Noble Financial Initiates Coverage on NN (NASDAQ:NNBR)

Noble Financial assumed coverage on shares of NN (NASDAQ:NNBR) in a report released on Monday, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $6.00 price objective on the industrial products company’s stock. Noble Financial also issued estimates for NN’s Q1 2024 earnings at ($0.10) EPS, Q2 2024 earnings at ($0.06) EPS, Q3 2024 earnings at ($0.01) EPS, Q4 2024 earnings at ($0.01) EPS, FY2024 earnings at ($0.19) EPS and FY2025 earnings at ($0.02) EPS.

Several other analysts have also weighed in on the company. TheStreet raised NN from a d rating to a c- rating in a research note on Wednesday, February 14th. StockNews.com raised NN from a sell rating to a hold rating in a research note on Wednesday, March 20th.

NN Stock Performance

NASDAQ:NNBR opened at $3.88 on Monday. The stock’s 50-day simple moving average is $4.64 and its 200 day simple moving average is $3.56. The firm has a market capitalization of $192.21 million, a PE ratio of -2.87 and a beta of 3.02. The company has a quick ratio of 1.36, a current ratio of 2.24 and a debt-to-equity ratio of 1.19. NN has a twelve month low of $0.97 and a twelve month high of $5.40.

NN (NASDAQ:NNBR) last released its quarterly earnings data on Monday, March 11th. The industrial products company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.05). The business had revenue of $112.53 million during the quarter, compared to analyst estimates of $116.00 million. NN had a negative net margin of 10.25% and a negative return on equity of 9.19%. On average, analysts anticipate that NN will post -0.21 EPS for the current fiscal year.

Institutional Trading of NN

Hedge funds have recently made changes to their positions in the company. LPL Financial LLC acquired a new stake in shares of NN during the second quarter valued at about $28,000. Prudential Financial Inc. acquired a new position in shares of NN in the second quarter worth approximately $39,000. Barclays PLC lifted its stake in shares of NN by 703.0% in the fourth quarter. Barclays PLC now owns 17,071 shares of the industrial products company’s stock worth $68,000 after acquiring an additional 14,945 shares during the period. Cannon Global Investment Management LLC acquired a new position in shares of NN in the first quarter worth approximately $85,000. Finally, Virtu Financial LLC acquired a new position in shares of NN in the fourth quarter worth approximately $104,000. 53.92% of the stock is owned by institutional investors and hedge funds.

NN Company Profile

NN, Inc, together with its subsidiaries, designs, manufactures, and sells high-precision components and assemblies for various end markets in the United States and internationally. It operates through two segments, Mobile Solutions and Power Solutions. The Mobile Solutions segment manufactures and sells system critical components for automotive, general industrial, and medical end markets for use in power steering, braking, transmissions, gasoline fuel system, diesel injection, and diesel emissions treatment applications, as well as in heating, ventilation, and air conditioning.