Legal & General Group Plc Reduces Position in NN, Inc. (NASDAQ:NNBR)
Legal & General Group Plc cut its position in shares of NN, Inc. (NASDAQ:NNBR) by 1.4% during the first quarter, Holdings Channel reports. The firm owned 6,724 shares of the industrial products company’s stock after selling 96 shares during the period. Legal & General Group Plc’s holdings in NN were worth $170,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. State Street Corp increased its stake in shares of NN by 5.2% in the fourth quarter. State Street Corp now owns 534,187 shares of the industrial products company’s stock worth $10,174,000 after buying an additional 26,261 shares during the period. Skylands Capital LLC boosted its position in shares of NN by 4.5% in the first quarter. Skylands Capital LLC now owns 407,436 shares of the industrial products company’s stock worth $10,267,000 after buying an additional 17,536 shares in the last quarter. Norges Bank acquired a new position in shares of NN during the fourth quarter worth about $5,388,000. Pacific Ridge Capital Partners LLC boosted its position in shares of NN by 22.0% in the first quarter. Pacific Ridge Capital Partners LLC now owns 280,502 shares of the industrial products company’s stock worth $7,069,000 after buying an additional 50,514 shares in the last quarter. Finally, First Manhattan Co. boosted its position in shares of NN by 0.5% in the first quarter. First Manhattan Co. now owns 209,600 shares of the industrial products company’s stock worth $3,825,000 after buying an additional 950 shares in the last quarter. 92.15% of the stock is owned by hedge funds and other institutional investors.
Shares of NN, Inc. (NASDAQ:NNBR) traded up 0.39% during midday trading on Monday, hitting $25.85. 6,939 shares of the company were exchanged. The company has a 50-day moving average of $27.82 and a 200 day moving average of $25.58. The company’s market capitalization is $709.97 million. NN, Inc. has a one year low of $13.43 and a one year high of $31.65.
NN (NASDAQ:NNBR) last posted its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.51 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.03. NN had a negative net margin of 0.77% and a positive return on equity of 14.45%. The business had revenue of $225.88 million during the quarter, compared to analysts’ expectations of $221 million. During the same quarter in the prior year, the business posted $0.46 earnings per share. NN’s revenue was up 5.4% compared to the same quarter last year. On average, equities research analysts expect that NN, Inc. will post $1.62 earnings per share for the current fiscal year.
NNBR has been the subject of a number of recent research reports. Zacks Investment Research cut shares of NN from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 5th. ValuEngine upgraded shares of NN from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Stifel Nicolaus restated a “hold” rating and issued a $29.00 price objective on shares of NN in a research note on Friday, August 4th. SunTrust Banks, Inc. initiated coverage on shares of NN in a research note on Thursday, June 15th. They issued a “buy” rating and a $37.00 price objective for the company. They noted that the move was a valuation call. Finally, William Blair restated a “market perform” rating on shares of NN in a research note on Tuesday, July 11th. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $30.25.
NN Company Profile
NN, Inc is a diversified industrial company and a manufacturer of high precision bearing components, industrial plastic products and precision metal components to a range of markets on a global basis. The Company operates through three segments: the Precision Bearing Components Group, the Precision Engineered Products Group and the Autocam Precision Components Group.
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