Mitsubishi Electric (OTCMKTS:MIELY) Trading Down 5.9% – Here’s What Happened

Mitsubishi Electric Co. (OTCMKTS:MIELY) dropped 5.9% during mid-day trading on Thursday . The company traded as low as $70.00 and last traded at $70.00. 802 shares changed hands during trading, a decline of 99% from the average daily volume of 116,199 shares. The stock had previously closed at $74.42.

Analyst Upgrades and Downgrades

Separately, Zacks Research raised shares of Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Buy”.

Mitsubishi Electric Stock Up 0.6%

The company has a market capitalization of $74.63 billion, a PE ratio of 53.92 and a beta of 0.76. The business has a 50 day simple moving average of $72.06 and a 200 day simple moving average of $73.12.

Mitsubishi Electric (OTCMKTS:MIELY) last posted its quarterly earnings data on Friday, July 31st. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.04. The company had revenue of $9.40 billion for the quarter, compared to analyst estimates of $8.75 billion.

Mitsubishi Electric Company Profile

Mitsubishi Electric Corporation (OTCMKTS: MIELY) is a Tokyo-based multinational manufacturer of electrical and electronic equipment. Founded in 1921, the company is part of the broader Mitsubishi Group and has grown into a diversified industrial enterprise serving commercial, industrial and consumer markets. Mitsubishi Electric develops, manufactures and sells a wide range of products and systems used in building systems, factory automation, power generation and distribution, transportation, and information and communication infrastructure.

The company’s product and service portfolio includes air-conditioning and heating systems, elevators and escalators, factory automation and control equipment, power and electric systems, transportation systems and signaling for railways, and semiconductors and electronic devices.