NN (NASDAQ:NNBR) Major Shareholder Corre Partners Management, Llc Sells 555,305 Shares

NN, Inc. (NASDAQ:NNBR) major shareholder Corre Partners Management, Llc sold 555,305 shares of NN stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $2.69, for a total transaction of $1,493,770.45. Following the sale, the insider owned 412,427 shares of the company’s stock, valued at $1,109,428.63. The trade was a 57.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Large 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 Monday, April 27th, Corre Partners Management, Llc sold 136,165 shares of NN stock. The stock was sold at an average price of $2.63, for a total transaction of $358,113.95.
• On Friday, April 24th, Corre Partners Management, Llc sold 12,199 shares of NN stock. The stock was sold at an average price of $2.51, for a total transaction of $30,619.49.
• On Wednesday, April 22nd, Corre Partners Management, Llc sold 94,380 shares of NN stock. The stock was sold at an average price of $2.30, for a total transaction of $217,074.00.
• On Tuesday, April 21st, Corre Partners Management, Llc sold 55,483 shares of NN stock. The stock was 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 stock was 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 stock was 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 stock was 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 stock was sold at an average price of $2.06, for a total transaction of $649,798.16.

NN Trading Up 6.4%

NASDAQ:NNBR opened at $2.65 on Tuesday. The company has a market capitalization of $133.00 million, a P/E ratio of -2.48, a PEG ratio of 0.48 and a beta of 2.21. The firm has a fifty day simple moving average of $1.64 and a 200-day simple moving average of $1.54. NN, Inc. has a 12 month low of $1.10 and a 12 month high of $2.88. The company has a current ratio of 1.83, a quick ratio of 1.09 and a debt-to-equity ratio of 4.52.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on NNBR. Zacks Research downgraded shares of NN from a “hold” rating to a “strong sell” rating in a research report on Wednesday, March 11th. B. Riley Financial decreased their target price on shares of NN from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Friday, March 6th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of NN in a research report on Tuesday, April 21st. One analyst has rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $3.00.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. J.W. Cole Advisors Inc. raised its position in shares of NN by 11.9% in the fourth quarter. J.W. Cole Advisors Inc. now owns 90,600 shares of the industrial products company’s stock worth $116,000 after acquiring an additional 9,600 shares during the period. Corient Private Wealth LLC raised its position in shares of NN by 16.1% in the second quarter. Corient Private Wealth LLC now owns 72,000 shares of the industrial products company’s stock worth $151,000 after acquiring an additional 10,000 shares during the period. Two Sigma Investments LP acquired a new position in shares of NN in the third quarter worth about $27,000. Hudson Bay Capital Management LP acquired a new position in shares of NN in the second quarter worth about $29,000. Finally, XTX Topco Ltd raised its position in shares of NN by 29.3% in the fourth quarter. XTX Topco Ltd now owns 73,920 shares of the industrial products company’s stock worth $95,000 after acquiring an additional 16,732 shares during the period. Institutional investors and hedge funds own 53.92% of the company’s stock.

About NN

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.