Bank of New York Mellon Corp raised its stake in NN Inc. (NASDAQ:NNBR) by 0.4% during the second quarter, Holdings Channel reports. The institutional investor owned 145,823 shares of the company’s stock after buying an additional 625 shares during the period. Bank of New York Mellon Corp owned about 0.54% of NN worth $2,040,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of the company. Emerald Mutual Fund Advisers Trust acquired a new position in NN during the second quarter valued at $220,000. Nordea Investment Management AB acquired a new position in NN during the second quarter valued at $481,000. Emerald Advisers Inc. PA acquired a new position in NN during the second quarter valued at $490,000. Goldman Sachs Group Inc. increased its position in NN by 417.0% in the first quarter. Goldman Sachs Group Inc. now owns 57,792 shares of the company’s stock valued at $791,000 after buying an additional 46,614 shares in the last quarter. Finally, Prudential Financial Inc. increased its position in NN by 464.6% in the first quarter. Prudential Financial Inc. now owns 62,585 shares of the company’s stock valued at $856,000 after buying an additional 51,500 shares in the last quarter. 98.44% of the stock is currently owned by hedge funds and other institutional investors.
NN Inc. (NASDAQ:NNBR) traded up 3.25% during midday trading on Thursday, reaching $20.33. 216,614 shares of the company traded hands. NN Inc. has a 12 month low of $10.34 and a 12 month high of $20.39. The company’s 50-day moving average price is $17.93 and its 200 day moving average price is $16.15. The firm’s market capitalization is $551.45 million.
NN (NASDAQ:NNBR) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported $0.46 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.46. NN had a negative net margin of 2.85% and a positive return on equity of 10.72%. The business had revenue of $214.30 million for the quarter, compared to analysts’ expectations of $223.14 million. During the same period in the prior year, the company posted $0.37 EPS. The business’s revenue for the quarter was up 30.0% on a year-over-year basis. On average, equities analysts anticipate that NN Inc. will post $1.59 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 16th. Stockholders of record on Friday, September 2nd were paid a dividend of $0.07 per share. The ex-dividend date was Wednesday, August 31st. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.42%. NN’s dividend payout ratio (DPR) is presently -34.15%.
Several research firms have recently weighed in on NNBR. Zacks Investment Research raised shares of NN from a “strong sell” rating to a “hold” rating in a research note on Wednesday. William Blair restated a “market perform” rating and set a $15.00 price objective (down from $18.00) on shares of NN in a research report on Friday, June 10th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $15.50.
NN, Inc is a diversified industrial company. The Company operates through three segments: the Precision Bearing Components Group, the Precision Engineered Products Group and the Autocam Precision Components Group. Within its Precision Bearing Components Group, the Company manufactures and supplies high precision bearing components, consisting of balls, cylindrical rollers, tapered rollers, spherical rollers and metal retainers for bearing and constant velocity-joint manufacturers.
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