Insider Selling: NN (NASDAQ:NNBR) Major Shareholder Sells 555,305 Shares of Stock

Key Points

• Corre Partners Management sold 555,305 shares of NN, Inc. on April 23 at an average price of $2.69 (proceeds $1.49M), reducing its stake by 57.38% to 412,427 shares, per an SEC filing.
• Across mid-April to April 27 the firm sold roughly 1.64 million shares of NN (total proceeds about $3.93M), signaling substantial insider liquidation over several days.
• NNBR was trading near $2.65 with a market cap of about $133M; analysts have a consensus "Reduce" rating and $3 average target, and the company shows high leverage (debt/equity ~4.52).

NN, Inc. (NASDAQ:NNBR - Get Free Report) major shareholder Corre Partners Management, Llc sold 555,305 shares of the company's stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $2.69, for a total value of $1,493,770.45. Following the sale, the insider owned 412,427 shares of the company's stock, valued at $1,109,428.63. This trade represents a 57.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Large shareholders that own at least 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 Monday, April 27th, Corre Partners Management, Llc sold 136,165 shares of NN stock. The stock was sold at an average price of $2.63, for a total value of $358,113.95.
• On Friday, April 24th, Corre Partners Management, Llc sold 12,199 shares of NN stock. The stock was sold at an average price of $2.51, for a total value of $30,619.49.
• On Wednesday, April 22nd, Corre Partners Management, Llc sold 94,380 shares of NN stock. The stock was sold at an average price of $2.30, for a total value of $217,074.00.
• On Tuesday, April 21st, Corre Partners Management, Llc sold 55,483 shares of NN stock. The stock was sold at an average price of $2.21, for a total value of $122,617.43.
• On Monday, April 20th, Corre Partners Management, Llc sold 79,757 shares of NN stock. The stock was sold at an average price of $2.24, for a total value of $178,655.68.
• On Friday, April 17th, Corre Partners Management, Llc sold 348,161 shares of NN stock. The stock was sold at an average price of $2.29, for a total value of $797,288.69.
• On Thursday, April 16th, Corre Partners Management, Llc sold 40,030 shares of NN stock. The stock was sold at an average price of $2.04, for a total value 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 value of $649,798.16.

NN Stock Performance

NASDAQ:NNBR traded up $0.16 during trading on Monday, reaching $2.65. The company's stock had a trading volume of 1,376,934 shares, compared to its average volume of 1,361,684. The firm has a market cap of $133.00 million, a price-to-earnings ratio of -2.48, a price-to-earnings-growth ratio of 0.48 and a beta of 2.21. The company has a debt-to-equity ratio of 4.52, a quick ratio of 1.09 and a current ratio of 1.83. The firm has a 50 day moving average of $1.64 and a 200-day moving average of $1.54. NN, Inc. has a 12 month low of $1.10 and a 12 month high of $2.88.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on NNBR shares. Weiss Ratings restated a "sell (d-)" rating on shares of NN in a research note on Tuesday, April 21st. Zacks Research downgraded NN from a "hold" rating to a "strong sell" rating in a research note on Wednesday, March 11th. Finally, B. Riley Financial reduced their price objective on NN from $4.00 to $3.00 and set a "buy" rating for the company in a research note on Friday, March 6th. One investment analyst has rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Reduce" and an average target price of $3.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Marshall Wace LLP grew its stake in shares of NN by 334.0% during the 2nd quarter. Marshall Wace LLP now owns 257,234 shares of the industrial products company's stock worth $540,000 after acquiring an additional 197,960 shares during the period. Jane Street Group LLC bought a new position in shares of NN during the 2nd quarter worth $233,000. Susquehanna International Group LLP grew its stake in shares of NN by 60.2% during the 3rd quarter. Susquehanna International Group LLP now owns 77,319 shares of the industrial products company's stock worth $159,000 after acquiring an additional 29,044 shares during the period. Corient Private Wealth LLC grew its stake in shares of NN by 16.1% during the 2nd quarter. Corient Private Wealth LLC now owns 72,000 shares of the industrial products company's stock worth $151,000 after acquiring an additional 10,000 shares during the period. Finally, Bank of America Corp DE grew its stake in shares of NN by 103.1% during the 2nd quarter. Bank of America Corp DE now owns 64,159 shares of the industrial products company's stock worth $135,000 after acquiring an additional 32,573 shares during the period. Institutional investors own 53.92% of the company's stock.

NN Company 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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