Mitsubishi Electric (OTCMKTS:MIELY) Issues Earnings Results, Beats Estimates By $0.04 EPS

Mitsubishi Electric (OTCMKTS:MIELY) issued its earnings results on Friday. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.04, Zacks reports.

Mitsubishi Electric Trading Up 7.5%

MIELY traded up $5.10 during trading on Friday, hitting $72.66. 66,654 shares of the company’s stock were exchanged, compared to its average volume of 121,167. The stock has a 50 day moving average price of $72.84 and a 200 day moving average price of $72.02. Mitsubishi Electric has a 1 year low of $45.49 and a 1 year high of $86.00. The firm has a market cap of $76.77 billion, a P/E ratio of 68.55 and a beta of 0.75.

Analyst Upgrades and Downgrades

Separately, Zacks Research upgraded Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Mitsubishi Electric presently has an average rating of “Moderate Buy”.

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.