NN (NNBR) Shares Down 2.2% on Disappointing Earnings

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NN, Inc. (NASDAQ:NNBR) dropped 2.2% on Friday following a weaker than expected earnings announcement. The company traded as low as $8.04 and last traded at $7.89. Approximately 25,816 shares traded hands during mid-day trading, a decline of 94% from the average daily volume of 456,716 shares. The stock had previously closed at $8.07.

The industrial products company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.06). The firm had revenue of $205.68 million during the quarter, compared to the consensus estimate of $210.30 million. NN had a return on equity of 7.66% and a net margin of 1.38%. The company’s quarterly revenue was up 38.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.23 EPS.

NNBR has been the subject of several research reports. Stifel Nicolaus dropped their price objective on shares of NN from $23.00 to $18.00 and set a “hold” rating for the company in a report on Thursday, October 11th. Zacks Investment Research downgraded shares of NN from a “hold” rating to a “strong sell” rating in a report on Saturday, October 13th. ValuEngine downgraded shares of NN from a “sell” rating to a “strong sell” rating in a report on Wednesday, September 12th. KeyCorp dropped their price objective on shares of NN from $36.00 to $28.00 and set an “overweight” rating for the company in a report on Monday, July 16th. Finally, William Blair reissued a “market perform” rating on shares of NN in a report on Friday, September 28th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $22.80.

In related news, VP Matthew S. Heiter acquired 2,150 shares of the company’s stock in a transaction on Monday, September 17th. The stock was acquired at an average price of $15.99 per share, with a total value of $34,378.50. Following the acquisition, the vice president now directly owns 18,184 shares of the company’s stock, valued at $290,762.16. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Richard D. Holder acquired 3,100 shares of the company’s stock in a transaction on Friday, September 14th. The shares were bought at an average cost of $16.04 per share, with a total value of $49,724.00. Following the acquisition, the chief executive officer now directly owns 173,401 shares in the company, valued at $2,781,352.04. The disclosure for this purchase can be found here. Insiders have acquired a total of 6,450 shares of company stock valued at $103,387 in the last three months. Insiders own 2.74% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Smith Graham & Co. Investment Advisors LP bought a new position in shares of NN in the 2nd quarter valued at about $8,024,000. Wells Fargo & Company MN lifted its holdings in shares of NN by 29.2% in the 2nd quarter. Wells Fargo & Company MN now owns 505,773 shares of the industrial products company’s stock valued at $9,559,000 after acquiring an additional 114,444 shares during the last quarter. Malaga Cove Capital LLC lifted its holdings in shares of NN by 166.4% in the 2nd quarter. Malaga Cove Capital LLC now owns 60,780 shares of the industrial products company’s stock valued at $1,149,000 after acquiring an additional 37,963 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of NN by 11.5% in the 2nd quarter. Victory Capital Management Inc. now owns 50,550 shares of the industrial products company’s stock valued at $955,000 after acquiring an additional 5,200 shares during the last quarter. Finally, Jennison Associates LLC lifted its holdings in shares of NN by 0.9% in the 2nd quarter. Jennison Associates LLC now owns 2,201,181 shares of the industrial products company’s stock valued at $41,602,000 after acquiring an additional 19,728 shares during the last quarter. 96.89% of the stock is owned by institutional investors and hedge funds.

The company has a current ratio of 2.62, a quick ratio of 1.78 and a debt-to-equity ratio of 2.35. The firm has a market cap of $341.07 million, a P/E ratio of 5.02 and a beta of 1.38.

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NN Company Profile (NASDAQ:NNBR)

NN, Inc, a diversified industrial company, designs and manufactures high-precision components and assemblies in the United States, Europe, Asia, Canada, Mexico, South America, and internationally. It operates through Autocam Precision Components Group and Precision Engineered Products Group segments.

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