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

Makita Corp. (OTCMKTS:MKTAY) gapped up prior to trading on Friday following a stronger than expected earnings report. 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 trading hands.

The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.19 billion. Makita had a net margin of 9.96% and a return on equity of 7.93%.

Wall Street Analysts Forecast Growth

MKTAY has been the topic of a number of research reports. Wall Street Zen lowered shares of Makita from a “buy” rating to a “hold” rating in a research note on Sunday, January 18th. The Goldman Sachs Group lowered shares of Makita from a “hold” rating to a “sell” rating in a report on Wednesday, January 14th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce”.

Makita Stock Up 7.2%

The stock has a market cap of $9.26 billion, a PE ratio of 18.52 and a beta of 0.52. The company’s fifty day moving average is $30.55 and its 200 day moving average is $31.72.

About Makita

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.