Nitto Denko (OTCMKTS:NDEKY) Stock Price Breaks Below 50 Day Moving Average – Here’s Why

Nitto Denko Corp. (OTCMKTS:NDEKY) passed below its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $22.03 and traded as low as $21.06. Nitto Denko shares last traded at $21.56, with a volume of 49,719 shares changing hands.

Nitto Denko Price Performance

The stock has a market capitalization of $14.30 billion, a PE ratio of 16.09 and a beta of 0.82. The firm has a fifty day moving average price of $22.03 and a two-hundred day moving average price of $21.01.

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, topping the consensus estimate of $0.36 by $0.05. Nitto Denko had a net margin of 13.15% and a return on equity of 12.22%. The firm had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.87 billion. On average, research analysts expect that Nitto Denko Corp. 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.