Mitsubishi Heavy Industries (OTCMKTS:MHVYF) Shares Gap Up on Earnings Beat

Mitsubishi Heavy Industries, Ltd. (OTCMKTS:MHVYF)’s stock price gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $23.20, but opened at $27.85. Mitsubishi Heavy Industries shares last traded at $25.00, with a volume of 2,402 shares changing hands.

The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.09. Mitsubishi Heavy Industries had a net margin of 5.89% and a return on equity of 11.74%. The company had revenue of $7.34 billion during the quarter, compared to analyst estimates of $7.09 billion.

Institutional Trading of Mitsubishi Heavy Industries

A hedge fund recently bought a new position in Mitsubishi Heavy Industries stock. McMillan Office Inc. purchased a new position in shares of Mitsubishi Heavy Industries, Ltd. (OTCMKTS:MHVYF) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 1,000 shares of the company’s stock, valued at approximately $28,000.

Mitsubishi Heavy Industries Trading Up 5.0%

The business’s fifty day simple moving average is $23.50 and its 200 day simple moving average is $27.52. The company has a current ratio of 1.28, a quick ratio of 1.03 and a debt-to-equity ratio of 0.19. The stock has a market cap of $82.19 billion, a P/E ratio of 37.48 and a beta of 0.50.

About Mitsubishi Heavy Industries

Mitsubishi Heavy Industries is a diversified Japanese industrial conglomerate engaged in the design, manufacture and servicing of large-scale capital equipment and systems. The company’s activities span shipbuilding and marine propulsion; power and energy systems including gas turbines, boilers and related power-plant equipment; and industrial machinery for sectors ranging from chemicals and manufacturing to environmental control. MHI also supplies heating, ventilation and air-conditioning systems and other building-related equipment for commercial and industrial customers.

In addition to its heavy engineering businesses, Mitsubishi Heavy Industries is a major participant in aerospace, space and defense markets.