Mitsubishi Electric (OTCMKTS:MIELY) Sees Unusually-High Trading Volume – Time to Buy?

Mitsubishi Electric Co. (OTCMKTS:MIELY) saw an uptick in trading volume on Wednesday. Approximately 90,115 shares were traded during mid-day trading, a decline of 20% from the previous session’s volume of 112,239 shares. The stock last traded at $65.1350 and had previously closed at $64.66.

Analyst Ratings Changes

Several equities analysts have recently commented on MIELY shares. Zacks Research raised Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 6th. Sanford C. Bernstein began coverage on Mitsubishi Electric in a research report on Tuesday, September 15th. They set an “outperform” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy”.

Mitsubishi Electric Stock Down 1.3%

The business’s 50-day simple moving average is $68.40 and its two-hundred day simple moving average is $71.94. The firm has a market capitalization of $66.88 billion, a price-to-earnings ratio of 48.32 and a beta of 0.81.

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

About Mitsubishi Electric

Mitsubishi Electric Corporation is a Japan-based manufacturer of electrical and electronic equipment serving industrial, commercial and consumer markets. Its product portfolio includes air-conditioning and refrigeration systems, factory automation equipment, elevators and escalators, power-generation and transmission systems, railway and automotive equipment, and semiconductors and other electronic components.

The company also develops information and communications systems, satellites and space-related equipment, building systems, and other infrastructure technologies.