Makita (OTCMKTS:MKTAY) Shares Gap Up on Earnings Beat

Makita Corp. (OTCMKTS:MKTAY)’s stock price gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. 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 traded.

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

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. The Goldman Sachs Group lowered shares of Makita from a “hold” rating to a “sell” rating in a report on Wednesday, January 14th. Wall Street Zen cut shares of Makita from a “buy” rating to a “hold” rating in a research report on Sunday, January 18th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Reduce”.

Makita Trading Up 6.9%

The stock has a market capitalization of $9.23 billion, a P/E ratio of 17.36 and a beta of 0.52. The company has a 50-day moving average price of $30.43 and a two-hundred day moving average price of $31.70.

About Makita

Makita Corporation (OTCMKTS:MKTAY) is a global manufacturer of professional and consumer power tools headquartered in Anj?, 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.