Mitsubishi (OTCMKTS:MSBHF) Trading 6.5% Higher on Better-Than-Expected Earnings

Shares of Mitsubishi Corp. (OTCMKTS:MSBHF) rose 6.5% during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $29.50 and last traded at $29.50. Approximately 1,027 shares traded hands during trading, a decline of 91% from the average daily volume of 11,554 shares. The stock had previously closed at $27.70.

The company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.06. Mitsubishi had a return on equity of 6.97% and a net margin of 3.86%.The business had revenue of $32.18 billion for the quarter, compared to the consensus estimate of $27.57 billion.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group started coverage on shares of Mitsubishi in a report on Tuesday, January 6th. They set a “neutral” rating for the company. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has an average rating of “Hold”.

Mitsubishi Stock Up 6.2%

The firm has a 50-day moving average price of $24.58 and a two-hundred day moving average price of $23.50. The company has a market capitalization of $116.98 billion, a P/E ratio of 24.72 and a beta of 0.64. The company has a quick ratio of 1.13, a current ratio of 1.44 and a debt-to-equity ratio of 0.38.

Mitsubishi Company Profile

Mitsubishi is a long-established Japanese business family and brand that today encompasses a group of independent companies operating across a wide range of industries. The Mitsubishi name traces back to the late 19th century and the founding of a shipping firm that grew into a diversified industrial and trading conglomerate. Over time the original zaibatsu was reorganized into a number of separately managed companies that nonetheless share the Mitsubishi mark and coordinate through cross-shareholdings and business relationships.

Companies using the Mitsubishi name are active in sectors including industrial machinery and heavy equipment, automotive manufacturing, electrical and electronic equipment, chemicals and materials, energy and natural resources, trading and logistics, finance and banking, real estate, and food and consumer products.