NN, Inc. (NASDAQ:NNBR) Stake Reduced by Corre Partners Management LLC

Key Points

• Corre Partners Management LLC reduced its stake in NN, Inc. (NASDAQ:NNBR) by 6.4%, now holding approximately 12.44% of the company worth $14 million.
• CEO Harold C. Bevis and COO Timothy M. French both made recent stock purchases, increasing their respective ownership stakes in the company.
• NN, Inc. reported a quarterly earnings per share (EPS) of $0.02, surpassing analysts' estimates, although it has a negative net margin of 8.84% and negative return on equity.

Corre Partners Management LLC trimmed its position in NN, Inc. (NASDAQ:NNBR - Free Report) by 6.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,205,631 shares of the industrial products company's stock after selling 427,630 shares during the quarter. NN accounts for 15.9% of Corre Partners Management LLC's holdings, making the stock its 2nd largest holding. Corre Partners Management LLC owned about 12.44% of NN worth $14,025,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in NNBR. Bank of America Corp DE raised its position in shares of NN by 53.6% in the 4th quarter. Bank of America Corp DE now owns 40,124 shares of the industrial products company's stock worth $131,000 after acquiring an additional 14,002 shares in the last quarter. Voya Investment Management LLC purchased a new stake in shares of NN during the fourth quarter valued at about $47,000. ProShare Advisors LLC bought a new stake in shares of NN in the 4th quarter valued at about $43,000. Northern Trust Corp boosted its holdings in shares of NN by 5.2% in the 4th quarter. Northern Trust Corp now owns 372,945 shares of the industrial products company's stock valued at $1,220,000 after buying an additional 18,492 shares in the last quarter. Finally, Barclays PLC grew its position in shares of NN by 15.3% in the 4th quarter. Barclays PLC now owns 69,973 shares of the industrial products company's stock worth $229,000 after buying an additional 9,289 shares during the last quarter. Institutional investors own 53.92% of the company's stock.

Insider Activity

In related news, COO Timothy M. French purchased 44,784 shares of the business's stock in a transaction on Tuesday, May 13th. The shares were bought at an average cost of $2.08 per share, with a total value of $93,150.72. Following the transaction, the chief operating officer owned 374,784 shares of the company's stock, valued at approximately $779,550.72. This trade represents a 13.57% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Harold C. Bevis purchased 45,316 shares of NN stock in a transaction that occurred on Wednesday, May 14th. The shares were bought at an average price of $2.20 per share, with a total value of $99,695.20. Following the completion of the transaction, the chief executive officer owned 1,463,150 shares of the company's stock, valued at $3,218,930. This represents a 3.20% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 110,288 shares of company stock valued at $233,662. Company insiders own 7.94% of the company's stock.

NN Stock Performance

NNBR opened at $2.12 on Friday. The company has a market cap of $106.95 million, a P/E ratio of -1.88 and a beta of 2.03. The company has a quick ratio of 1.22, a current ratio of 1.92 and a debt-to-equity ratio of 2.19. The firm's 50-day moving average price is $2.09 and its 200-day moving average price is $2.33. NN, Inc. has a 52-week low of $1.58 and a 52-week high of $4.67.

NN (NASDAQ:NNBR - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $0.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.01) by $0.03. NN had a negative net margin of 8.84% and a negative return on equity of 4.92%. The business had revenue of $107.92 million for the quarter, compared to analyst estimates of $110.45 million. As a group, equities analysts anticipate that NN, Inc. will post -0.2 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Wall Street Zen raised shares of NN from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. B. Riley initiated coverage on NN in a report on Thursday, July 31st. They set a "buy" rating and a $4.00 price objective for the company.

NN 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.

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