Prudential Financial Inc. Has $570,000 Stake in NN, Inc. (NNBR)
Prudential Financial Inc. lessened its stake in shares of NN, Inc. (NASDAQ:NNBR) by 28.2% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 20,755 shares of the industrial products company’s stock after selling 8,150 shares during the quarter. Prudential Financial Inc. owned approximately 0.08% of NN worth $570,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. boosted its stake in shares of NN by 10.3% during the first quarter. Envestnet Asset Management Inc. now owns 5,667 shares of the industrial products company’s stock valued at $143,000 after purchasing an additional 530 shares during the period. US Bancorp DE boosted its stake in shares of NN by 4.5% during the first quarter. US Bancorp DE now owns 10,522 shares of the industrial products company’s stock valued at $265,000 after purchasing an additional 457 shares during the period. American International Group Inc. boosted its stake in shares of NN by 7.1% during the first quarter. American International Group Inc. now owns 16,153 shares of the industrial products company’s stock valued at $407,000 after purchasing an additional 1,064 shares during the period. UBS Group AG boosted its stake in shares of NN by 255.9% during the first quarter. UBS Group AG now owns 20,255 shares of the industrial products company’s stock valued at $511,000 after purchasing an additional 14,564 shares during the period. Finally, Wells Fargo & Company MN boosted its stake in shares of NN by 0.7% during the first quarter. Wells Fargo & Company MN now owns 25,214 shares of the industrial products company’s stock valued at $635,000 after purchasing an additional 176 shares during the period. 91.27% of the stock is owned by hedge funds and other institutional investors.
NN, Inc. (NASDAQ:NNBR) opened at 29.60 on Tuesday. NN, Inc. has a one year low of $13.43 and a one year high of $31.65. The company’s 50 day moving average price is $27.13 and its 200-day moving average price is $27.37. The company’s market cap is $815.18 million.
NN (NASDAQ:NNBR) last posted its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.51 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.03. NN had a positive return on equity of 14.58% and a negative net margin of 0.77%. The company had revenue of $225.88 million during the quarter, compared to analysts’ expectations of $221.00 million. During the same quarter in the previous year, the business earned $0.46 EPS. NN’s revenue was up 5.4% compared to the same quarter last year. On average, analysts forecast that NN, Inc. will post $1.60 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 1st were issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date was Wednesday, August 30th. NN’s payout ratio is currently -116.67%.
A number of research firms have recently weighed in on NNBR. KeyCorp reissued a “buy” rating and set a $36.00 price objective on shares of NN in a research note on Sunday, September 17th. Zacks Investment Research lowered NN from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. BidaskClub lowered NN from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 2nd. William Blair reissued a “market perform” rating on shares of NN in a research note on Tuesday, July 11th. Finally, SunTrust Banks, Inc. began coverage on NN in a research note on Thursday, June 15th. They set a “buy” rating and a $37.00 price objective for the company. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $33.00.
In related news, insider Thomas C. Jr. Burwell sold 6,000 shares of the business’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $27.38, for a total transaction of $164,280.00. Following the completion of the transaction, the insider now owns 37,881 shares in the company, valued at approximately $1,037,181.78. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Steven T. Warshaw sold 3,000 shares of the business’s stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $27.78, for a total value of $83,340.00. Following the transaction, the director now owns 57,732 shares of the company’s stock, valued at approximately $1,603,794.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,000 shares of company stock valued at $436,660. 3.32% of the stock is owned by company insiders.
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NN, Inc is a diversified industrial company and a global manufacturer of high precision components and assemblies to a range of markets on a global basis. The Company’s operating segments include: the Precision Engineered Products Group and the Autocam Precision Components Group. Precision Engineered Products Group combines materials science capability with engineering and production solutions to design and manufacture a range of high-precision metal and plastic components, assemblies and finished devices for the medical, electrical, automotive and aerospace end markets.
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