NN, Inc. (NASDAQ:NNBR) Stake Cut by California Public Employees Retirement System

California Public Employees Retirement System lowered its position in NN, Inc. (NASDAQ:NNBR) by 4.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 81,000 shares of the industrial products company’s stock after selling 3,500 shares during the period. California Public Employees Retirement System owned approximately 0.30% of NN worth $2,041,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Teachers Advisors LLC raised its position in shares of NN by 2.6% in the first quarter. Teachers Advisors LLC now owns 48,458 shares of the industrial products company’s stock worth $1,221,000 after buying an additional 1,247 shares in the last quarter. American International Group Inc. raised its position in shares of NN by 7.1% in the first quarter. American International Group Inc. now owns 16,153 shares of the industrial products company’s stock worth $407,000 after buying an additional 1,064 shares in the last quarter. SG Americas Securities LLC raised its position in shares of NN by 7.6% in the first quarter. SG Americas Securities LLC now owns 43,770 shares of the industrial products company’s stock worth $1,103,000 after buying an additional 3,091 shares in the last quarter. Prudential Financial Inc. raised its position in shares of NN by 39.6% in the first quarter. Prudential Financial Inc. now owns 28,905 shares of the industrial products company’s stock worth $728,000 after buying an additional 8,200 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of NN by 2.8% in the first quarter. JPMorgan Chase & Co. now owns 62,024 shares of the industrial products company’s stock worth $1,563,000 after buying an additional 1,679 shares in the last quarter. 96.26% of the stock is currently owned by hedge funds and other institutional investors.

NN (NASDAQ:NNBR) last issued its quarterly earnings results on Thursday, May 4th. The industrial products company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.05. NN had a return on equity of 14.04% and a net margin of 2.00%. The company had revenue of $226.31 million for the quarter, compared to analysts’ expectations of $215.86 million.

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Several analysts have weighed in on NNBR shares. TheStreet raised NN from a “c+” rating to a “b” rating in a report on Monday, June 5th. ValuEngine raised NN from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. SunTrust Banks, Inc. started coverage on NN in a report on Thursday, June 15th. They issued a “buy” rating and a $37.00 target price on the stock. They noted that the move was a valuation call. Zacks Investment Research lowered NN from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 5th. Finally, William Blair reissued a “market perform” rating on shares of NN in a report on Tuesday, July 11th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $30.67.

About NN

NN, Inc is a diversified industrial company and a manufacturer of high precision bearing components, industrial plastic products and precision metal components to a range of markets on a global basis. The Company operates through three segments: the Precision Bearing Components Group, the Precision Engineered Products Group and the Autocam Precision Components Group.