BlackRock Inc. Acquires New Stake in NN, Inc. $NNBR

Key Points

• BlackRock acquired 764,051 shares of NN, Inc. during the second quarter, valued at approximately $2.74 million and representing about 1.45% of the company. Institutional investors and hedge funds collectively own 53.92% of NN’s stock.
• Analyst sentiment is mixed, with two Buy, two Hold, and one Sell rating. NN has an overall “Hold” consensus and an average price target of $5.67.
• NN shares recently traded at $3.66, up 5.8%, while the company reported quarterly revenue of $128.74 million—above expectations—and earnings of $0.11 per share despite a negative net margin.

BlackRock Inc. bought a new position in shares of NN, Inc. (NASDAQ:NNBR - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 764,051 shares of the industrial products company's stock, valued at approximately $2,743,000. BlackRock Inc. owned approximately 1.45% of NN at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. First Manhattan CO. LLC. grew its stake in shares of NN by 8.2% in the fourth quarter. First Manhattan CO. LLC. now owns 3,003,800 shares of the industrial products company's stock worth $3,845,000 after acquiring an additional 228,800 shares in the last quarter. Nomura Holdings Inc. grew its stake in NN by 0.6% during the 3rd quarter. Nomura Holdings Inc. now owns 2,969,632 shares of the industrial products company's stock worth $6,117,000 after purchasing an additional 18,615 shares in the last quarter. Paradigm Capital Management Inc. NY increased its holdings in NN by 21.3% during the 2nd quarter. Paradigm Capital Management Inc. NY now owns 2,758,252 shares of the industrial products company's stock worth $5,792,000 after purchasing an additional 483,952 shares during the period. Nantahala Capital Management LLC raised its position in NN by 69.4% in the 2nd quarter. Nantahala Capital Management LLC now owns 2,441,416 shares of the industrial products company's stock valued at $5,127,000 after purchasing an additional 1,000,000 shares in the last quarter. Finally, RBF Capital LLC boosted 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 buying an additional 348,945 shares during the period. Institutional investors and hedge funds own 53.92% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on NNBR. Wall Street Zen downgraded shares of NN from a "buy" rating to a "hold" rating in a research note on Sunday, August 16th. Craig Hallum began coverage on shares of NN in a research report on Monday, July 20th. They set a "buy" rating and a $7.00 price objective for the company. Lake Street Capital reiterated a "buy" rating and set a $7.00 target price on shares of NN in a research note on Friday, August 7th. B. Riley Financial lowered NN from a "buy" rating to a "neutral" rating in a report on Monday, May 11th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of NN in a research note on Friday, July 17th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $5.67.

NN Trading Up 5.8%

NASDAQ NNBR opened at $3.66 on Friday. The company has a debt-to-equity ratio of 7.70, a current ratio of 1.79 and a quick ratio of 1.08. The firm's fifty day moving average price is $3.56 and its 200 day moving average price is $2.62. The company has a market capitalization of $302.24 million, a price-to-earnings ratio of -3.81 and a beta of 2.61. NN, Inc. has a 12 month low of $1.10 and a 12 month high of $4.48.

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 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 during the quarter, compared to analysts' expectations of $116.09 million. On average, sell-side analysts expect that NN, Inc. will post 0.13 earnings per share for the current fiscal year.

NN Profile

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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