Cannon Global Investment Management LLC Purchases Shares of 18,000 NN, Inc. (NASDAQ:NNBR)

Cannon Global Investment Management LLC acquired a new stake in shares of NN, Inc. (NASDAQ:NNBR) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 18,000 shares of the industrial products company’s stock, valued at approximately $85,000.

A number of other institutional investors also recently modified their holdings of the company. Legion Partners Asset Management LLC increased its holdings in NN by 3.1% during the 3rd quarter. Legion Partners Asset Management LLC now owns 4,333,141 shares of the industrial products company’s stock valued at $8,060,000 after purchasing an additional 130,000 shares during the period. Register Financial Advisors LLC increased its stake in shares of NN by 26.6% during the fourth quarter. Register Financial Advisors LLC now owns 862,976 shares of the industrial products company’s stock valued at $3,452,000 after buying an additional 181,258 shares during the period. J.W. Cole Advisors Inc. raised its holdings in shares of NN by 80.9% during the fourth quarter. J.W. Cole Advisors Inc. now owns 90,100 shares of the industrial products company’s stock valued at $360,000 after acquiring an additional 40,290 shares in the last quarter. Finally, Victory Capital Management Inc. purchased a new stake in NN in the fourth quarter worth $140,000. 53.92% of the stock is currently owned by hedge funds and other institutional investors.

NN Trading Down 1.3 %

NASDAQ:NNBR traded down $0.04 during trading hours on Friday, hitting $3.00. The company had a trading volume of 6,094,552 shares, compared to its average volume of 178,460. The company has a market capitalization of $150.03 million, a PE ratio of -2.14 and a beta of 3.02. The stock has a 50-day moving average price of $3.30 and a 200 day moving average price of $3.99. NN, Inc. has a 52 week low of $1.63 and a 52 week high of $5.40. The company has a debt-to-equity ratio of 1.30, a current ratio of 2.04 and a quick ratio of 1.27.

NN (NASDAQ:NNBR) last announced its earnings results on Monday, May 6th. The industrial products company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01). NN had a negative net margin of 10.86% and a negative return on equity of 8.92%. The business had revenue of $121.20 million for the quarter, compared to the consensus estimate of $121.77 million. On average, equities research analysts predict that NN, Inc. will post -0.18 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

NNBR has been the topic of several recent analyst reports. Noble Financial initiated coverage on shares of NN in a report on Monday, April 15th. They issued an “outperform” rating and a $6.00 price target on the stock. StockNews.com upgraded shares of NN from a “sell” rating to a “hold” rating in a report on Wednesday, March 20th.

Insider Activity

In other news, Director Raynard D. Benvenuti sold 236,104 shares of the business’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $3.14, for a total transaction of $741,366.56. Following the sale, the director now owns 29,880 shares in the company, valued at approximately $93,823.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 8.85% of the company’s stock.

NN Company Profile

NN, Inc, together with its subsidiaries, designs, manufactures, and sells high-precision components and assemblies for various end markets in the United States and internationally. It operates through two segments, Mobile Solutions and Power Solutions. The Mobile Solutions segment manufactures and sells system critical components for automotive, general industrial, and medical end markets for use in power steering, braking, transmissions, gasoline fuel system, diesel injection, and diesel emissions treatment applications, as well as in heating, ventilation, and air conditioning.