Corre Partners Management, Llc Sells 94,380 Shares of NN (NASDAQ:NNBR) Stock

NN, Inc. (NASDAQ:NNBR) major shareholder Corre Partners Management, Llc sold 94,380 shares of the business’s stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $2.30, for a total transaction of $217,074.00. Following the transaction, the insider owned 560,953 shares of the company’s stock, valued at $1,290,191.90. This represents a 14.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions 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 shares were 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 shares were 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 shares were 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 shares were 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 shares were sold at an average price of $2.06, for a total transaction of $649,798.16.

NN Stock Up 10.6%

NNBR opened at $2.61 on Friday. NN, Inc. has a fifty-two week low of $1.10 and a fifty-two week high of $2.88. 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 company has a fifty day moving average of $1.60 and a two-hundred day moving average of $1.53. The stock has a market capitalization of $131.00 million, a price-to-earnings ratio of -2.44, a PEG ratio of 0.46 and a beta of 2.21.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Laurel Oak Wealth Management LLC acquired a new position in shares of NN during the 1st quarter worth about $72,000. Virtu Financial LLC acquired a new position in shares of NN during the 4th quarter worth about $30,000. XTX Topco Ltd raised its position in shares of NN by 29.3% during the 4th quarter. XTX Topco Ltd now owns 73,920 shares of the industrial products company’s stock worth $95,000 after purchasing an additional 16,732 shares during the last quarter. Quadrature Capital Ltd acquired a new position in shares of NN during the 4th quarter worth about $77,000. Finally, First Manhattan CO. LLC. raised its position in shares of 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 worth $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.

Analyst Upgrades and Downgrades

NNBR has been the subject of a number of recent analyst reports. B. Riley Financial cut their price objective on shares of NN from $4.00 to $3.00 and set a “buy” rating for the company in a report on Friday, March 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NN in a report on Tuesday. Finally, Zacks Research cut shares of NN from a “hold” rating to a “strong sell” rating in a report on Wednesday, March 11th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average 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.