Voya Financial (VOYA) Q3 Earnings and Revenues Top Estimates

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Pasadena-based Primecap Management has filed a 13G/A form with the SEC disclosing ownership of 1,763,640 shares of NN Inc (NNBR). This represents 4.02% of the company.

In their previous filing dated February 10, 2022 they reported 2,768,600 shares and 6.43% of the company, a decrease in shares of 36.30% and a decrease in total ownership of 2.41% (calculated as current – previous percent ownership).

In their most recent earnings update, the company reported the following highlights:

  • Net sales were $127.3 million, an increase of 8.6% from the third quarter of 2021, primarily due to increased pricing and improved demand in Mobile Solutions, partially offset by unfavorable foreign exchange effects.
  • Loss from operations was $2.1 million compared to loss from operations of $4.6 million in the third quarter of 2021. The reduction in loss from operations was primarily driven by an increase in sales and lower incentive and stock-based compensation expenses.
  • Income from operations for the Power Solutions segment was $2.6 million compared to $1.3 million for the same period in 2021. Loss from operations for Mobile Solutions was $0.5 million compared a loss of $0.3 million for the same period in 2021.
  • Net loss was $2.2 million compared to a net loss of $3.4 million for the same period in 2021. The decrease in net loss was primarily driven by higher sales, lower incentive and stock-based compensation expenses, and an increase in the share of net income from the China joint venture.

Additionally, the company provided the following full year guidance:

  • Revenue in the range of $503 million to $510 million
  • Adjusted EBITDA in the range of $45 million to $48 million
  • Free cash flow in the range of ($12) to ($9) million
  • Free cash flow outlook does not include CARES Act tax refund of ~$11 million due to uncertain timing

What are other large shareholders doing?

TIBAX – Thornburg Investment Income Builder Fund – Class A holds 5,888,177 shares representing 13.42% ownership of the company. In it’s prior filing, the firm reported owning 5,244,000 shares, representing an increase of 10.94%. The firm increased its portfolio allocation in NNBR by 10.85% over the last quarter.

Corre Partners Management, LLC holds 5,488,041 shares representing 12.51% ownership of the company. In it’s prior filing, the firm reported owning 5,425,252 shares, representing an increase of 1.14%. The firm decreased its portfolio allocation in NNBR by 53.47% over the last quarter.

TEDIX – Franklin Mutual Global Discovery Fund Class A holds 4,331,380 shares representing 9.87% ownership of the company. No change in the last quarter.

Legion Partners Asset Management, LLC holds 4,074,151 shares representing 9.29% ownership of the company. No change in the last quarter.

VGTSX – Vanguard Total International Stock Index Fund Investor Shares holds 3,918,422 shares representing 8.93% ownership of the company. In it’s prior filing, the firm reported owning 4,056,689 shares, representing a decrease of 3.53%. The firm decreased its portfolio allocation in NNBR by 4.87% over the last quarter.

What is the overall institutional sentiment?

There are 616 funds or institutions reporting positions in NN Inc. This is a decrease of 23 owner(s) or 3.60%.

Average portfolio weight of all funds dedicated to NN Inc is 0.2935%, an increase of 14.5789%. Total shares owned by institutions increased in the last three months by 0.67% to 71,831,328 shares.

 

This story originally appeared on Fintel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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By Fintel