Nitto Denko Co. (OTCMKTS:NDEKY) Sees Significant Decline in Short Interest

Nitto Denko Co. (OTCMKTS:NDEKYGet Rating) was the target of a large decline in short interest in April. As of April 15th, there was short interest totalling 20,000 shares, a decline of 60.1% from the March 31st total of 50,100 shares. Based on an average daily volume of 46,500 shares, the days-to-cover ratio is currently 0.4 days.

Shares of OTCMKTS:NDEKY traded down $0.60 during midday trading on Friday, hitting $33.53. The stock had a trading volume of 33,165 shares, compared to its average volume of 23,301. The company’s 50-day moving average price is $34.80 and its 200-day moving average price is $36.73. The company has a market capitalization of $10.04 billion, a P/E ratio of 11.44 and a beta of 1.20. Nitto Denko has a fifty-two week low of $32.18 and a fifty-two week high of $44.24.

Nitto Denko (OTCMKTS:NDEKYGet Rating) last issued its earnings results on Wednesday, January 26th. The technology company reported $0.77 EPS for the quarter. The company had revenue of $1.94 billion during the quarter. Nitto Denko had a net margin of 11.40% and a return on equity of 12.81%. As a group, equities research analysts expect that Nitto Denko will post 2.91 earnings per share for the current fiscal year.

Separately, Zacks Investment Research cut shares of Nitto Denko from a “buy” rating to a “hold” rating in a research note on Wednesday, April 20th.

About Nitto Denko (Get Rating)

Nitto Denko Corporation primarily engages in the adhesive tapes business in Japan and internationally. It provides double sided tapes, surface protective films, sealing materials/NVH related products, masking tapes, membranes, FPD/touch panel related products, gasket materials, semiconductor manufacturing process products, flexible printed circuit boards, porous films/breathable materials, and packaging tapes.

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