. On average, equities research analysts anticipate that NN, Inc. will post $1.60 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 issued a $0.07 dividend. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $0.28 dividend on an annualized basis and a yield of 0.95%. NN’s dividend payout ratio is currently -116.67%.
In other news, Director Steven T. Warshaw sold 3,000 shares of the company’s stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $27.78, for a total value of $83,340.00. Following the sale, the director now owns 57,732 shares in the company, valued at approximately $1,603,794.96. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Steven T. Warshaw sold 2,000 shares of the company’s 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 sale, the director now owns 58,732 shares in the company, valued at approximately $1,575,192.24. The disclosure for this sale can be found here. Insiders sold a total of 16,000 shares of company stock worth $436,660 in the last quarter. 2.80% of the stock is currently owned by company insiders.
NNBR has been the topic of several analyst reports. SunTrust Banks, Inc. initiated coverage on NN in a research note 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. William Blair reissued a “market perform” rating on shares of NN in a report on Thursday, August 31st. Zacks Investment Research lowered NN from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. BidaskClub lowered NN from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Finally, KeyCorp reissued a “buy” rating and issued a $36.00 target price on shares of NN in a report on Sunday, September 17th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $33.00.
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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