Mitsubishi Electric (OTCMKTS:MIELY) Announces Earnings Results

Mitsubishi Electric (OTCMKTS:MIELY) issued its quarterly earnings results on Friday. The company reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.35, Zacks reports.

Mitsubishi Electric Trading Down 5.6%

OTCMKTS MIELY traded down $3.42 during trading hours on Friday, reaching $57.99. The company had a trading volume of 128,850 shares, compared to its average volume of 116,015. The stock has a 50-day moving average of $65.89 and a 200 day moving average of $70.63. Mitsubishi Electric has a 1-year low of $50.20 and a 1-year high of $86.00. The stock has a market capitalization of $61.27 billion, a P/E ratio of 44.27 and a beta of 0.81.

Wall Street Analysts Forecast Growth

MIELY has been the topic of several recent research reports. Sanford C. Bernstein began coverage on shares of Mitsubishi Electric in a research note on Tuesday, September 15th. They set an “outperform” rating on the stock. Zacks Research upgraded shares of Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy”.

Mitsubishi Electric Company Profile

Mitsubishi Electric Corporation is a Japan-based global manufacturer of electrical and electronic equipment. Founded in 1921 and headquartered in Tokyo, the company develops products and systems for infrastructure, industry, mobility, buildings, homes and information technology.

Its offerings include factory automation equipment, industrial robots, power generation and transmission systems, railway and transportation equipment, elevators and escalators, heating and cooling systems, air conditioners, home appliances, automotive components, semiconductors and other electronic devices.