Makita (OTCMKTS:MKTAY) Shares Gap Up Following Better-Than-Expected Earnings

Makita Corp. (OTCMKTS:MKTAY)’s share price gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $32.65, but opened at $34.50. Makita shares last traded at $34.90, with a volume of 3,600 shares changing hands.

The company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. Makita had a net margin of 10.72% and a return on equity of 8.53%. The business had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.19 billion.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on MKTAY shares. Wall Street Zen cut Makita from a “buy” rating to a “hold” rating in a research note on Sunday, January 18th. The Goldman Sachs Group cut shares of Makita from a “hold” rating to a “sell” rating in a research note on Wednesday, January 14th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Reduce”.

Makita Stock Up 6.9%

The firm has a market cap of $9.23 billion, a P/E ratio of 17.36 and a beta of 0.52. The company has a fifty day simple moving average of $30.43 and a 200-day simple moving average of $31.70.

Makita Company Profile

Makita Corporation (OTCMKTS:MKTAY) is a global manufacturer of professional and consumer power tools headquartered in Anjō, Aichi Prefecture, Japan. Founded in 1915 as an electric motor sales and repair company, it incorporated as Makita Electric Works, Ltd. in 1958 and has since expanded its product portfolio to serve both industrial and residential markets. The company’s core business activities encompass the design, production and distribution of power tools, outdoor power equipment and accessories.

Makita’s product lineup includes cordless and corded electric drills, drivers, saws, grinders, sanders and rotary hammers, as well as pneumatic and gasoline-powered machinery.