Corre Partners Management, Llc Sells 136,165 Shares of NN (NASDAQ:NNBR) Stock

Key Points

• Corre Partners Management, LLC sold 136,165 NNBR shares on April 27 at an average of $2.63 and, across multiple trades in April, has sold roughly 1.64 million NN shares, cutting its position by 26.76% to 372,744 shares.
• Despite the heavy insider selling, NNBR traded up 6.4% to $2.65 on Monday; the company has a market cap of about $133 million, ~54% institutional ownership, and an average analyst rating of "Reduce" with a $3.00 price target.

NN, Inc. (NASDAQ:NNBR - Get Free Report) major shareholder Corre Partners Management, Llc sold 136,165 shares of NN stock in a transaction on Monday, April 27th. The shares were sold at an average price of $2.63, for a total transaction of $358,113.95. Following the transaction, the insider owned 372,744 shares in the company, valued at $980,316.72. The trade was a 26.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Major shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.

Corre Partners Management, Llc also recently made the following trade(s):

• On Friday, April 24th, Corre Partners Management, Llc sold 12,199 shares of NN stock. The shares were sold at an average price of $2.51, for a total transaction of $30,619.49.
• On Thursday, April 23rd, Corre Partners Management, Llc sold 555,305 shares of NN stock. The shares were sold at an average price of $2.69, for a total transaction of $1,493,770.45.
• On Wednesday, April 22nd, Corre Partners Management, Llc sold 94,380 shares of NN stock. The shares were sold at an average price of $2.30, for a total transaction of $217,074.00.
• On Tuesday, April 21st, Corre Partners Management, Llc sold 55,483 shares of NN stock. The shares were sold at an average price of $2.21, for a total transaction of $122,617.43.
• On Monday, April 20th, Corre Partners Management, Llc sold 79,757 shares of NN stock. The shares were sold at an average price of $2.24, for a total transaction of $178,655.68.
• On Friday, April 17th, Corre Partners Management, Llc sold 348,161 shares of NN stock. The shares were sold at an average price of $2.29, for a total transaction of $797,288.69.
• On Thursday, April 16th, Corre Partners Management, Llc sold 40,030 shares of NN stock. The shares were sold at an average price of $2.04, for a total transaction of $81,661.20.
• On Wednesday, April 15th, Corre Partners Management, Llc sold 315,436 shares of NN stock. The shares were sold at an average price of $2.06, for a total transaction of $649,798.16.

NN Stock Up 6.4%

NNBR stock traded up $0.16 during trading on Monday, reaching $2.65. The stock had a trading volume of 1,376,934 shares, compared to its average volume of 1,361,684. NN, Inc. has a 1-year low of $1.10 and a 1-year high of $2.88. The company has a current ratio of 1.83, a quick ratio of 1.09 and a debt-to-equity ratio of 4.52. The company has a market capitalization of $133.00 million, a P/E ratio of -2.48, a PEG ratio of 0.48 and a beta of 2.21. The firm has a fifty day moving average price of $1.64 and a 200 day moving average price of $1.54.

Hedge Funds Weigh In On NN

Institutional investors have recently added to or reduced their stakes in the company. Two Sigma Investments LP bought a new position in shares of NN during the third quarter worth about $27,000. Hudson Bay Capital Management LP acquired a new position in NN in the second quarter worth about $29,000. Virtu Financial LLC bought a new stake in NN in the fourth quarter valued at about $30,000. Quinn Opportunity Partners LLC acquired a new stake in NN during the fourth quarter valued at approximately $32,000. Finally, Laurel Oak Wealth Management LLC acquired a new stake in NN during the first quarter valued at approximately $72,000. Institutional investors and hedge funds own 53.92% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. B. Riley Financial cut their price objective on shares of NN from $4.00 to $3.00 and set a "buy" rating on the stock in a report on Friday, March 6th. Zacks Research lowered shares of NN from a "hold" rating to a "strong sell" rating in a report on Wednesday, March 11th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of NN in a report on Tuesday, April 21st. One analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Reduce" and an average price target of $3.00.

About NN

NN, Inc NASDAQ: NNBR is a diversified industrial manufacturing company specializing in engineered metal components, powder metal parts and friction materials. Through its subsidiaries, the company develops and produces precision-rolled products for powertrain and chassis applications, engineered friction products for brake and transmission systems, and various metal powders used in automotive, industrial and energy markets. Its offerings span a wide range of component sizes and complexity, from thin‐gauge strips for hybrid and electric vehicle applications to high‐volume sintered parts for commercial and consumer products.

The company's operations are organized into three business segments.

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