Nitto Denko Corp. (OTCMKTS:NDEKY) Sees Large Decline in Short Interest

Nitto Denko Corp. (OTCMKTS:NDEKY) was the target of a large decline in short interest in the month of October. As of October 15th, there was short interest totaling 86,296 shares, a decline of 49.3% from the September 30th total of 170,224 shares. Based on an average trading volume of 223,050 shares, the days-to-cover ratio is presently 0.4 days. Currently, 0.0% of the shares of the company are sold short.

Nitto Denko Price Performance

Shares of Nitto Denko stock traded down $0.31 during trading hours on Friday, reaching $21.33. The company had a trading volume of 61,445 shares, compared to its average volume of 74,509. Nitto Denko has a one year low of $17.75 and a one year high of $26.02. The business has a fifty day simple moving average of $22.03 and a 200 day simple moving average of $21.08. The firm has a market cap of $14.48 billion, a PE ratio of 15.92 and a beta of 0.83.

Nitto Denko (OTCMKTS:NDEKY) last announced its quarterly earnings results on Tuesday, October 27th. The technology company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.05. Nitto Denko had a return on equity of 12.22% and a net margin of 13.15%. The company had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.87 billion. On average, research analysts forecast that Nitto Denko will post 1.30 EPS for the current year.

About Nitto Denko

Nitto Denko Corporation is a Japanese materials and manufacturing company that develops and supplies high-performance products for industrial, electronic, automotive, life science and other applications. Founded in 1918, the company has expanded from its original focus on electrical insulation materials into a diversified global technology business.

Its product portfolio includes industrial and specialty adhesive tapes, protective films, sealing and insulation materials, optical films used in displays, flexible printed circuit materials, and materials for semiconductor manufacturing.