Bank of America Corp DE Buys New Position in NN, Inc. $NNBR

Key Points

• Bank of America purchased 226,507 shares of NN, Inc. in the second quarter, valued at approximately $813,000. Institutional investors collectively owned 53.92% of the company, with several other funds also building positions.
• NN reported second-quarter earnings of $0.11 per share and revenue of $128.74 million, exceeding analysts’ $116.09 million estimate. Analysts expect full-year earnings of approximately $0.15 per share.
• NN shares opened at $4.51 and were reported up 24.2%, near their 52-week high of $4.79. Analyst sentiment remains mixed, with an average rating of “Hold” and an average price target of $5.67.

Bank of America Corp DE bought a new stake in shares of NN, Inc. (NASDAQ:NNBR - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 226,507 shares of the industrial products company's stock, valued at approximately $813,000. Bank of America Corp DE owned 0.27% of NN at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Corre Partners Management LLC bought a new position in shares of NN in the 2nd quarter worth $4,446,707. RBF Capital LLC increased its stake in shares of NN by 71.8% in the 1st quarter. RBF Capital LLC now owns 834,929 shares of the industrial products company's stock valued at $1,211,000 after purchasing an additional 348,945 shares in the last quarter. BlackRock Inc. acquired a new position in shares of NN during the 2nd quarter worth about $2,743,000. Ranger Investment Management L.P. purchased a new position in NN in the 2nd quarter valued at $2,040,000. Finally, Renaissance Technologies LLC boosted its stake in NN by 49.4% during the 1st quarter. Renaissance Technologies LLC now owns 549,040 shares of the industrial products company's stock worth $796,000 after purchasing an additional 181,540 shares during the last quarter. 53.92% of the stock is owned by hedge funds and other institutional investors.

NN Trading Up 24.2%

Shares of NASDAQ:NNBR opened at $4.51 on Friday. NN, Inc. has a 52-week low of $1.10 and a 52-week high of $4.79. The company has a market cap of $372.44 million, a P/E ratio of -4.70 and a beta of 2.65. The stock's 50-day moving average is $3.61 and its 200-day moving average is $2.92. The company has a debt-to-equity ratio of 7.70, a quick ratio of 1.08 and a current ratio of 1.79.

NN (NASDAQ:NNBR - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The industrial products company reported $0.11 earnings per share (EPS) for the quarter. NN had a negative net margin of 6.21% and a positive return on equity of 20.38%. The firm had revenue of $128.74 million for the quarter, compared to analyst estimates of $116.09 million. Equities research analysts predict that NN, Inc. will post 0.15 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Lake Street Capital reaffirmed a "buy" rating and set a $7.00 price objective on shares of NN in a research note on Friday, August 7th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of NN in a research note on Friday, July 17th. Craig Hallum started coverage on NN in a report on Monday, July 20th. They issued a "buy" rating and a $7.00 target price on the stock. Finally, Wall Street Zen upgraded NN from a "hold" rating to a "buy" rating in a research note on Saturday, September 19th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, NN currently has an average rating of "Hold" and an average target price of $5.67.

NN Company Profile

NN, Inc is an industrial manufacturer that produces highly engineered components and assemblies for customers in the automotive, aerospace and defense, medical, electrical, and general industrial markets. Its products have included precision-machined and molded components, bearings, seals, and other solutions designed for applications that require tight tolerances and reliable performance.

The company historically operated through manufacturing facilities in the United States and other international locations, serving original equipment manufacturers and industrial customers across North America, Europe, and Asia.

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