Zacks Investment Research lowered shares of Tokyo Electron (NASDAQ:TOELY) from a strong-buy rating to a hold rating in a research report report published on Thursday morning.

According to Zacks, “Tokyo Electron Limited (TEL) is a company mainly engaged in the manufacture and sale of electronic products for industrial uses. TEL is the largest manufacturer of IC and FPD production equipment in Japan and the third largest in the world. The Semiconductor Manufacturing Equipment segment is engaged in the provision of coaters and developers for wafer processing, plasma etching equipment, thermal processing systems and others. The Flat-panel Display (FPD) Manufacturing Equipment segment is engaged in the provision of coaters and developers for FPD manufacturing, plasma etching/ashing apparatus and others. The Electronic Component and Information Communication Equipment segment provides semiconductor products such as integrated circuits (ICs), computer and network equipment and software. In addition, the Company is also involved in logistics, facility management and insurance businesses. “

Tokyo Electron (NASDAQ TOELY) traded down 1.28% on Thursday, reaching $37.83. The company’s stock had a trading volume of 25,475 shares. Tokyo Electron has a 52-week low of $20.83 and a 52-week high of $38.94. The stock’s 50 day moving average price is $36.52 and its 200 day moving average price is $33.92. The firm has a market cap of $24.83 billion and a PE ratio of 18.75.

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