Mitsubishi Heavy Industries (OTCMKTS:MHVYF) Shares Gap Down - Here's What Happened

Key Points

• Mitsubishi Heavy Industries shares gapped down from a prior close of $24.32 to open at $22.21, with 307 shares traded.
• UBS upgraded the stock from “hold” to “strong buy,” contributing to an overall analyst consensus rating of “Buy.”
• The company exceeded quarterly expectations, reporting $0.24 in EPS versus the $0.15 consensus and revenue of $7.34 billion versus estimates of $7.09 billion.

Mitsubishi Heavy Industries, Ltd. (OTCMKTS:MHVYF - Get Free Report)'s share price gapped down before the market opened on Wednesday . The stock had previously closed at $24.32, but opened at $22.21. Mitsubishi Heavy Industries shares last traded at $22.21, with a volume of 307 shares traded.

Analysts Set New Price Targets

Separately, UBS Group upgraded shares of Mitsubishi Heavy Industries from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Mitsubishi Heavy Industries presently has an average rating of "Buy".

Mitsubishi Heavy Industries Trading Up 0.9%

The stock has a market cap of $84.04 billion, a price-to-earnings ratio of 32.78 and a beta of 0.51. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.03 and a current ratio of 1.28. The company has a 50 day moving average of $24.63 and a 200-day moving average of $26.56.

Mitsubishi Heavy Industries (OTCMKTS:MHVYF - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.15 by $0.09. The company had revenue of $7.34 billion during the quarter, compared to analysts' expectations of $7.09 billion. Mitsubishi Heavy Industries had a net margin of 7.04% and a return on equity of 13.20%.

Institutional Trading of Mitsubishi Heavy Industries

A hedge fund recently bought a new stake in Mitsubishi Heavy Industries stock. McMillan Office Inc. acquired a new stake in Mitsubishi Heavy Industries, Ltd. (OTCMKTS:MHVYF - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,000 shares of the company's stock, valued at approximately $28,000.

Mitsubishi Heavy Industries Company Profile

Mitsubishi Heavy Industries, Ltd. is a Japan-based industrial group that develops and supplies large-scale equipment, systems and engineering services for customers worldwide. Its businesses support energy, infrastructure, transportation, aerospace and defense applications.

The company's products and services include gas turbines, steam turbines, boilers, power-generation systems, carbon-management and other energy technologies. Mitsubishi Heavy Industries also provides machinery and systems for chemical plants, environmental facilities, logistics and transportation, including material-handling equipment and air-conditioning systems.

In aerospace and defense, the group is involved in commercial aircraft components, launch vehicles, space systems, missile and naval equipment, and other defense-related products.

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