Mitsubishi Estate (OTCMKTS:MITEY) Shares Gap Down After Earnings Miss

Mitsubishi Estate Co. (OTCMKTS:MITEY) gapped down prior to trading on Monday following a weaker than expected earnings announcement. The stock had previously closed at $26.36, but opened at $24.42. Mitsubishi Estate shares last traded at $25.7350, with a volume of 17,262 shares traded.

The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.02). Mitsubishi Estate had a return on equity of 6.15% and a net margin of 15.06%.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group downgraded shares of Mitsubishi Estate from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 22nd. One equities research analyst has rated the stock with a Hold rating. According to MarketBeat, Mitsubishi Estate currently has an average rating of “Hold”.

Mitsubishi Estate Stock Up 4.2%

The company has a quick ratio of 1.35, a current ratio of 1.89 and a debt-to-equity ratio of 1.19. The business has a 50-day simple moving average of $23.37 and a two-hundred day simple moving average of $26.12. The stock has a market capitalization of $31.08 billion, a P/E ratio of 16.99 and a beta of 0.16.

Mitsubishi Estate Company Profile

Mitsubishi Estate Co, Ltd. is a Japanese real estate company founded in 1937 and headquartered in Tokyo. It develops, owns, leases and manages a range of properties, including office buildings, residential properties, retail facilities, hotels and logistics facilities.

The company is closely associated with the development and management of Tokyo’s Marunouchi district, near Tokyo Station. Its business also includes real estate services and asset management, serving corporate and individual customers.

In addition to its extensive operations in Japan, Mitsubishi Estate has real estate businesses in overseas markets, including the United States, the United Kingdom and parts of Asia.