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

Nitto Denko Corp. (OTCMKTS:NDEKY) was the target of a large decrease in short interest during the month of October. As of October 30th, there was short interest totaling 17,955 shares, a decrease of 79.2% from the October 15th total of 86,296 shares. Based on an average daily volume of 60,621 shares, the days-to-cover ratio is presently 0.3 days. Approximately 0.0% of the shares of the stock are short sold.

Nitto Denko Stock Performance

Shares of OTCMKTS NDEKY traded up $0.07 during mid-day trading on Thursday, hitting $21.98. 7,198 shares of the stock were exchanged, compared to its average volume of 101,862. The company has a market cap of $14.57 billion, a P/E ratio of 16.40 and a beta of 0.82. Nitto Denko has a twelve month low of $17.75 and a twelve month high of $26.00. The stock’s fifty day simple moving average is $22.02 and its two-hundred day simple moving average is $21.00.

Nitto Denko (OTCMKTS:NDEKY) last issued its quarterly earnings data on Tuesday, October 27th. The technology company reported $0.41 earnings per share (EPS) 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 firm had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.87 billion. As a group, equities research analysts predict that Nitto Denko will post 1.36 earnings per share for the current fiscal year.

About Nitto Denko

Nitto Denko Corporation is a Japanese materials manufacturer headquartered in Osaka. Founded in 1918, the company began by producing electrical insulation materials and has since expanded into a range of specialty products used in industrial and consumer applications. Its products include adhesive tapes, films and other materials for electronics and semiconductor manufacturing, optical films used in displays, and membrane products for water treatment and gas separation. Nitto Denko also develops medical and healthcare materials, including transdermal drug-delivery products.