NN (NASDAQ:NNBR) Major Shareholder Corre Partners Management, Llc Sells 94,380 Shares

Key Points

• Corre Partners Management, LLC sold 94,380 NNBR shares on April 22 at $2.30 each (about $217,074), part of a multi-day selling spree that cut its ownership by 14.4% to 560,953 shares.
• Despite the insider selling, NNBR rallied about 7.8% to $2.36 that day; the company has a $118.45 million market cap and a consensus analyst rating of "Reduce" with a $3.00 target price.

NN, Inc. (NASDAQ:NNBR - Get Free Report) major shareholder Corre Partners Management, Llc sold 94,380 shares of the stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $2.30, for a total value of $217,074.00. Following the sale, the insider directly owned 560,953 shares of the company's stock, valued at approximately $1,290,191.90. The trade was a 14.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Large shareholders that own at least 10% of a company's shares are required to disclose their sales and purchases with the SEC.

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

• 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 transaction 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 transaction 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 transaction 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 transaction of $81,661.20.
• On Wednesday, April 15th, Corre Partners Management, Llc sold 315,436 shares of NN stock. The stock was sold at an average price of $2.06, for a total transaction of $649,798.16.

NN Stock Up 7.8%

Shares of NNBR traded up $0.17 during mid-day trading on Wednesday, hitting $2.36. 1,110,874 shares of the company's stock were exchanged, compared to its average volume of 1,102,762. The company has a market cap of $118.45 million, a PE ratio of -2.21, a P/E/G ratio of 0.42 and a beta of 2.21. NN, Inc. has a 52 week low of $1.10 and a 52 week high of $2.63. The company has a 50-day simple moving average of $1.59 and a 200 day simple moving average of $1.53. The company has a debt-to-equity ratio of 4.52, a current ratio of 1.83 and a quick ratio of 1.09.

Institutional Investors Weigh In On NN

Several large investors have recently made changes to their positions in NNBR. Nantahala Capital Management LLC boosted its holdings in shares of 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 buying an additional 1,000,000 shares during the last quarter. Paradigm Capital Management Inc. NY boosted its holdings in shares of NN by 21.3% in the 2nd quarter. Paradigm Capital Management Inc. NY now owns 2,758,252 shares of the industrial products company's stock valued at $5,792,000 after buying an additional 483,952 shares during the last quarter. UBS Group AG boosted its holdings in shares of NN by 15,147.1% in the 3rd quarter. UBS Group AG now owns 279,632 shares of the industrial products company's stock valued at $576,000 after buying an additional 277,798 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of NN by 291.0% in the 4th quarter. Renaissance Technologies LLC now owns 367,500 shares of the industrial products company's stock valued at $470,000 after buying an additional 273,500 shares during the last quarter. Finally, First Manhattan CO. LLC. lifted its holdings in NN by 8.2% during the 4th quarter. First Manhattan CO. LLC. now owns 3,003,800 shares of the industrial products company's stock valued at $3,845,000 after purchasing an additional 228,800 shares during the last quarter. Institutional investors and hedge funds own 53.92% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of NN in a research note on Thursday, January 22nd. Zacks Research downgraded NN from a "hold" rating to a "strong sell" rating in a report on Wednesday, March 11th. Finally, B. Riley Financial cut their price objective on NN from $4.00 to $3.00 and set a "buy" rating for the company in a report on Friday, March 6th. One research analyst has rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus target price of $3.00.

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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