Nitto Denko (OTCMKTS:NDEKY) Downgraded to Hold at Zacks Investment Research

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Zacks Investment Research lowered shares of Nitto Denko (OTCMKTS:NDEKY) from a buy rating to a hold rating in a report published on Wednesday, reports.

According to Zacks, “Nitto Denko Corporation is a provider of electrical insulating materials such as double-coated tapes, sealing materials, masking tapes, surface protection materials and non-skid tapes in diverse segments of industry. Its products are designed to assure safety in offices and buildings, precision machinery, machinery & equipment used in production process, and actual work sites. The Company’s technologies and products include reinforcing, vibration-damping and sealing materials. It supplies a whole variety of adhesive tapes in medical and athletic areas. Nitto Denko Group has an extensive lineup of electronics-related products such as optical films, flexible printed circuits, thin-film metal circuit boards and semiconductor encapsulating resins which are applied to various devices including wide-screen LCD TVs, personal computers, cell phones, handheld game consoles, portable audio players, hard disk drives and so on. Nitto Denko Corporation is headquartered in Osaka, Japan. “

Nitto Denko stock opened at $44.15 on Wednesday. The company’s 50-day moving average price is $43.52 and its 200-day moving average price is $41.02. Nitto Denko has a twelve month low of $21.94 and a twelve month high of $49.21. The company has a market cap of $13.22 billion, a PE ratio of 31.76 and a beta of 1.32.

Nitto Denko (OTCMKTS:NDEKY) last posted its earnings results on Tuesday, January 26th. The technology company reported $0.79 earnings per share for the quarter. The business had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.79 billion. As a group, sell-side analysts forecast that Nitto Denko will post 1.79 earnings per share for the current year.

Nitto Denko Company Profile

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.

See Also: Earnings Per Share (EPS)

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