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Nidec Corporation (NNDNF)

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113.17-0.58 (-0.51%)
At close: 12:33PM EDT
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Previous close113.75
Bid0.00 x 0
Ask0.00 x 0
Day's range113.17 - 113.17
52-week range40.00 - 144.15
Avg. volume1,303
Market cap65.605B
Beta (5Y monthly)1.27
PE ratio (TTM)59.47
EPS (TTM)1.90
Earnings dateN/A
Forward dividend & yield0.56 (0.49%)
Ex-dividend date29 Sept 2021
1y target estN/A
  • Nidec Announces the Status of Own Share Repurchase

    Nidec Announces the Status of Own Share Repurchase

    (Repurchase of own shares, pursuant to the Company’s Articles of Incorporation based on the provisions of Article 459-1-1 of the Company Law of Japan)KYOTO, Japan, June 01, 2021 (GLOBE NEWSWIRE) -- Nidec Corporation (TSE: 6594; OTC US: NJDCY) (the “Company”) today announced the status of the Company’s own share repurchase under its ongoing repurchase plan resolved at a meeting of the Board of Directors held on January 25, 2021, pursuant to Article 459, Paragraph 1, Item 1 of the Company Law of Japan. Details are as follows: Details of Share Repurchase 1. Period of own share repurchase: From May 1, 2021 through May 31, 2021 2. Class of shares: Common stock 3. Number of own shares repurchased: 404,800 4. Total repurchase amount: 4,824,927,000 yen Note: The above repurchase information has been prepared on the basis of trade date. Reference A) The following details were resolved by the Company’s Board of Directors on January 25, 2021: 1. Class of shares: Common stock 2. Total number of shares that may be repurchased: Up to 4,000,000 shares (0.68% of total number of shares issued, excluding treasury stock) 3. Total repurchasable amount: 50 billion yen 4. Period of repurchase: From January 26, 2021 through January 25, 2022 B) Total number and yen amount of own shares repurchased from January 26, 2021 through May 31, 2021, pursuant to the Board of Directors resolution above: 1. Total number of own shares repurchased: 404,800 2. Total repurchase amount: 4,824,927,000 yen Contact: Masahiro Nagayasu General Manager Investor Relations +81-75-935-6140

  • SoftBank’s First Female Director to Leave After Challenging Son

    SoftBank’s First Female Director to Leave After Challenging Son

    (Bloomberg) -- SoftBank Group Corp. director Yuko Kawamoto plans to resign from the company’s board in June, removing an outspoken board member who has clashed with controversial founder Masayoshi Son over governance issues.Kawamoto, a professor at Waseda University, will step down on June 23 after just one year in the role, SoftBank said in a statement on Friday. She was the first woman to ever serve on the board and its only female member, although another one has been nominated.In an unusual move, Kawamoto penned a long message about her time at SoftBank, posted on the company’s website. While she praised Son for his decision making, speed and willingness to change his mind, she also said the company needs more internal checks, better governance and more people who can stand up to Son.“SBG needs to formulate a form of governance that allows Masa to fully demonstrate his talents, which can then be integrated into shareholders’ value,” she wrote. “This does not imply restrictions or constraints but rather an oversight function that allows the organization to reach its full potential.”SoftBank’s biggest challenge is coming up with a succession plan for its founder, Kawamoto said. She said she is stepping down after one year because of her appointment as a commissioner of the National Personnel Authority.Also departing from the board in June are Son’s long-term lieutenant Ronald Fisher and Arm Ltd.’s Simon Segars. Z Holdings Corp.’s co-Chief Executive Officer Kentaro Kawabe, Koei Tecmo Holdings Co.’s Chairman Keiko Erikawa and Kenneth Siegel of Morrison & Foerster will take their seats after shareholders approve the appointments at a general meeting.SoftBank’s board has lost several of its most independent voices in recent years, the kind of directors who could push back on Son’s decisions. Shigenobu Nagamori, the outspoken founder of motor maker Nidec Corp., stepped down in 2017. Fast Retailing Co. CEO Tadashi Yanai, who had been on the board since 2001 and was a rare voice of dissent, left at the end of 2019. Alibaba Group Holding Ltd. co-founder Jack Ma left last June, after 13 years on the job.SoftBank has been buffeted by a series of missteps over the past year, including a botched investment in WeWork and a risky foray into derivatives trading. Kawamoto flagged that SoftBank often races so quickly to execute Son’s ideas that the infrastructure isn’t always in place to handle them.“Sometimes, therefore, rules come after the decisions are made, and some might say the company has some weakness in that regard,” she wrote.One area where Kawamoto had a particularly sharp disagreement with Son was over his personal stake in a subsidiary overseeing SoftBank’s controversial options trading program, according to people familiar with the matter, who asked not to be named because the details are private. Her opposition came as a surprise to Son and the clashes often left him fuming, one of the people said.Son’s 33% personal stake in the entity known as SB Northstar has also drawn fire from investors who pointed to the structure as a corporate governance concern. On a call with investors and analysts after the earnings announcement in November, Son denied there was a conflict of interest and described it as remuneration for his investment expertise. Other fund managers charge fees, he said. Son added that SoftBank’s board cleared the structure in a vote from which he recused himself.Son’s Personal Stake in SoftBank Trading Unit Draws Fire“The fact that SoftBank published this is quite telling,” said Justin Tang, head of Asian research at United First Partners in Singapore, referring to Kawamoto’s letter. “It’s not exactly a dictatorship operating there.”Still, Kawamoto complimented Son and said the company is improving.“In part because I remained vocal at Board meetings over this past year, I believe an atmosphere has been fostered where discussions can be held more frankly,” Kawamoto said. “Masa is an extremely exciting individual who often lights up the spirit of those around him. In fact, it is his inspiration that gave me the courage to take on a new challenge and accept a difficult role in service of the country.”(Updates with details of Kawamoto’s conflict with Son in 10th paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Nidec Slides After Announcing CEO Change and Outlook Misses

    Nidec Slides After Announcing CEO Change and Outlook Misses

    (Bloomberg) -- Nidec Corp. shares fell as much as 8.4% -- the most since March 2020 -- after the company’s profit forecast for this fiscal year missed estimates and it announced that founder Shigenobu Nagamori will step down as chief executive.Nidec pared the loss to close down 5.1% in Tokyo, erasing a 4.5% gain that came Thursday when it reported results. The motor maker expects operating profit of 180 billion yen ($1.7 billion) this year, short of the 199 billion yen predicted by analysts. The shares are now around the same level as at the start of the year.Kyoto-based Nidec said Thursday that Nagamori will hand over leadership to former Nissan Motor Co. executive Jun Seki after close to half a century at the helm, as the company pushes forward with an ambitious pivot into the electric-vehicle supply chain.More: Billionaire Founder of Nidec Hands Reins to Ex-Nissan Star Jefferies analyst Yoshihiro Azuma warned there could be some short-term negative market reaction to the change due to Seki’s lack of track record at the company he joined only last year, but he remained bullish overall, saying Nidec’s DNA wouldn’t change. The company will “maintain its core advantages of solid execution, fast capacity ramp-up, targeted investments, and cost-cutting capability,” Azuma wrote in a note.Nidec reported operating profit of 160 billion yen for last fiscal year, a 45% increase thanks to its automotive and appliance motor businesses as well as cost-cutting. The average estimate from analysts was for profit of 158 billion yen.Seki, the former vice chief operating officer at Nissan, will lead Nidec’s push to gain 40%-45% share of the market for EV motors. The company has pledged to spend close to $10 billion over the next five years, building capacity and driving down prices in a bid to woo EV makers like Tesla Inc.Under Nagamori’s leadership, Nidec came to be regarded as a bellwether of manufacturing trends, picking up early on shifts such as the growth of factory automation. The Japanese billionaire relied on mergers and acquisitions to build the company’s exposure to new technologies and markets -- a tactic Nidec is turning to again in its push into the EV space.(Updates share move.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.