Nitto Denko (OTCMKTS:NDEKY) Hits New 12-Month High - Time to Buy?

Key Points

• Nitto Denko's share price reached a new 52-week high at $26.06 during mid-day trading, closing at $25.85 with a trading volume of 15,783 shares.
• The company was upgraded to a "strong-buy" rating by Goldman Sachs, with an average rating of "strong buy" from analysts.
• Nitto Denko's latest quarterly earnings report showed earnings per share of $0.32, falling short of the $0.86 consensus estimate, although revenue slightly exceeded expectations at $1.66 billion.

Nitto Denko Corp. (OTCMKTS:NDEKY - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $26.06 and last traded at $25.85, with a volume of 15783 shares trading hands. The stock had previously closed at $25.87.

Analyst Ratings Changes

Separately, The Goldman Sachs Group upgraded shares of Nitto Denko from a "hold" rating to a "strong-buy" rating in a research report on Thursday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat, the stock currently has an average rating of "Strong Buy".

Nitto Denko Stock Down 0.1%

The stock's fifty day moving average price is $22.93 and its two-hundred day moving average price is $19.94.

Nitto Denko (OTCMKTS:NDEKY - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The technology company reported $0.32 earnings per share for the quarter, missing analysts' consensus estimates of $0.86 by ($0.54). The firm had revenue of $1.66 billion for the quarter, compared to analysts' expectations of $1.64 billion. On average, research analysts predict that Nitto Denko Corp. will post 1.23 earnings per share for the current year.

Nitto Denko Company Profile

Nitto Denko Corporation primarily engages in the adhesive tapes business in Japan, the Americas, Europe, Asia, and Oceania. It provides double sided tapes, surface protective films, sealing materials, 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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